USD CLO AAA

$60m of flow today with bonds across the stack, spreads are firmer and US LSTA 100 Index +55bps dod.  AAA bonds are all post reinvestment porofiles and trade 127dm-143dm (AAA Index 149dm).

USD CLO Mezz/Equity

A few trades at each rating level, 1 x benchmark 5m trade at the BBB end, ALLEG 2025-1A D1 covers 98.56 at 321dm / 9.1y WAL (EoRP 2030) - MVOC strong 110.6, bond coupon +295bps, ADR 0, Axa managed - we shift our BBB Index 343dm.

USD CLO AAA

$160m of flow mostly in AAA bonds, spreads have a tighter theme and US LSTA 100 Index +11bp dod.  23 x AAA 142m notional trade in a 130dm-219dm range with benchmarks 144dm-149dm (AAA Index tighter at 150dm).  

USD CLO Mezz/Equity

BBB and BB bonds tighten with a flurry of trading activity, BBB Index now 347dm and BB Index 691dm.

USD CLO AAA
$52m of flow today across the stack with some mid-level mezz tightening / rebalancing.  US LSTA 100 Index -7bp dod.  AAA trade140dm-157dm with one benchmark BCC 2020-2A ARR cover 99.45 at 153dm / 2.4y WAL (EoRP 2026) - MVOC 150.2, coupon +124bps and managed by Bain (AAA Index 152dm)

USD CLO Mezz/Equity

AA and BBB saw benchmark trade flow today, for AA the trading range is 180dm-199dm with benchmarks 193dm-199dm (AA Index 199dm).  At BBB the trading range is 296dm-507dm with benchmarks 335dm-352dm (BBB Index slightly tighter at 349dm).

USD CLO Mezz/Equity

$11m of flow in lower mezz bonds, CLO spreads slightly tighter and US LSTA 100 Index +11bp on last CLO trading day.  BBB trade 335dm-529dm with benchmarks 344dm-352dm (BBB Index 351dm).  BB trade inside our index given higher MVOC cohorts and tighter bond coupons 590dm-690dm (BB Index 703dm).

USD CLO AAA

$60m of flow, CLO spreads stable with a tighter tone, US LSTA 100 Index +14bp dod.  AAA trade 134dm-221dm with benchmarks 151dm-154dm (AAA Index 153dm).

USD CLO Mezz/Equity

A small flurry of Single-A and BBB benchmark bonds trade around our index levels 233dm and 355dm respectively.

EUR AAA CLO

AAA spreads look to have softened again to us especially in the shorter maturities. Today’s trading is around the +150 mark.

USD CLO AAA

$47m of flow today with sideways movement on spreads, US LSTA 100 Index +37bp dod.  AAA trade 152dm-186dm with one benchmark STCP 2025-6A A1 cover 98.51 at 152dm / 6.6y WAL - MVOC 159, coupn +120bps and EoRP 2030.

USD CLO Mezz/Equity

Most of the benchmark flow is at the AA level, trading range 197dm-231dm with benchmarks 205dm-211dm and our AA Index 205dm.

USD CLO AAA
Only £31m of flow today across AAA and BB nonds with little change in spread direction as markets seem to stabilise, US LSTA 100 Index +4bp dod.  AAA trade 158dm-180dm with all profiles non benchmark wide of our AAA Index 153dm.

USD CLO Mezz/Equity

BB trade ina  wide dispersion 685dm-1079dm with benchmarks 685dm-716dm (BB Index unchanged 707dm).

EUR AAA CLO

AAA spreads have found a floor and are staging a modest rally. Trades today are around 142 dm.

USD CLO AAA

$188m of flow, spreads tighter, US LSTA 100 Index +78bp dod.  AAA trade 154dm-179dm with benchmarks at the tight end of this range - AAA Index now 153dm.

USD CLO Mezz/Equity

AA/BBB/BB trades today with few benchmarks, one notable marker is at the BB end - BSP 2019-17X ER2 covers 96.89 at 672dm / 9.4y WAL (EoRP 2026), managed by Franklin Templeton, MVOC 105.9, coupon +615bps and average metrics - BB Index now 707dm.

EUR AAA CLO

There is only one AAA trade today. RRME 18X A1 traded at 150 dm / 5yr WAL.

USD CLO AAA

$235m of flow today with some rebalancing on IG spreads, US LSTA 100 Index -45bp dod.  AAA trade 157dm-202dm with benchmarks at the tight end of this range, AAA Index 155dm.

USD CLO Mezz/Equity

AA trade 188dm-214dm with benchmarks 200dm-214dm (AA Index 209dm).  BBB saw the most significant flow in mezz with a trading dispersion of 290dm-587dm with benchmarks 356dm-386dm with BBB Index tighter 378dm.

USD CLO AAA

$138m of flow, US LSTA 100 Index bounces back +54bps as global tariffs suspended for 90 days.  AAA trade 147dm-202dm with benchmarks 147dm-156dm (AAA Index 155dm).

USD CLO Mezz/Equity

High grade trades in AA and A around our index levels, AA trade 190dm-224dm with benhcmarks 210dm-222dm (AA Index 214dm).

USD CLO AAA

$252m of flow today, US LSTA 100 Index -63bp dod, AAA stable at 155dm despite the volatility but has a softer feel.

USD CLO Mezz/Equity

Quite a bit of flow in BBB, with a trading range 347dm-475dm with benchmarks 355dm-385dm (BBB Index 377dm).  Very few other benchmarks trade, mezz spreads are rebalancing given the volatility.

EUR AAA CLO

AAAs traded around 151 dm today which, wide as these levels are, appears to be a stabilisation in the market. CONTE 11X AR traded at 99.29 on 4th April and 99.18 today.

USD CLO AAA

$272m of flow today, spreads continue to soften, US LSTA 100 Index +4bp dod.  AAA trade 159dm-192dm with benchmarks 159dm-165dm (AAA Index 154dm).

USD CLO Mezz/Equity

Mezz spreads also soften, BBB trade 331dm-598dm with one benchmark GNRT 9A D1R cover 96 at 376dm / 8.9y WAL (EoRP 2030) - MVOC 110, manager is Generate Advisors, coupon +310bps (BBB Index 379dm).

EUR AAA CLO

It’s a quieter day in the secondary markets today. There are a handful of AAA trades. Spreads are still softening. The average spread today is +143 for short WALs. One of the bonds, DILPK 1X A, traded at 100.10 on 13 Mar and today is at 98.93.

USD CLO AAA

$123m of flow as markets softened significantly, US LSTA 100 Index -145bps on month end.  AAA trade 137dm - 164dm with benchmarks 139dm-152dm (AAA Index 149dm).

USD CLO Mezz/Equity

Mezz spreads widened across the board, AA trade 191dm-227dm with AA Index now 215dm, BBB 351dm-472dm with one benchmark TCW 2022-1A D1R cover at 95.5dm at 374dm / 8.9y WAL - MVOC 109, coupon +300, TCW managed (BBB Index 374dm).

EUR AAA CLO

We have seen very welcome price discovery in the EUR BWIC markets today. There has been a dramatic sell-off in all EUR CLOs. AAAs are around 25 – 30 bps wider across different profiles.

USD CLO AAA

$28m of flow AAA and mezz, little movement in spreads, US LSTA 100 Index -8bp dod.  AAA are post reinvestment profiles with a trading range 108dm-125dm.

USD CLO Mezz/Equity

AA and A are non benchmarks whilst at BBB there is one benchmark GLM 2021-9A DR cover 100.63 at 330dm / 8.2y WAL - MVOC 111.4, coupon +335bps, ADR 0.7 and trades near our BBB Index 334dm.

EUR AAA CLO

A bunch of AAAs today, still drifting wider, at around 125 dm.

USD CLO AAA
$88m of flow across high grade today, some slight softening whilst US LSTA 100 Index -4bp dod.  AAA trade 134dm-140dm with one benchmark GCBSL 2024-77X A1 cover 99.75 at 134dm / 6.5y WAL (EoRP 2030) - Golub managed, MVOC 154.5, coupon +125bps, ADR 0, Sub80 assets 0 and clean metrics (AAA Index 132dm).

USD CLO Mezz/Equity

At the single-A level a few trades with a trading range of 218dm-257dm with one benchmark TKO 2025-1A C cover 218dm / 8.7y WAL (EoRP 2030) - Tikehau managed, MVOC 120.1, coupon +200bps, ADR 0, Sub80 assets 0 (Single-A Index 214dm).

EUR AAA CLO

AAAs unchanged.

USD CLO Mezz/Equity

Only $38m of flow given month end, all in mezz bonds with little directional movement dod.  US LSTA 2 week delta is +12bp whilst MoM is -39bp.  At the BBB end TRNTS 2022-20A D1R covers 98.52 at 334dm / 6.4y WAL - Trinitas managed, MVOC 111.1, coupon +300bps, ADR 0.54 and trades right on our BBB Index 334dm.  Similar story with Single-A (Index 213dm).

EUR AAA CLO

FCE 2024-1X A, a recent issue, traded at 142 dm.

EUR AAA CLO

A seasoned AAA, FOAKS 3X AR, at 100 dm. A recent issue, VOYE 8X A, at 127 dm. AAA spreads are steady.

USD CLO AAA

$287m of flow with some softening at the top and bottom of the capital structure, US LSTA 100 Index +12bp dod.  AAA trade 139dm-167dm with benchmarks 139dm-143dm (AAA Index 137dm).

USD CLO Mezz/Equity

A few benchmarks trade today at the BB end, BB trade 503dm-656dm with benchmarks 633dm-656dm (BB Index 643dm).

USD CLO AAA

$51m of flow today with some softening on spreads given market sentiment, US LSTA 100 Index -26bp wow.  AAA trade 132dm-156dm with benchmarks 132dm-144dm (AAA Index 135dm).

USD CLO Mezz/Equity

AA trade 185dm-200dm with benchmarks 197dm-200dm (AA Index wider at 193dm) and at the BBB level one benchmark CGMS 2019-4A CR covers 98.96 at 346dm / 6.2y WAL (EoRP 2027) - MVOC 109.3, coupon +320bps, ADR 0.44, Carlyle managed (BBB Index wider at 334dm).