AAA CLO

USD CLO AAA

$157m of flow, CLO spreads broadly flat with some mild compression at single-A, US LSTA 100 Index +3bp dod.  AAA bonds all non benchmarks index unchanged 144dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Good single-A flow with a trading range 223dm-385dm with benchmarks 224dm-256dm and our single-A Index 242dm.  BBB bonds trade 325dm-589dm with benchmarks 325dm-359dm (BBB Index 343dm).  Plenty of BB flow with $23m across 12 trades, trading range 671dm-1283dm with one benchmark bond TREST 2017-1A DR covers 99.51 at 671dm / 4.9y WAL - MVOC strong 106.9, coupon +625bps, clean credit and APC the manager (EoRP April 2024) with the shorter wal pulling this slightly inside our BB index 696dm.

AAA CLO

EUR AAA CLO

AAAs are steady in secondary at around 129 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs look like they have firmed up a few basis points, even though this has not been reflected in recent primary pricing. Trades today are around 200 dm.

CIFCE 4X E (BB) traded at 631 dm.

AAA CLO

USD CLO AAA

$248m of flow with CLO spreads generally flat with some modest tightening at BBB.  AAA trade 140dm-144dm with these bonds all benchmarks (AAA Index 144dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 170dm-208dm with benchmarks 189/190dm (AA Index 194dm).  $45m of BBB liquidity with a trading range of 307dm-519dm with benchmarks 333dm-348dm, our BBB Index 342dm), bonds wide of the index are typically scaled back given MVOCs are lower than benchmark level of 111% whilst there are some high coupon / reinvesting deals also wide of the index.  BB bonds trade 609dm-937dm, all non-benchmark profiles.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

INVSC 1X BRE (AA) traded at 206 dm. PURP 1X B which is an orig AA but AAA now and paying down traded at 130 dm.

Single A’s traded around 248 dm, in line with new issue spreads.

BBBs traded around 352 dm.

BBs are around 655 dm.

Single B’s around 914 dm.

Both equity trades are in the 15% to 17% yield range.

AAA CLO

USD CLO AAA

$200m of flow today, US LSTA 100 Index continues to tighten +5bp dod and CLO spreads remain firm but flat on the day.  AAA saw most liquidity with $170m of liquidity with a trading range 126dm-174dm with benchmarks 141dm-150dm (AAA Index 144dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Most of the flow was in AA bonds, $11m across 7 bonds trading 196dm-216dm but small clips post reinvestment (AA Index 193dm) with weaker managers trading wide of the Index, WBOX 2021-3A B covers 100.03 at 213dm / 5.7y WAL with Whitebox the manager.  BB bonds trade 693dm-734dm post reinvestment profiles (BB Index 696dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

$68m of flow in mezz, US LSTA 100 Index +9bp dod and CLO spreads flat.  All non-benchmarks trade today with the vast majority post reinvestment profiles, with those bonds in RPE high coupon profiles off index.

AAA CLO

USD CLO AAA

Little flow today with $25m exchanging hands, CLO spreads flat.  US LSTA 100 Index +3bp dod.  $20m of AAA across 12 clips trade 130dm-215dm with benchmarks 141dm-152dm (AAA Index 144dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Little flow in mezz with $5m trading across 7 small clips, with non benchmark profiles.

AAA CLO

USD CLO AAA

$217m of flow today, CLO spreads flat and US LSTA 100 Index +14bp dod.  AAA 1st pays trade 125dm-144dm with benchmarks 142-144dm (AAA Index 144dm), a second pay CATSK 2017-1A A1B covers 100.08 at 165dm / 3.1y WAL (post-reinv).

Mezz/Equity CLO

USD CLO Mezz/Equity

Single-A and AA trades are all non-benchmarks, post reinvestment bonds for the main part.  17 x BB trades in a 632dm-952dm range, benchmark bond trade TICP 2016-6A ER2 CVR 99.17 at 676dm / 6.5y WAL (Sixth St managed), EoRP 2026, MVOC 105.6 with clean credit metrics.  BB Index 695dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs have drifted a little wider with today’s trades at an average spread of 228 dm. Both NWEST trades did look cheap relative to our algorithm pricing.

BECLO 9X C (A rated) traded at 292 dm.

BBBs are steady at 401 dm in secondary.

BBs are firm today at around 683 dm.

Single B’s are also steady at 979 dm.

There are two equity trades. PRVD 1X SUB traded at 15.9% yield. ARMDA 2X SUB traded at 14% yield because of its high NAV.

AAA CLO

USD CLO AAA
$42m of flow across the stack, CLO spreads flat whilst US LSTA 100 Index continues to outperform at all time highs.  AAA post reinvests trade 94dm-122dm with no effect on the benchmark index 144dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 175dm-202dm (AA Index 193dm) with bonds post reinvestment, with non benchmarks trading at BBB and BB in small size.  Single-B trade 988dm-1040dm, GLM 2021-11A F at the tight end of the range today and a benchmark bond - 90.75 CVR at 988dm / 7.7y WAL (EoRP 2026), GoldenTree the manager, MVOC slightly back from benchmarks at 103.25 but all other metrics are clean so does trade 40dm wide to our single-B Index 945dm.

AAA CLO

EUR AAA CLO

CABPK 1X A, a discount AAA, traded at 130 dm. Premium AAAs traded around 178 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs have traded at 199 dm.

BBs have traded around 732 dm.

ARESE 9X F (B) traded at 748 dm.

AAA CLO

EUR AAA CLO

Secondary AAAs are still at 134 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBB spreads are unchanged and they traded around 354 dm today.

BBs traded at an average spread of 633 dm.

Single B’s traded around 958 dm.

There are two equity trades. SPAUL 10X SUB traded at 17.7% yield and the cover notified for CONTE 6X SUBR comes out to 7% yield – which does seem remarkably tight.

AAA CLO

USD CLO AAA

$144m of flow today, some rebalancing tighter of low mezz whilst IG spreads remain unchanged, US LSTA 100 Index +3bp dod.  AAA 1st pays trade 102dm-145dm with benchmarks 142dm-145dm (AAA Index 144dm) with a 5m 2nd pay trade 182dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 177dm-193dm with benchmarks 185dm-193dm (AA Index 193dm).  BBs trade 685dm-897dm, no benchmarks (BB Index 696dm).  Single-B's trade 894dm-915dm (EoRP 2026) with our single-B Index 945dm.

AAA CLO

EUR AAA CLO

Secondary AAAs are steady at 134 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are also steady at 207 dm.

In BBBs the weaker credit bonds and premium priced bonds trade around 477 dm whereas the stronger discount bonds are around 334 dm.

BBs traded well at around 675 dm.

Single Bs traded down at 956 dm.

Two equity pieces traded. Harvest 20 at 18% yield and ACLO 7 at 13.5%.

AAA CLO

USD CLO AAA
Muted activity with SF Vegas, US LSTA +20bp on last CLO trading day, AAA Index unchanged 144dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA post reinvestment trade 196dm context near our AA Index 194dm.  Little other activity to note with month end today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Premium priced AAs trade at 313 dm today.

Similarly high margin single A’s trade around 383 dm.

HAYEM 9X E (BB) traded at 818 dm.

RRME 1X SUB traded strongly at 14.1% yield.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Benchmark single A’s trading around 245 dm today.

BBBs look a little softer today with benchmark secondary spreads around 381 dm.

AAA CLO

EUR AAA CLO

Secondary AAAs look a little softer again to us, trading today around 139 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just one AA trade, DUNEP 1X B1R, at 206 dm today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs unchanged in secondary today at around 205 dm.

BBs trade around 642 dm.

Single B’s look a little softer to us at around 971 dm.

ACLO 9X SUB traded at 15.3% yield.

AAA CLO

EUR AAA CLO

Secondary AAAs have drifted wider today by a handful of bps. Taking both high margin and low margin trades together the average traded spread is 143 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A’s also look slightly weaker at around +257 today.

BBBs are unchanged in secondary at 365 dm.

BBs are static at 627 dm.

Single B’s traded around 895 dm.

Four EUR equity clips traded via BWIC and yields range from 15% to 20%.

AAA CLO

EUR AAA CLO

Low margin AAAs have traded around 110 dm and the high margin GLME 6X A at 174 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

High margin AA ICGE 2023-1X B traded at 305 dm.

Single A’s look to have drifted slightly wider and traded around 253 dm today.

BBs are steady at around 615 dm.

AAA CLO

USD CLO AAA

$26m of flow, mostly AAA, US LSTA 100 Index +10bp dod.  AAA trade 118dm-151dm with benchmarks 143dm-145dm (AAA Index 144dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Very little flow with 3 mezz trades at AA, BBB and BB, all non benchmarks, indexes unchanged.

AAA CLO

USD CLO AAA

$323m of flow today, US LSTA 100 Index +6bp and CLO spreads continue to show a firmer tone, especially at AAA.  AAA trade 101dm-154dm with benchmarks 136dm-147dm with our AAA Index now 144dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA and A bonds are all post reinvestment profiles and non benchmarks.  BBB trade 340dm-552dm with benchmarks 340dm-372dm (BBB Index 348dm), bonds wide of the index are weaker MVOC post reinvestment profiles / high coupon bonds.  BB bonds are non benchmarks and trade in a wide dispersion 584dm-963dm.

AAA CLO

USD CLO AAA

$88m of flow today with a firmer tone, US LSTA 100 Index +5bp dod.  AAA trade 118dm-143dm with benchmarks tighter 138dm-143dm (AAA Index 146dm).  

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 193dm-216dm with benchmarks 193dm-199dm (AA Index 194dm).  14 x BBB trade 309dm-530dm with benchmarks tighter 348dm-361dm (BBB Index 348dm) with AIMCO 2021-14A D right on the index CVR 98.8 at 348dm / 6.3y WAL (EoRP 2026) - MVOC 110.03, coupon +290bps and clean credit metrics.  BB trades are all post reinvestment profiles / non benchmarks.

AAA CLO

EUR AAA CLO

AAAs trade around 125 dm today.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

BBs have traded around 684 dm.

AAA CLO

USD CLO AAA

$210m of flow today, US LSTA 100 Index -2bp dod and some rebalancing of BB/B spreads.  AAA Index unchanged 147dm with only a post reinvestment short wal bond trade well inside this level.

Mezz/Equity CLO

USD CLO Mezz/Equity

Quite a fair amount of flow, AA trade 177dm-223dm with benchmarks 191dm-195dm (AA Index 194dm), single-As trade 225dm-295dm with benchmarks 242dm-263dm (Single-A Index unchanged 252dm).  BBB trade 318dm-541dm with no benchmarks (post reinvestment bonds / high coupon profiles), BB trade 642dm-803dm with benchmarks 699dm-701dm with our BB Index firming slightly to 697dm, BCHPK 2019-1A ER covers 97.9 at 699dm / 7.8y WAL from Blackstone, MVOC 105.8, EoRP 2027 and very clean metrics.  We shifted our single-B Index slightly today, 2 x single-Bs trade 950dm-989dm which are short wal post reinvestment profiles but of good quality and our single-B Index is now a touch tighter 999dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Two Bilbao AAs traded around 202 dm.

Single A’s traded around 275 dm.

BBBs are at 347 dm.

BBs traded around 646 dm.

In single B trades GLGE 3A F is an outlier due to its poor performance. It traded at 1448 dm whereas all the others were around 931 dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

US LSTA 100 Index +3bp dod, only $17m of BBB flow today, trading range 338dm-385dm with our BBB Index firmly in the middle 362dm.  BCC 2021-6A D covers 97.88 at 385dm / 6.8y WAL (EoRP 2026) - MVOC 110.6 vs benchmark 110.9, ADR elevated 1.3%, coupon +310bps and other metrics broadly clean with Bain the manager so does trade only slightly back from the index given default track record.

AAA CLO

EUR AAA CLO

A quiet day today. Two AAA trades, at around 128 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

OCPE 2022-5X SUB traded at 16.5% yield.