AAA CLO

USD CLO AAA

$33m of trades today, US LSTA 100 -9bp following news today of the Fed rate hike as CLO spreads drift a shade wider.  AAA trade 173dm-201dm for very short wal as bonds are either post reinvestment or soon to be with our AAA Index 171dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB trade 443dm-583dm with the BBB Index 453dm, the outlier trade is ALLEG 2018-2A D CVR 89.07 at 583dm / 5.1y WAL – MVOC is lower (106.8) to benchmark (107.5) whilst metrics like Jnr OC cushion (2.7) are weaker than benchmark levels of 4.4 and Axa’s manager record is weak versus peers.  BB trade 905dm-1579dm in a very wide dispersion given the MV shortfall for a number of bonds that trade with equity type returns as a result.  Stripping these away the trading range is 905dm-988dm (BB Index 841dm) for cleaner bonds in reinvestment, so there is a softer feel to execution today at the very cuspy level of the stack.  At the tight end is CSAM’s MDPK 2021-38A E CVR 84.15 at 905dm / 8.7y WAL – ADR 0.3, MVOC 103.5, Jnr OC cushion 5.5, WARF 2822 and coupon +600bps so fairly clean / benchmark metrics.

AAA CLO

USD CLO AAA

$211m of liquidity today with spreads a touch softer overall with US LSTA 100 -7bp dod.  At AAA there is a MM CLO trade ABPCI 2017-1A A1R CVR 97.125 at 257dm / 3.3y WAL which is around 20dm wider to mid-Sep  context whilst in the same period AAA BSLs have widened around 4dm.  BSL AAA trade 173dm-210dm which is wide to our AAA Index 170dm with a number of trades scaled with a higher coupon structure and lower MVOC performance.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 254dm-293dm with our AA Index inside this at 242dm, MVOC drift on these bonds lower than 124 accounting for the execution levels wide of the index.  BBB trade 446dm-563dm with our BBB Index 451dm, execution at a 5-handle are driven by higher coupon bonds >340bps whilst DRSLF 2019-72A DR (PGIM) covers 90.13 at 501dm / 6.5y WAL – high ADR 1.56, lower MVOC 106.5 with other metrics clean as benchmarks trade 446dm-488dm as BBB experience a little softening effect.  BB trade 828dm-930dm with our BB Index stable at 838dm, at the wide end is CIFC 2019-1A E CVR 89.35 at 930dm / 6.4y WAL scaled a little by the higher coupon structure (+683bps) but the MVOC 102.8 (2pts lower to trades near the index) impacts upon execution level from this benchmark manager.

AAA CLO

USD CLO AAA

$31m of AAA liquidity today, US LSTA 100 -20bp dod and the AAA Index drifts wider.  AAA trade 168dm-193dm with the AAA Index wider at 169dm, at the wide end is a post reinvestment bond BATLN 2015-8A A1R2 CVR 98.5 at 193dm / 1.9y WAL – Jnr OC cushion is low 2.7 and ADR is elevated 1.3 so this is excused from the index with benchmarks trading 168dm-180dm with very little tiering to note aside from the wide end GNRT 4A A1R CVR 98.35 at 180dm / 2.5y WAL (EoRP 2023) from Generate Advisors which is a new manager so a slight premium is paid to the Index level.

Mezz/Equity CLO

USD CLO Mezz/Equity

3 x BB trade in a 899dm-1034dm range with our BB Index widening slightly to 839dm, the wider end of the range 950dm-1034dm is driven by 2 bonds that have weaker MVOC (101-102 area) with HLM 4A-2014 DR propping up the wide end CVR 82.63 at 1034dm / 5.2y WAL - MVOC 101.7, Sub80 bucket 5.1 and Jnr OC cushion 1.3.

AAA CLO

EUR AAA CLO

Just the one AAA trade during the UK Bank Holiday. PRVD 1X A traded at 204dm which is a lot wider than the 180s we had been seeing and this is in spite of the fact that it is amortising and is only 2yr WAL.

AAA CLO

USD CLO AAA

Plenty of liquidity today with $124m trading, US LSTA 100 +2bp dod whilst spreads stable aside from a little softening at single-A.  2 x MM CLO AAA trade today 224dm-232dm (Monroe and Golub) which are in line with recent activity.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 241dm-315dm with the AA Index 246dm, credit / high coupon scale the wide end with benchmark names 241dm-276dm with MVOC influencing small tiering within this benchmark range.  Single-A trade 331dm-357dm for benchmark names which does push our single-A Index wider to 325dm.  There are a number of outliers that trade 358dm-537dm driven by lower MVOC and high ADR / low Jnr OC cushions, at the wide end is MCLO 2015-8A BR CVR 89.69 at 537dm / 4.4y WAL (EoRP 2023) – ADR 2.6, Sub80 bucket 7.6, MVOC 111.7 (versus benchmark in mid-115 area) and a cuspy Jnr OC cushion 1.1.  BBB benchmarks trade 429dm-487dm with our BBB Index in the middle of this range 450dm, a number of outlier trade 492dm-813dm with ADR, high coupon, low MVOC etc influencing factors.  Benchmark BB bonds trade 809dm-857dm with our BB Index in the middle of this range 837dm, non benchmarks trade 858dm-1092dm populated by high coupon bonds particularly along with bonds with some MVOC drift towards par.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just 2 x BB trades today. They have traded around 881dm. Both are just at their RPE date so no amortisation has occurred yet but they are quite short WALs of around 5.5yrs. In the EUR primary pipeline px talk on lower mezz seems to have been widening in the last few days eg Bosphorus VII BBs are now at 1000a. Of course the new issue bond will be longer.

AAA CLO

USD CLO AAA

$35m of liquidity today, mainly mezz with spreads stable/slightly softer theme, US LSTA -8bp dod.  1 x AAA trade KKR 39A A CVR 96.95 at 181dm / 5.8y WAL wide of our AAA Index 166dm given the lower MVOC 148.1.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 243dm-304dm with the AA Index 246dm, the wider end 292dm-304dm are driven by weaker names with Jnr OC cushions <1.5 with benchmark names trading 243dm-260dm which is close to / slightly wide of our index.  Single-A benchmark names trade 320dm-358dm with our single-A Index 319dm so a softer theme here.  At the wider end is an outlier bond with a high coupon FEIM 2019-1A B CVR 96.26 at 404dm / 5.9y WAL – coupon +325bps with strong performance.  BBB trade 462dm-480dm wide of our BBB Index 450dm, MVOC on these trades are at the lower end 106.5-107.4 versus benchmark 108 so these are reflected in the execution price especially given key credit metrics are clean.  BB trade 899dm-1037dm with our BB Index far lower 837dm, MVOC distribution on trades today is 101.7-102.2 with benchmarks closer to 103 area, at the wide end is TSYMP 2017-1A E CVR 86.78 at 1037dm / 4.7y WAL – MVOC is cuspy at 101.7 and post reinvestment so the portfolio is static and hence reflected in the weaker execution.

AAA CLO

USD CLO AAA

$84m of liquidity today across the stack, spreads a touch softer on mezz whilst US LSTA 100 -17bp dod.  AAA trade 164dm-189dm with our AAA Index 165dm, at the wide end of this range is a credit impacted bond GWOLF 2018-2A A1 CVR 98.05 at 189dm / 3y WAL – ADR 1.6, WARF 3010 whilst Greywolf has a weaker manager record versus peers.

Mezz/Equity CLO

USD CLO Mezz/Equity

AA trade 219dm-275dm with our AA Index around the middle of this range at 246dm, so little tiering today to note.  Single-A trade 313dm-405dm with our single-A Index wider at 310dm (from 305dm), trading activity scaled by some higher coupon bonds (>200bps) with trading trending wider into low-mid 300s context for benchmark names it feels.  BBB trade 426dm-559dm with our BBB Index 449dm, there are two outlier trades which would have otherwise made today’s trading range 426dm-498dm.  The outlier trades are high coupon bonds (>340bps) and both have a slightly weaker MVOC (106-107) to the mean (108) so there is some scaling effect there driven mainly by the margin structure.  BB trade 760dm-1013dm with our BB Index 835dm, at the wide end is ANCHC 2014-4RA E CVR 85.44 at 1013dm / 4.2y WAL – ADR is high 1.1, Sub80 bucket is high 4.4, MVOC is slightly lower (102.7) than the mean 103 whilst the Jnr OC cushion is cuspy 1.9 and WARF is high 3137.

AAA CLO

EUR AAA CLO

BWIC trading volumes picked up today and from AAA to BBB spreads have generally firmed slightly. BECLO 4X A traded at 167dm because it is amortising. CRNCL 2021-14X A traded at 193dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

The only AA, BECLO 11A B1, traded at 290dm.

There are 5 x single A trades. The average traded spread is 375dm. The tightest trade is CADOG 10X C1 at 348dm. This deal is amortising and the single A has a good MVOC and Jnr OC cushion. The widest trade is CGMSE 2017-2X B at 406dm. It has a low MVOC and Jnr OC cushion.

There are 2 x BBB trades. They have both traded strongly. CORDA 7X DRR at 494dm and DRYD 2018-66X DR at 549dm. Last time we saw BBBs trading on a BWIC was about a week ago when they were at MH500s.

Mezz/Equity CLO

USD CLO Mezz/Equity

$22m of liquidity today, all mezz with spreads stable.  US LSTA 100 +22bp dod.  1 x AA trade REG14 2018-3A B CVR 97.26 at 260dm / 4.2y WAL which is wide to our AA Index 245dm – coupon is at the higher end +185bps which scales the dm and Jnr OC cushion is a little low 2.4.  1 x single-A trade AIMCO 2018-AA C CVR 94.67 at 323dm / 4.2y WAL wide of our single-A Index 305dm – Allstate is an inexperienced manager with 5 deals under management albeit good performance whilst performance metrics are fairly middle ground with a lower coupon +175bps.  BBB trade 459dm-552dm with our BBB Index 440dm, a number of high coupon bonds distort the dm’s today (>345bps coupon structures), RRAM 2018-4A C with a more ‘normal’ coupon +295bps covers at 91.88 at 483dm / 5.4y WAL – ADR is high 1.5 and MVOC at the lower end 106.3.  3 x BB trades 820dm-1053dm with our BB Index 832dm, the wider end of the range driven by 2 bonds that have cuspy MVOC (<102), coupons <575bps and elevated ADRs 0.9-1.4 territory and Jnr OC cushions <3.7.

AAA CLO

EUR AAA CLO

Just one AAA trade today. BAST 2020-3X A traded at 97.58 / 188dm, which is an unchanged AAA level.

Mezz/Equity CLO

USD CLO Mezz/Equity

Just the one trade today at the end of the week, US LSTA 100 +16bp dod.  HLM 13A-18 C (EoRP 2023) covers 93.66 at 377dm / 4.7y WAL which is wide to our single-A Index 341dm - ADR is elevated 1%, HPS has a slightly weaker manager profile, MVOC is at the lower end of the scale for single-A and Jnr OC cushion is cuspy 1.56 whilst the coupon structure is relatively strong +215bps.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

There are 7 x A trades today. Interestingly after a day of weakness on 8 Sep at the single A level, spreads have snapped back in today. Spreads are about 20 – 30 bps tighter than the previous day at around 382dm. HAYEM 8X C has a low MVOC, at 114.79%, and traded the widest of the bunch at 400dm. It also has the highest margin at 240bps.

AAA CLO

USD CLO AAA

$220m of liquidity today across the stack, US LSTA 100 +6bp dod.  There are a number of short wal trades today (post reinvestment bonds) which don’t impact our index but trades within reinvestment trade 164dm-201dm with our AAA Index 165dm.  The wide end of today’s trades are credit impaired (ADR 1%+ / Jnr OC cushions <2% / Sub80 bucket as high as 6.6%).

Mezz/Equity CLO

USD CLO Mezz/Equity

2 x AA trades are post reinvestment and trade in a 244dm-287dm range (both bonds MJX AM), our AA Index is 245dm.  Single-A trade 323dm-376dm with our Single-A Index 330dm.  BBB trade 413dm-505dm with our BBB Index 438dm.  At the wide end of today’s range is ANCHC 2018-10A D CVR 91.8 at 505dm / 5.4y WAL – ADR is 1%, Jnr OC cushion is at the lower end 2.7, MVOC is low/mid 108.7 and the manager Anchorage has a weaker track record versus peers.  BB trade in a very wide dispersion 803dm-1321dm with our BB Index 833dm, the trades are dominated by a number of weaker credits with MVOC’s close to 100 and Jnr OC Cushions pulling towards 2% particularly with the wider end dominated by those post reinvestment where the manager does not have the ability to proactively manage MV metrics.  Nonetheless our index is stable dod with a +1dm move.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a handful of mezz trades today. The 2 x A trades are around 416dm. These are the first BWIC single A trades for a couple of weeks and confirm the widening we have seen in lower mezz in the last few days.

By contrast BBs have been actively traded for many days and have been mostly widening in that time but today and yesterday have reversed that trend and firmed up by 20 -30 bps on average. We can see the last 2 days of tightening from the fact that NWEST VII-X E traded 2 days ago, on 6 Sep at 81.06 and then again today at 82.71.

AAA CLO

USD CLO AAA

Surplus to $200m exchanging hands today, US LSTA 100 -6bp dod and spreads moving sideways.  AAA trade 160dm-200dm with our AAA Index 166dm, furthermore ABPCI 2020-9A A1R which is a MM CLO from Alliance Bernstein  covers at 97.77 at 226dm / 2.8y WAL, an outlier BSL trade is FCBSL 2021-1A A CVR 97.91 at 200dm / 4.5y WAL – metrics are clean and coupon is in the higher percentile level at +147bps which has a little scaling effect on dm as opposed to credit/MV driven away from the index. 

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB trades 405dm-467dm with our BBB Index slotting into the middle at 435dm, one outlier trade is MDPK 2013-11A DR (CSAM) but is post reinvestment and downgraded to BB with a CVR 93.5 at 512dm / 4.2y WAL, since the manager is unable to actively manage the deal there is some migration with ADR elevated 1.11, Sub80 bucket 3.7, MVOC at the lower end 107.9 and Jnr OC cushion at the lower end 2.5.  BB trade in a wide dispersion given the array of profiles 762dm-1383dm with our BB Index 832dm, at the wide end is VIBR 2017-7A D CVR 76.35 at 1383dm / 4.9y WAL – ADR is elevated 1.1, Sub80 6.3, MVOC has a shortfall 99.92 and Jnr OC cushion is 1.9 whilst the deal is shortly to exit reinvestment.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

It is again mezz trading today. The only BBB trade, CORDA 22X D, traded at 561dm which is no real movement from yesterday.

There are 7 x BB trades, at an average spread of 960dm. This is also unchanged from yesterday.

Mezz/Equity CLO

USD CLO Mezz/Equity

$37m of trading today post Labor day, all mezz.  US LSTA 100 -55bp wow with a slightly softer tone today.  Single-A trade 297dm-346dm with our single-A Index 300dm, at the wide end is a shorter dated CRBN 2017-1A B CVR 94.35 at 346dm / 3.9y WAL (EoRP 2023) with a lower MVOC 115.5, Jnr OC cushion at the lower/mid end 3.25 and a high cov-lite balance at 54.8%.  At BBB the trading range is 392dm-476dm with our BBB Index near to the middle of this range 426dm which is flat/slightly inside month end levels.  At the wide end is ABBSL 2021-2A D CVR 91.8 at 476dm / 8y WAL (AllianceBernstein) – an inexperienced manager with only 7 x CLOs issued and the WARF is elevated 3201 which is also reflected in the margin +335bps / EoRP 2026.   BB trade 769dm-951dm with our BB Index towards the tighter end of this range 833dm, the trades that are wide of the Index are dominated by weaker profile managers (Octagon and Anchorage) with ANCHC 2016-9A ER2 propping up the wide end CVR 88.05 at 951dm / 6.7y WAL – Jnr OC cushion low/mid end 3.2, elevated WARF 3148, high coupon +682bps.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

We’re seeing some lower mezz bwic trades today which is giving us some welcome visibility on spreads. There is only the one BBB trade. ALBAC 4X D traded at 594dm which looks about 30 -40 bps wider than where we had the BBB curve marked.

There are a raft of BB trades. The average traded spread is 973dm. Again, this is about 30 – 40 bps wider than recently seen. We are still well above the wides though eg BECLO 2X ERR traded on 26 July at 80.50 and today at 83.89.

After some considerable tightening in single Bs from the wides back in July we are now back on a softening trend. The three trades today are around 1412dm which is over 100bps wider than where our curve was marked.

AAA CLO

USD CLO AAA

$17m of bonds change hand today, month end across the capital stack whilst US LSTA 100 Index -12bp dod.  There is a little softness going into month end.  AAA trade 165dm-173dm with our AAA Index +2dm to 165dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

1 x AA BSP 2015-6BR B covers 95.65 at 256dm / 7y WAL (EoRP 2026 / Benefit St) which is wide to our AA Index 240dm – the ADR is elevated at 0.94 and manager record is good with other metrics relatively clean.  BBB trade 403dm-448dm with our BBB Index 432dm, the tight end has a Blackrock bond which notoriously trades tight to the Index whilst SYMP 2021-29A D covers 92.89 at 448dm / 7y WAL (Nuveen / EoRP 2025) with clean metrics but an inexperienced manager with good metrics.  At BB there is one trade PIPK 2021-9A E CVR 88.5 at 868dm / 9y WAL with our BB Index wider at 842dm – clean credit and MV metrics all round and a benchmark manager.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

There are 7 x BB trades today. The average traded spread is +942. This is about 40 bps wider than we had been seeing and reverses all the tightening we had seen in the first half of August. As an example INVSC 5X E traded at 85.50 on 17 Aug and at 83.13 today.

Mezz/Equity CLO

USD CLO Mezz/Equity

Just 3 trades today $4.25m notional across BBB and BB, US LSTA 100 Index -15bps wow with some weaker sentiment in the index given the Fed's recent stance.  BBB trade 433dm-507dm with our BBB Index 433dm, the outlier trade is PARL 2021-1A D (DoubleLine) CVR 90.36 at 507dm / 8.3y WAL (EoRP 2026) - an inexperienced manager scaling the dm along with the higher coupon +345bps.  1 x BB trade STRAS 2021-2A E CVR 92.42 at 794dm / 4.5y WAL, this bond is post reinvestment (shorter wal) and has a reasonable MVOC 103.43 with no material credit issues so does trade inside our index 824dm.

AAA CLO

USD CLO AAA

Limited liquidity today with $24m exchanging hands amongst AAA and AA.  AAA 1st pay trade 157dm-161dm with our AAA Index nestled among this at 158dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

2 x AA trade 243dm-248dm with our AA Index 245dm, both trades are from benchmark managers with clean credit/MV metrics and relatively short wals (4y / EoRP 2023).

AAA CLO

EUR AAA CLO

Just 2 x AAA trades today. The average spread of 176dm is a basis point or two firmer.

Mezz/Equity CLO

USD CLO Mezz/Equity

Only $21m of liquidity today, all high grade mezz.  AA trade 231dm-244dm with our AA Index 244dm, with BCC 2020-1A B CVR 97.04 at 231dm / 5.7y WAL trading inside our index given the affirmative MVOC (127.3), benchmark manager Bain and clean credit metrics.  Single-A trade 284dm-391dm with our single-A Index 298dm, the wide end dominated by a number of bonds that are either past reinvestment end or soon to be with low Junior OC cushions, lower percentile MVOCs and high ADRs which will not have the luxury of a manager’s ability to navigate these market conditions.  Bonds firmly in reinvestment trade 284dm-336dm which is generally tighter and is wrapped around our Index level with the wide end scaled by higher dm rather than credit impacted bonds given the clean metrics.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

After yesterday’s softer levels for single A, today they have snapped back in. There are 2 trades with traded spreads around 330dm.

AAA CLO

USD CLO AAA

$130m of liquidity today across IG and SubIG.  At AAA the trading range is 155dm-200dm for BSL AAA which has a softer feel, with our AAA Index at the tight end of this range 156dm, high coupon bonds tend to dominate the wide end as opposed to credit impacted bonds.  Furthermore there are 2 x MM CLO AAAs which trade 244dm-257dm which are wider than recent context in 230dm area, so the basis between MM and BSL seems to have widened a touch.

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB trade 409dm-453dm which is wrapped around our BBB Index 434dm, there is one outlier bond MIDO 2014-3A DR which is now downgraded at BB and covers 83.5 at 760m / 5y WAL – ADR is high 1.2, MVOC is depressed 102.6, Jnr OC cushion is cuspy 1.18 and MidOcean’s manager record is a touch wide to benchmark, so this bond does trade closer to BB construct.  BB trade 793dm-869dm with our BB Index 818dm, one outlier trade ICG 2014-1A DR2 CVR 87.67 at 1077dm / 9y WAL from ICG – ADR is very high 1.5, Sub80 bucket is high 5.2, MVOC is cuspy 101.1 and the dm is scaled higher further given the high coupon +835bps hence trades well wide to our index.

AAA CLO

EUR AAA CLO

There are 4 x AAA trades today. Spreads seem a little softer, by around 10bps. The average traded spread is 179dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

CADOG 9X BR, a AA, traded at 273dm.

ARMDA 3X CR, a single A by Brigade Capital, traded at 385dm. This is also a bit softer on the day.

Mezz/Equity CLO

USD CLO Mezz/Equity

Only 4 trades today, all mezz. 1 x single-A trade VENTR 2013-15A CR3 covers 85.06 at 632dm / 5.2y WAL well wide to our single-A Index 312dm - ADR is >2%, MJX is a weaker manager, Jnr OC cushion is cuspy 1.6.  3 x BB trades 937dm-1077dm wide to our BB Index 808dm, given the high coupon structure of the bonds (>700bps margin) which is the key driver as opposed to credit / MV metrics, with SARAT 2013-1A ER3 at the wider end CVR 86.5 at 1077dm / 6.25y WAL - +750bps coupon and an elevated ADR 1.2 with all other metrics clean and the manager Saratoga Inv Corp is a relatively new manager so there is the new manager premium on top.

AAA CLO

EUR AAA CLO

There are 2 AAA trades. Both have exited their RPE periods. CRNCL 2013-3X AR exited around 3 years ago, is heavily paid down and traded at 156dm. TCLO 1X AR exited its RPE 1 year ago and traded at 175dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

In single A’s VOYE 2X CR traded at 360dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a few mezz trades today. Single A’s seem a little wider at around +372.

BBBs also also seem a tad wider. TIKEH 2X DRR traded at L89h / approx. 524dm.

BBs have traded in H800s to L900s context which is unchanged.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Mezz bonds continue to firm up. 3 x BBBs traded around 489dm today. This is about 10bps tighter on the day.

BBs traded around 891dm which is also about 10bps tighter on the day. HARVT 16X ER traded today at 85.07. On 13 July it traded at 75.35, so it has rallied 10pts in one month.

AAA CLO

EUR AAA CLO

Both AAA trades have traded at 177dm. ARESE 12X AR traded at 97.21. This bond traded at 94.57 on 19 July 2022 so it has rallied in price by over 2.5 pts in the last month.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

The 4 x BBB trades have traded around 495dm.

There are a bunch of BB trades, averaging 899dm.

The only single B trade, DRYD 2018-66X F, traded at 1264dm.

One equity trade took place. St Pauls 4 equity traded very well at 77.99. Its NAV is -9.5. We calculated a yield of around 4.5% at this price.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

There are 3 x single A trades today. All have traded with a 92h, which is an average spread of around +345.

The 3 x BBB trades have traded around 490dm.