Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

There is still a decent amount of activity in European BWICs. Spreads are range bound with AAA around 101 dm, A at 203 dm, BBB at 363 dm and BB at 714 dm.

AAA CLO

EUR AAA CLO

AAAs are steady with trading in the +120 area.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

One BB, FRNPK 1A E, traded at 637 dm.

AAA CLO

EUR AAA CLO

AAAs have traded well today with a strong bid for short duration. The average spread is +116.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs haven’t moved, at around 206 dm. HARVT 16A B1RR, a seasoned, short, discount bond traded tight at 130 dm.

BBBs have tightened to an average spread today of 418 dm. This looks about 10 to 20 bps tighter to us.

BBs traded around 624 dm.

Recently issued SHCLO 3A SUB traded at 95.63 / 18% yield.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

A lot of BBs traded. Looks like quite tight levels. The average spread is 559 dm.

EGLXY 2018-6X F (B) traded at 579 dm, also a tight level in our opinion.

There are three equity trades. ANCHE 3X SUB traded at NAV. The other two traded at around 18% yield on DCFs.

AAA CLO

EUR AAA CLO

AAAs still static. Spreads today around 122 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a couple of AA trades, moving sideways at around 216 dm on the day.

BBs traded well at around 603 dm.

AAA CLO

EUR AAA CLO

AAAs still static. Spreads today around 139 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Just a couple of AA trades and they do look a few bps wider. Spreads are bifurcated between a short low margin bond and a long high margin one.

Two recent issue single A’s have traded with a high refi likelihood, at around 401 dm.

BBBs have traded around 460 dm.

NWDSE 2019-19X E (B) traded at 726 dm.

AAA CLO

EUR AAA CLO

AAAs still static. Spreads today around 121 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Low margin AAs are unchanged at around 124 dm.

Single A’s do look to have tightened by around 6 bps.

A lot of BBs traded but spreads are range-bound at around 642 dm.

MDPKE 14A FR (B) traded at 859 dm.

Two equity pieces traded: BLUME 2021-2A SUB and SNDPE 10X SUB – both at around 11% yield.

AAA CLO

EUR AAA CLO

AAAs are not moving. Spreads today around 121 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Aas are unchanged at around 182 dm.

CORDA 27X E (BB) traded at 782 dm.

A couple of single B’s traded quite strongly. They have very different margins so their spreads can’t be directly compared but nevertheless, according to our models, these traded around 10 to 20 bps tighter than we predicted.

AAA CLO

EUR AAA CLO

AAAs look like they could be a few bps wider on the day, trading today at around 129 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AAs are unchanged at around 166 dm.

CONTE 5X C (A) traded at 182 dm.

AAA CLO

USD CLO AAA
$144m of flow today, US LSTA 100 Index +2bp dod.  AAAs trade 101dm-169dm (AAA Index 131dm) with one key benchmark PARPK 2021-1A A cover 100.23 at 132dm / 3.2y WAL (EoRP 2026) - MVOC 156.3, Blackstone managed.

Mezz/Equity CLO

USD CLO Mezz/Equity

Key mezz trades at single-B with a trading range 731dm-821dm with benchmarks 819dm-821dm and our single-B Index shifting tighter to 853dm.

AAA CLO

EUR AAA CLO

AAAs are unchanged at around 108 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Spreads are very static at the moment.

AAs at 173 dm, A’s at 240 dm, BBBs at 447 dm and BBs at 622 dm.

AAA CLO

USD CLO AAA
$73m of flow with little movement in CLO spreads, US LSTA 100 Index +19bp on last CLO debt trading day.  AAA trade 108dm-134dm with a benchmark trade OCT32 2017-1X A1R3 cover 100.53 at 134dm / 6.2y WAL (EoRP 2029) - Octagon managed.

Mezz/Equity CLO

USD CLO Mezz/Equity

BBB non benchmarks trade wide of their index level (322dm) in a 384dm-427dm range.

AAA CLO

EUR AAA CLO

AAAs are unchanged at around 112 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

ANCHE 3X BR (AA) traded at 210 dm.

BOPHO 8X D (BBB) traded at 630 dm because of its very high margin.

Mezz/Equity CLO

USD CLO Mezz/Equity

$31m of flow today, little movement in spreads with no benchmarks trading and small ticket trades, US LSTA 100 Index flat dod.  

AAA CLO

EUR AAA CLO

AAAs steady today at around 109 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA’s could be a few bps tighter but all the bonds that have traded are in amort so would be tight anyway.

HARVT 19X C (A) traded at 169 dm.

Amortising BBBs traded at 243 dm.

Premium BBs have traded around 549 dm.

SPAUL 8X F (B) traded at 658 dm.

4 equity pieces traded with yields varying from 10% to 14%. The CVC and Blackstone clips have relatively high CCC buckets.

Mezz/Equity CLO

USD CLO Mezz/Equity

$73m of flow today in mezz/equity, slight compression in BBB spreads, US LSTA 100 Index +5bp dod.  BBB trade 294dm-321dm with benchmarks 314dm-321dm with our BBB Index 322dm, BABSN 2021-1A D covers 100.35 at 314dm / 5.5y WAL (EoRP 2026) with MVOC 109.4, coupon +290bps, ADR 0.8, Barings managed and Jnr OC cushion 3.5.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Spreads aren’t moving at the moment. JUBIL 2023-27X C (A) traded at 289 dm.

BBs traded at around 503 dm.

Single B’s traded around 910 dm.

AAA CLO

EUR AAA CLO

AAAs look to have widened a few bps on the day. Trades today are around 103 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

Single A premium priced bonds traded around 264 dm.

BBs traded tighter in secondary, at around 544 dm. This follows the Trinitas Euro VIII print at +565.

AAA CLO

USD CLO AAA

$29m of flow today, slight tightening in AAA spreads, US LSTA 100 Index +9bp on last CLO trading day.  AAA trade 143dm-164dm with a high coupon 1st pay at the tight end of this range and a 2nd pay at the wider end MP15 2019-1A A2R cover 100.5 at 164dm / 4.5y WAL - Marble Point, post reinvestment.  AAA Index 130dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

4 x single-A trades all non-benchmarks, trading range is 245dm-358dm (single-A Index 227dm) with profiles high coupon, weaker managers or post reinvestment account for the basis to the index level.

AAA CLO

EUR AAA CLO

AAAs are steady today at around 83 dm for low margin bonds.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA and A have also not changed, trading at 122 dm and 152 dm respectively.

BABSE 2023-1X E, a premium priced BB, traded at 692 dm.

AAA CLO

USD CLO AAA

$284m of flow of which $252m is AAA.  US LSTA 100 Index 5bp dod.  AAA trade 103dm-189dm with few benchmark observations today, AAA Index 131dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

Similar theme in mezz with $31m of BB tranches trading 681dm-881dm range all non benchmarks and wide of our BB Index 633dm.

Mezz/Equity CLO

USD CLO Mezz/Equity

$45m of flow today across BBB-B credits, US LSTA 100 Index +17bp on last significant day of CLO liquidity and mezz spreads touch softer.  BBB trade 310dm-363dm with benchmarks 323dm-324dm (BBB Index 327dm) with BB and B trades all non benchmarks.

AAA CLO

EUR AAA CLO

AAAs are steady today at around 110 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA floaters have traded around 174 dm.

VESPK 1X B (A) traded at 221 dm.

BBBs and BBs are also unchanged at 364 dm and 616 dm.

INVSC 11A F (B) traded at 969 dm.

Two equity pieces traded. AVOCA 15X M1 and HARVT 20X SUB traded at around 16% yield. Both deals are in amortisation and have higher than normal CCC buckets.

AAA CLO

EUR AAA CLO

There are only a couple of AAA trades today and spreads looks steady with par bonds trading around 131 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA’s have tightened again. Today’s secondary are at around 156 dm. Aurium 1 reset at +190 recently but Carlyle Euro 2024-2 printed at +210.

Single A’s are steady at 222 dm in secondary.

BBBs traded at 321 dm.

BBs are at 572 dm.

Single B’s are around 945 dm but a lot of this comes from CGMSE 2019-2X E at 1000 dm because of its low MVOC.

AAA CLO

EUR AAA CLO

There are only a couple of AAA trades today but they do look tighter – at an average spread of 83 dm.

Mezz/Equity CLO

EUR MEZZ/EQUITY CLO

AA’s are at around 145 dm today.

AAA CLO

USD CLO AAA

$130m of flow of which $100m in AAA flow, US LSTA 100 Index +12bp dod.  AAA trade 134dm-141dm with benchmarks 134dm-135dm (AAA index 133dm).

Mezz/Equity CLO

USD CLO Mezz/Equity

Mezz bonds are 6 x BB non benchmarks that trade 722dm-943dm with post reinvestment or high coupon profiles trading wide of the 634dm BB Index.