Market Commentaries



Eur/GBP

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Feedback on Commentaries and Analysis is welcome
Sheil Aggarwal


select * from bbg_commentary where 1=1 order by date desc
  • 3 April 2025

    EUR MEZZ/EQUITY CLO

    Just two trades today. On a day with stock markets down across the world we saw CONTE 7X DR (BBB) trade at 363 dm, in line with previous levels, and AVOCA 15X ER (BB) trade softer at 450 dm.


  • 2 April 2025

    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.

    EUR MEZZ/EQUITY CLO

    CGMSE 2018-1X A2A (AA – almost paid down) traded at 100.00.


  • 1 April 2025

    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.

    EUR MEZZ/EQUITY CLO

    BECLO 2X CRR (A) traded at 233 dm.


  • 31 March 2025

    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 MEZZ/EQUITY CLO

    Just a small handful of trades which makes it hard to evaluate spread moves – but the market does seem to be going wider. AlbaCore Euro VII just priced at wider levels.


  • 27 March 2025

    EUR AAA CLO

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

    EUR MEZZ/EQUITY CLO

    Aas traded in quite a wide range. Delevering tranches traded around 121 dm. Recent issues around 200 dm.

    BBs are around 570 dm.

    An odd lot of SPAUL 5X FR (B) traded cheap at 925 dm.


  • 25 March 2025

    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.

    EUR MEZZ/EQUITY CLO

    TIKEH 3X C (A) at 186 dm.

    BBBs at 276 dm.

    BBs traded around 654 dm.


  • 20 March 2025

    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).


  • 19 March 2025

    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).

    EUR MEZZ/EQUITY CLO

    PSTET 2023-3A DR (BBB) traded at 276 dm.

    BB spreads are steady today. All bonds traded at a small premium and an average spread of 596 dm.


  • 18 March 2025

    EUR AAA CLO

    Just a couple of AAA trades, at 101 dm today.

    EUR MEZZ/EQUITY CLO

    AA floaters at around 188 dm. TRNTE 5X B2 fixed rate traded at 100.23 for a 6.5% coupon.

    Single A’s are around 218 dm in secondary.

    BBs have traded around 638 dm. As an illustration of the recent widening DRYD 2015-39X ERR traded at 99.68 today and 101.53 on 6th Feb. DRYD 2020-89X E traded at 97.78 today and 99.58 on 8th Jan.

    Single B’s traded around 945 dm. CGMSE 2019-2X E has dropped 60 cents in one week. Today it traded at 94.91 and on 11th Mar it traded at 95.55.


  • 17 March 2025

    EUR MEZZ/EQUITY CLO

    Just a handful of AA trades today. Spreads are steadier, after several days of widening. The average traded spread is 176 dm today.


  • 14 March 2025

    USD CLO AAA

    $76m of flow, US LSTA 100 Index -9bp dod and some softening at BB.  AAA trades are all post reinvestment profiles and trading range 117dm-155dm (130dm AAA Index).

    USD CLO Mezz/Equity

    $51m of BB trade 490dm-974dm with benchmarks 641dm-674dm and BB Index now 638dm.  BCC 2024-1A E covers 100.63 at 674dm / 9y WAL - MVOC 107.5, coupon +680bps, Bain managed and ADR 0, RPE 2029 with clean metrics.


  • 13 March 2025

    USD CLO Mezz/Equity

    $99m of flow today, spreads have a softer feel and US LSTA 100 Index -10bp dod.  $45m of Single-A flow with a trading range of 209dm-303dm with benchmarks 217dm-223dm (Single-A Index 218dm).

    EUR AAA CLO

    AAA spreads still drifting wider, at around 103 dm today.

    EUR MEZZ/EQUITY CLO

    Single B spreads wider again – at around 874 dm today.


  • 12 March 2025

    EUR AAA CLO

    AAA spreads have softened slightly but are still in a wait and see mode.

    EUR MEZZ/EQUITY CLO

    BECLO 2X BRR (AA) traded at 172 dm.

    Single A’s continue wider. Today they trade around 246 dm.

    BBB’s traded around 337 dm in secondary.

    CRNCL 2018-10X M2 traded at 46.26 which shows equity has also widened and this cover is a discount to NAV.


  • 11 March 2025

    EUR AAA CLO

    AAA spreads are steady. Premium bonds are around 170 dm while discount bonds are more like H90’s.

    EUR MEZZ/EQUITY CLO

    AA’s look a little wider to us – across the board with the average spread being 165 dm.

    Single A’s also look a few bps wider, at around 231 dm.

    PRVD 1X D (BBB) traded at 242 dm.

    BB’s look to have taken a leg down. We’re seeing traded spreads around 25-30 bps wider. With the re-evaluation of risk across global markets recently it looks as if lower mezz CLOs are not immune to this.

    Similarly single B’s are wider also.


  • 10 March 2025

    USD CLO Mezz/Equity

    $60m of flow today, US LSTA 100 Index -4bp dod and CLO spreads generally flat with a softer feel.  Bonds that traded today are for the vast majority post reinvestment profiles with no material changes to the Index.


  • 7 March 2025

    USD CLO Mezz/Equity

    $131m of trading today in single-As (7 trades) with little change in benchmark spreads (single-A Index 213dm).  US LSTA 100 Index -1bp dod.


  • 6 March 2025

    USD CLO Mezz/Equity

    $243m of flow today, with some rebalancing on some mezz spreads, US LSTA 100 Index +3bp dod.  Most of the flow is in BBB with a trading range 281dm-584dm with one benchmark NEUB 2022-47A D covers 100.09 at 313dm / 6.2y WAL - Neuberger managed, MVOC 110.8, coupon +310bps and ADR low 0.2 (BBB Index 324dm).

     

    EUR MEZZ/EQUITY CLO

    Just a few BB trades today. All of them traded above par, at an average spread of 605 dm.

    CGMSE 2020-2X SUB traded at 14.5% yield.


  • 5 March 2025

    USD CLO AAA

    $250m of flow today across the stack, slight softening at AAA else spreads unchanged, US LSTA 100 Index +5bp dod.  AAA trade 89dm-176dm with benchmarks 133dm-136dm (AAA Index 128dm).

    USD CLO Mezz/Equity

    $14m of AA and $14m of BB bonds trade with few benchmarks, at the BB end the trading range is 619dm-968dm with one benchmark AIMCO 2021-15A E cover 100.34 at 619dm / 6.5y WAL - MVOC 106.2, coupon +595bps, ADR 0.6 and clean metrics (BB Index 618dm).

    EUR MEZZ/EQUITY CLO

    PLMER 2021-2A B2 (AA) paying 1.97% coupon traded at 94.04.

    Single A’s traded around 218 dm.

    BBBs are steady at around 293 dm. Today’s trades are mostly short bonds past their RPE.

    CGMSE 2017-3X D (BB) traded at 511 dm.


  • 3 March 2025

    USD CLO Mezz/Equity

    $24m of mezz trade today in small sizes AA-BB, US LSTA 100 Index +4bp dod.  Large majority of trades are non benchmarks, post reinvestment bonds / weaker manager profiles with no changes in the index levels today.


  • 28 February 2025

    USD CLO Mezz/Equity

    Little flow today given the various industry conferences and month end, $5.5m of flow and US LSTA 100 Index -7bp dod.  1 x benchmark single-A trades in a small 2m clip ANCHC 2021-21A CR covers 100.13 at 192dm / 5.2y WAL - strong MV metrics with MVOC 118, coupon +190bps and trades inside the index 214dm.


  • 27 February 2025

    USD CLO AAA

    $66m of flow today across the stack, spreads broadly unchanged, US LSTA 100 Index +1bp dod.  AAA trades all non benchmark BSLs, with 2 x MM tranches trading 174dm-185dm context.

    USD CLO Mezz/Equity

    Most of the flow in BB/BBB with few benchmarks trading and spreads unchanged.

    EUR AAA CLO

    The only AAA trade, SHCLO 2X A, is at 154 dm with 170 bps stated margin.

    EUR MEZZ/EQUITY CLO

    JUBIL 2024-28X B1 (AA) traded at 195 dm.

    A whole bunch of single A’s traded, at an average spread of 229 dm. This is unchanged on recent sessions.

    BBBs traded around 334 dm, BBs are a little tighter at 550 dm, single B’s also have tightened by 10-20 bps to around 807 dm.

    ACLO 5X SUB traded at 60.82 / 9.6% yield.