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.

Mezz/Equity CLO

USD CLO Mezz/Equity

Limited flow today, $23m with no change in CLO spreads, US LSTA 100 Index +2bp dod.  The majority of trades are post reinvestment with most of flow in BB with trading range 552dm-861dm non benchmark (BB Index 638dm).

AAA CLO

USD CLO AAA

$130m of flow today, few debt benchmarks trade, US LSTA 100 Index +1bp dod.  AAA trade 86dm-163dm with 2nd pays trading towards the back end of this range 145dm-163dm.  AAA Index unchanged 140dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Few benchmarks and BB saw most flow, trading range 524dm-996dm all non benchmarks with the BB Index unchanged 638dm.

AAA CLO

EUR AAA CLO

Secondary AAAs look a little softer on the day even though Margay II and North Westerly VIII priced at the tight end of new issue levels.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBBs traded around 336 dm today.

BBs are a little wider at around 723 dm.

AAA CLO

USD CLO AAA

Only $28m of flow today with little movement in CLO spreads, US LSTA 100 Index continues to tighten +9bp dod.  AAA trades are all post reinvestment in a 92dm-140dm range, our AAA Index is unchanged 140dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Flow is mostly in BB and BBB with few benchmarks and small ticket trades, BBB trade 332dm-480dm with benchmarks 357dm-366dm with our BBB Index 360dm.

AAA CLO

USD CLO AAA

$74m of flow mostly non benchmark AAAs, US LSTA 100 Index +8bp dod and our AAA Index tightens slightly to 140dm.

AAA CLO

USD CLO AAA

$80m of flow, US LSTA 100 Index continues to tighten, no benchmark AAA trades 119dm-166dm range for post reinvestment / high coupon bonds.

Mezz/Equity CLO

USD CLO Mezz/Equity

BB saw the most flow with a very wide trading dispersion 597dm-1439dm given the array of profiles trading, we have tightened our BB Index to 637dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA’s traded around 174 dm today. HAYEM 1X B1R has a weak credit profile and traded wide at 211 dm.

3 x BBBs traded, all have weak profiles and traded wider than benchmark bonds at around 407 dm.

Single B’s also look a little softer to us at around 920 dm on the day.

CORDA 4X SUB traded at 50h / around 10% yield, in line with dealer px talk and at what looks to us as a strong level.

AAA CLO

EUR AAA CLO

AAAs are steady today at around 115 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

NEWH 1X DRR (BBB) traded at 406 dm.

The BB trades are on the wide side, at around 800 dm, but they all have weak credit profiles and low MVOCs.

AAA CLO

USD CLO AAA

$67m of flow across the stack, US LSTA 100 Index +36bp on last CLO trading day.  AAA benchmarks tighter 138dm-141dm with our AAA Index 141dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Most of mezz flow in BBs with trading range 561dm-1191dm with benchmarks 638dm-660dm (BB Index 645dm).

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are tighter, in line with the way the rest of the stack has moved over the last couple of weeks. Trades today are around 147 dm.

Single A’s also look firmer, at around 208 dm.

PENTA 2019-6A DR (BBB) traded at 341 dm.

BBs are steady at 673 dm in secondary.

PLMER 2022-1A F (B) traded at 936 dm.

AAA CLO

USD CLO AAA

$108m of flow today across the stack, CLO BBs tighten slightly as US LSTA 100 Index is +5bp dod.  AAAs 113dm-159dm with benchmarks around our Index 140dm-143dm (AAA Index 142dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Most of the flow is in BBs today in the mezz category, with a trading range dispersion 583dm-848dm with benchmarks 650dm-656dm (BB Index 646dm) with 2 x BB MM CLOs post reinvestment bonds in 800dm-early 800s dm area.

AAA CLO

USD CLO AAA

$66m of flow, US LSTA 100 Index tighter +4bp dod, CLO spreads unchanged.  AAA benchmarks trade 133dm-148dm with our AAA Index 142dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Virtually all mezz trades are non benchmarks at AA, A, BBB and BB with no changes in the index levels.

AAA CLO

USD CLO AAA

Little flow today given month end, US LSTA 100 Index tightened again +5bp dod.  A cluster of benchmark AAAs trade today 138dm-142dm and we have rebalanced our AAA Index 141dm.

AAA CLO

USD CLO AAA

Only $60m of flow today, US LSTA 100 Index +8bp and CLO spreads remain well bid.  AAAs trade 137dm-160dm with benchmarks 137dm-147dm in small size with the AAA index remaining 143dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

In mezz AA and A trade at our index levels, 1 x AA benchmark trade TICP 2019-14A A2R covers 100.23 at 191dm / 3.8y WAL (EoRP Oct-24) with our AA Index 193dm.  Single-As trade 234dm-238dm with our Single-A Index 235dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBs traded slightly firmer, around 685 dm today.

PRVD 9X F (B rated) also traded strongly at 945 dm.

AAA CLO

USD CLO AAA

Just 2 x AAA trades, US LSTA 100 Index +4bp dod.  1 x BSL AAA benchmark TREST 2021-5A A1 CVR 100.24 at 144dm / 4y WAL (EoRP 2026) near our AAA Index 143dm.  1 x MM CLO AAA GOCAP 2021-54A A CVR 100.25 at 176dm / 2.6y WAL (EoRP 2025).

AAA CLO

USD CLO AAA

$138m of flow across the stack, US LSTA 100 Index -3bp dod and some slight tightening in mid/low mezz levels.  AAA trade 136dm-209dm with benchmarks 138dm-146dm (AAA Index 143dm) with a high coupon HLSY 2022-6A A1 cover 100.8 at 229dm with non-call July this year.

Mezz/Equity CLO

USD CLO Mezz/Equity

Single-A benchmarks trade 224dm-246dm with our Single-A Index 235dm with trades either side of the index driven by post reinvestment or high coupon profiles.  Few benchmarks trade at BBB or BB but we have fien tuned our BB Index to take into context some tightening in longer wal BBs (BB Index 652dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

$44m of flow today, US LSTA 100 Index +6bp dod and CLO spreads flat with few benchmarks trading.  Majority of non benchmark flow is in BB mostly post reinvestment and a high coupon bond, trading range is 580dm-920dm (BB Index unchanged 654dm).

AAA CLO

EUR AAA CLO

AAAs are on a tightening trend with today’s trades at around 106 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA’s are steady. There is a wide dispersion in traded spreads because of margins between 145 bps and 295 bps.

TCLO 9X C (A rated) traded at 323 dm.

SEGOV 2018-5A E (BB) traded at 547 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

$29m of mezz/equity flow today, BB spreads a shade tighter whilst others unchanged, US LSTA 100 Index +10bp on Friday close.  BBs trade 577dm-645dm with one benchmark TICP 2020-15A E cover 100.13 at 645dm / 5.8y WAL - EoRP 2025, coupon +615bps, 0.4 ADR and Sixth St the manager (BB Index 654dm).  BBB trade 339dm-432dm with one benchmark from Bain BCC 2017-2A DR2 cover 99.49 at 354dm / 6.4y WAL - MVOC 110.8, EoRP 2026 in line with the BBB Index 360dm, tighter given manager profile.

AAA CLO

USD CLO AAA

$64m of flow, CLO spreads unchanged, US LSTA 100 Index +2bp dod.  AAA are for the majority post reinvestment profiles, but there is 1 benchmark trade TREST 2021-4A A cover 100.20 at 144dm / 3.8y WAL - EoRP 2026, MVOC 160, clean metrics and APC is the manager (AAA Index 143dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Mezz trades are BBB and BB, all non benchamarks, BBB are all high coupon bonds 455bps+ with BBs low MVOC profiles within reinvestment period for the most part.  BBB Index 360dm and BB Index 656dm unchanged.

AAA CLO

USD CLO AAA

$123m of flow today, very few benchmarks so spreads flat on the day, US LSTA 100 Index -1bp dod.  AAA Index 143dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB and BB trades dominate mezz flow, but no benchmarks and numerous post reinvestment bonds trade.  BBB Index unchanged 360dm and BB Index unchanged 656dm.

AAA CLO

EUR AAA CLO

AAAs today at 129 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BB’s are unchanged and traded around 705 dm. NWDSE 2019-19X E and DRYD 2019-73X E both traded wider than would have been expected from their margins because of their low MVOCs.

Cleaner profile single B’s have traded around 904 dm. NWDSE 2020-21X FR and DRYD 2014-32X FR traded around 1200 dm because of their poor credit support and past performance.

JUBIL 2013-10X SUB traded well at 16.5% yield.

AAA CLO

USD CLO AAA

$70m of trading today across the stack, CLO spreads stable with US LSTA 100 Index recording another day of softening -4bp dod.  AAA trades are all post reinvestment bonds trading range 104dm-127dm (AAA Index 143dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Most of the mezz activity is restricted to BBB and BB, BBB trade 311dm-394dm with one benchmark CEDF 2020-12A DR cover 99.41 at 360dm / 6.6y WAL - EoRP 2026, MVOC a little low 108.2 and ADR slightly elevated 1.3 but other metrics and manager are sound.  BB trade 643dm-745dm with one benchmark TREST 2021-4A E cover 99.16 at 676dm / 7.1y WAL - EoRP 2026, manager APC, MVOC 106.9, ADR 0 and clean metrics (BB Index 656dm) which does trade slightly back to the index given the new manager profile.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A’s trading around 243 dm today.

BBBs are unchanged at 397 dm.

SPAUL 3RX ER traded very wide for a BB, at 713 dm, because of its low MVOC in spite of being past its RPE date.

Single B’s traded around 889 dm.

CGMSE 2017-3X SUB traded wide at 37.7% yield because of its high CCC bucket and high ADR. Its RPE was in 2022.

Mezz/Equity CLO

USD CLO Mezz/Equity

$132m of flow all in mezz BBB down to B trades, some softening at BBB whilst US LSTA 100 Index -5bp dod.  23 x BBB trade 332dm - 585dm with benchmarks 344dm-358dm (BBB Index 360dm).  27 x BB trades today 80m notional in a 585dm - 984dm range with few benchmarks given (high) coupon and MVOC profiles are considerably wide/tight to benchmarks whilst there are also a number of post reinvestment non benchmark bonds trade today.  1 x single-B trade MAGNE 2017-19A FR (Blackrock) covers 100.50 at 899dm / 7.1y WAL (EoRP 2026) with +877bps coupon anf MVOC very slightly back 103.96 to benchmarks (105 area), so trads back to our single-B Index 866dm.

AAA CLO

EUR AAA CLO

AAAs today at 124 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

CORDA 6X CR (A rated) traded at 195 dm.

BBBs traded around 293 dm.

BBs are around 706 dm.