AAA CLO

USD CLO AAA

$155m of AAA flow today with a firmer tone, US LSTA 100 Index +4bp dod.  AAA benchmarks trade 135dm-146dm with our AAA Index 140dm.

AAA CLO

EUR AAA CLO

AAA spreads are unchanged at around +86 today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs traded around 174 dm today.

HARVT 15X CR (A rated) traded at 177 dm.

BBs look like they have rallied a few bps. Today’s trades are around 520 dm.

AAA CLO

USD CLO AAA

After the holiday on Wednesday some muted activity today with $65m of flow, US LSTA 100 Index -4bp dod and CLO spreads have a slightly softer feel.  1 x AAA trades inside the index, a high quality bond from a top tier manager with a low coupon profile TPRK 2021-1A A1 cover 100.09 at 131dm / 3.4y WAL - EoRP 2026, Blackstone is the manager, ADR 0.4, MVOC 155, clean metrics and coupon +100bps.

Mezz/Equity CLO

USD CLO Mezz/Equity

A couple of benchmarks trade at AA and a softer feel to spreads.  At AA BCC 2019-4A BR covers 100.13 at 194dm / 5.9y WAL (EoRP 2027) - Bain Cap managed, MVOC 126 - touch wider to our closing index of Tuesday 191dm.  Away from this A-BB trades have a softer feel and we have adjusted accordingly to take this into account and the general market sentiment - Sinle-A Index 194dm, BBB Index 351dm and BB Index 637dm.

AAA CLO

EUR AAA CLO

AAA spreads are unchanged.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Today has been a busy day, especially in lower mezz, and spreads across the capital stack are unchanged.

AAA CLO

USD CLO AAA

$64m of flow, CLO spreads flat, US LSTA 100 Index -8bp dod.  1 x high coupon AAA BCC 2024-2A A1 covers 100.49 at 150dm / 6.7y WAL - EoRP 2029, Bain Cap, +152bps coupon.

Mezz/Equity CLO

USD CLO Mezz/Equity

1 x benchmark trade MDPK 2021-52A D at teh BBB level, cover px 100a at 348dm / 6.7y WAL - EoRP 2027, CSAM managed, benchmark clean metrics trading at our BBB Index level 348dm.

AAA CLO

EUR AAA CLO

Only 2 AAA trades today. With their very different stated margins the low coupon NWDSE 2019-19X AN traded at 125 dm and the high coupon ARINI 1X A at 174 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

NWDSE 2019-19X B1 (AA) traded at 200 dm.

BBBs are around 380 dm today.

BBs around 516 dm.

AAA CLO

USD CLO AAA

$43m of flow today, small clips trade, mostly non benchmarks and US LSTA 100 Index +5bp dod retracing some of the recent falls end of last week.  AAA trade 141dm-155dm with AGL 2020-3A A cover 100.15 at 155dm / 2y WAL - EoRP 2025, MVOC 151.6, ADR elevated 1.2, coupon +130bps.

Mezz/Equity CLO

USD CLO Mezz/Equity

All of the flow is B/BB post reinvestment bonds which for BB trade 528dm-799dm with our BB Index unchanged 628dm.

AAA CLO

EUR AAA CLO

The EUR CLO markets are range bound at the moment. AAA trading levels today are unchanged at 105 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are steady at around 189 dm.

Single A’s are unchanged at around 251 dm.

Likewise BBs at 657 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

US LSTA 100 Index fell 12bp off the back of negative market sentiment at the tail end of the week, very few CLO tranches trade today with only $6m of flow, all in high coupon BB non benchmarks.

Mezz/Equity CLO

USD CLO Mezz/Equity

$60m of flow today, with only small clips of lower mezz trading, all trades are non benchmarks - post reinvestment, high coupon or MM CLO.  1 x rare BB MM CLO trade MCMML 2021-1A E covers 97.88 at 942dm / 5.6y WAL - EoRP 2025 from Monroe Capital and a healthy MVOC 107.

AAA CLO

EUR AAA CLO

There is a pause in the tightening trend for AAAs with today’s trades at around 110 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are steady at around 171 dm.

Single A’s are unchanged at around 254 dm.

Likewise BBBs at 312 dm.

JUBIL 2017-19X E (BB) traded at 557 dm.

AAA CLO

EUR AAA CLO

A lot of AAAs have traded today and at good levels. The average spread is 94 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Likewise AAs look to be tightening by a few bps more.

Single A’s, high margin bonds, are steady at 291 dm.

BBs also traded strongly, at around 537 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

$84m of mezz flow only, some tightening in AA/B and US LSTA 100 Index +1bp dod.  At the AA level is a benchmark trade ELM14 2022-1A B (Elmwood AM, EoRP 2027, MVOC 129.7 and low ADR) CVR 100.20 at 183dm / 6y WAL in 10m size and we have tightened our AA Index slightly to 191dm.  3 x small clip single-B benchmarks trade inside the index 804dm-822dm (single-B Index slightly tighter 844dm).  

AAA CLO

EUR AAA CLO

There has been a lot of trading activity today. AAAs have tightened a few bps and spreads today have been around the 104 dm mark.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs also look a few bps tighter.

Single A’s look 5 to 10 bps tighter.

BBBs look firmer as well with today’s trades around 384 dm.

BBs are steady at around 653 dm.

The only single B, TRNTE 4X F, traded at 942 dm.

AAA CLO

USD CLO AAA

Only $27m of flow today, small clips across the stack, CLO spreads unchanged and US LSTA 100 Index +7bp dod.  AAA trades are all post reinvestment and inside the AAA Index 139dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB trade 356dm-446dm (BBB Index 348dm) with high coupon / post reinvestment profile bonds exchanging hands.  Similar with BB with trading range 672dm-853dm (BB Index 628dm) with weaker manager/high coupon profiles trading.

AAA CLO

EUR AAA CLO

With the resumption of EUR BWIC trading we can see AAAs trading at 92 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBBs have traded around 290 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Only $6m of low mezz bonds exchanged hands today, all 3 clips are BB/B and post reinvestment non benchmarks, no change in CLO indices today.  US LSTA 100 Index +2bp dod.

AAA CLO

USD CLO AAA
$335m of flow, with the bulk of this non benchmark AAA paper, US LSTA 100 Index +24bp since month end whilst AAA Index unchanged 139dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Tightening across BBB and BB with our indices now BBB 348dm and BB 628dm with benchmarks tighter in line with market sentiment.

AAA CLO

USD CLO AAA

Only $35m of trading today with month end here, CLO spreads flat on the day with US LSTA 100 Index +6bp dod.  No benchmark AAAs trade with AAA Index unchanged 139dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

2 x equity trade today, both post reinvestment and trade close to their NAVs, see PriceABS data sheet for details, Sub80 assets on both trades are in 6.5%-10% region, NAVs 4-12% area and profiles of semi-distressed/legacy equity.

Mezz/Equity CLO

USD CLO Mezz/Equity

US LSTA 100 Index +2bp dod, no movement in CLO spreads with non benchmark mezz trading, only $17m trading ahead of month end slowdown and Global ABS next week.

AAA CLO

USD CLO AAA

$48m of flow today, single-Bs slightly tighter with other spreads unchanged, US LSTA 100 Index unchanged.  1 x AAA benchmark trade today AGL 2021-12A A1 cover 100.14 at 145dm / 3.7y WAL near our AAA Index 138dm, ADR 1.07% which is slightly higher to benchmark.

Mezz/Equity CLO

USD CLO Mezz/Equity

A light session in mezz with few benchmarks to note, one benchmark in single-B OCT63 2024-2A F covers 89.88 at 842dm / 10y WAL (EoRP 2029) with clean metrics, MVOC 105.33 (single-B Index 851dm).

AAA CLO

EUR AAA CLO

AAAs look to be on a tightening trend. Bonds in amortisation traded around 75 dm while other bonds still in their RPE date were around 110 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

JUBIL 2014-11X BR (AA rated), which is amortising, traded at 125 dm.

Single A’s traded around 205 dm.

BBs are steady at around 678 dm.

Single B’s traded around 905 dm which reflects the tighter levels we’ve seen in the primary market eg Anchorage 10 printing at 850 / 980.

AAA CLO

USD CLO AAA

$65m of flow in AAA and BB today with spreads flat, US LSTA 100 Index +11bp on last CLO trading day.  AAA trade 125dm-145dm (AAA Index unchanged 139dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

BB trades are all non benchmarks, trading range is 677dm-887dm with BB Index unchanged 637dm, with high coupon or low MVOC profiles trading today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a handful of single A trades today. Spreads are steady – at around 187 over.

AAA CLO

USD CLO AAA

$70m of flow today, CLO spreads flat.  US LSTA 100 Index +3bp dod.  AAA trade 129dm-145dm with our AAA Index unchanged 139dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Few benchmark mezz trade today to note with mezz spreads flat dod.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBBs edging tighter with today’s trades around 290 dm.

BBs are steady at around 678 dm.

ARBR 8X FR (B rated) traded around 927 dm.

Equity continues to trade well with three trades today all around 14% to 15% yield.

AAA CLO

USD CLO AAA
$45m of flow today, no movement in spreads with some minor rebalancing of modelling assumptions, US LSTA 100 Index +3bp dod.  AAA all post reinvestment trade 92dm-120dm inside our AAA Index 139dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

BB trading dominates again, trading range dispersion across 16 trades is 548dm-1104dm with no benchmarks trading (post reinvestment profiles, weaker MVOC or recent vintage high coupons), our BB Index remains at 637dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

It’s been a day of mezz trading today. BBBs look to be rangebound at the moment with secondary trades around 492 dm today.

BBs are trading up at around 673 dm today.

In single B space we see BABSE 2018-2A F trading at 1117 dm because of its credit deterioration and downgrade while PENTA 2020-8A FR, which is clean, traded at 902 dm.

There are four equity trades and all have traded well, at between 12% and 15% yields.

AAA CLO

USD CLO AAA

$232m of flow with few benchmarks trading though, spreads largely unchanged, US LSTA 100 Index +2bp dod.  AAA trade 74dm-174dm with the AAA Index 139dm with a MM CLO (in reinv) trading 170dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Majority of the flow again in BB but few benchmarks trade, trading range dispersion is 557dm-914dm with one benchmark CGMS 2021-7A D CVR 100.39 at 650dm / 7.25y WAL - Carlyle the manager, EoRP 2026, MVOC 105.9 and clean metrics (BB Index 637dm).

AAA CLO

EUR AAA CLO

Secondary AAAs have rallied again with trades today around 101 dm. TIKEH 4A A1, PRVD 2A AR and TCLO 6X AR all traded in April between 10 cents and 30 cents lower than today’s covers.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBs have tightened as well and are now at 626 dm in secondary.

A bit of a mixed bag in the single B space. The bond that is performing well, BOPHO 4X F, traded very tight at 615 dm but this was in line with dealer px talk. The bond that is not performing so well, BCCE 2021-1X F, traded at 1091 dm which is nearly 10 pts back of dealer talk.

Mezz/Equity CLO

USD CLO Mezz/Equity

Only $14m of mezz flow today, US LSTA 100 Index +9bp on last CLO trading day, small BB clips dominate with little change on our index direction.

AAA CLO

USD CLO AAA

$160m of flow today, with slight tightening in high grade bonds, US LSTA 100 Index +2bp dod.  AAA trade 109dm-150dm with benchmarks 138dm-141dm (AAA Index 139dm) with a 2nd pay post reinvestment bond CEDF 2019-11A A2R cover 100.17 at 164 / 4.9y WAL.

Mezz/Equity CLO

USD CLO Mezz/Equity

Most of the flow again is in BBB and BB bonds, BBB trade 309dm-522dm with benchmarks 352dm-371dm (BBB Index 362dm) with post reinvestment / high MVOC profiles inside the index with the post reinvestment / low MVOC profiles / high coupon bonds wide of the index.  BB trade in a very wide dispersion 513dm-1034dm with 1 key benchmark OAKC 2020-5A E cover 100.51 at 646dm / 5.8y WAL - EoRP 2025, MVOC 108, very low ADR 0.09 and a benchmark manager Oak Hill.

AAA CLO

EUR AAA CLO

Secondary AAAs have rallied a few bps with trades today taking place around 109 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are unchanged at around 177 dm in secondary.

BBBs are tighter at around 322 dm.

Similarly BBs are also rallying at 697 dm in secondary.

There are three EUR equity trades via BWIC. CIFCE 3X SUB is the cleanest and traded around 13.5%. The other two are around 21% yield.