USD CLO AAA

$154m of trading across the capital structure with market remaining well bid, US LSTA 100 Index +1 bp dod.  1 x AAA trade OAKC 2019-3A AR covers 100.077 at 145dm / 4.1y WAL / EoRP 2026 benchmark close to our AAA Index 148dm.

USD CLO Mezz/Equity

AA trade 188dm-245dm with benchmarks 195dm-216dm (AA Index 205dm) with weaker managers, higher coupon bond, lower MVOC profile bonds wide to the index.  BBB trade 278dm-598dm with few benchmarks trading (BBB Index 363dm) given profiles.  BB trade 676dm-996dm with one benchmark OCP 2019-16A ER covers 98.88 at 723dm / 4.5y WAL (EoRP this month) with clean metrics and Onex the manager this trades close to our BB Index 727dm.  1 x single-B post reinvestment profile bond covers 88.55 in a small clip at 961dm / 5.9y WAL non benchmark bond.

EUR AAA CLO

AAAs continue to ratchet in. The trades today are at around 143 dm.

USD CLO AAA

$49m of liquidity today, some spread tightening at AAA/BB and US LSTA 100 Index +5bp dod.  AAA trade 114dm-178dm with benchmarks 143dm (AAA Index 148dm).

USD CLO Mezz/Equity

2 x low coupon single-As trade inside the index 241dm-243dm (Index 272dm) with coupons +195-205bps.  BB saw the most liquidity in mezz with a trading range 600dm-873dm with 1 x benchmark UNPPK 2022-1X E CVR 100.08 at 723dm / 8.2y WAL (EoRP 2027) from Blackstone and clean metrics (BB Index 728dm).

USD CLO AAA

$33m of trading today, CLO spreads flat and US LSTA 100 Index -1bp dod so very little movement.  AAA trade 130dm-155dm with benchmarks 147dm-155dm (AAA Index 150dm).

USD CLO Mezz/Equity

AA trade 190dm-202dm with one benchmark trade in a small clip SYMP 2020-23A BR CVR 99.57 at 202dm / 6.2y WAL (AA Index 208dm).  1 x Single-A trade SYMP 2018-20A CR CVR 99.96 at 269dm / 3.8y WAL (EoRP this month) vs Single-A Index 272dm.  BBB trade 323dm-452dm with all trades post reinvestment and one single-B trade post reinvestment SHACK 2015-7RA F CVR 72.68 at 1323dm / 7.6y WAL - cuspy MVOC 100.16, ADR 1.16, Jnr OC cushion 0.23 and downgraded to C well wide of the index 1031dm.

USD CLO AAA

$220m of liquidity today with spreads remaining stable and US LSTA 100 Index flat dod.  AAA 1st pays trade 133dm-166dm with our AAA Index 150dm.

USD CLO Mezz/Equity

AA trade 194dm-219dm with our AA Index 208dm with one MM CLO trade ABPCI 2020-10A B1 CVR 99.77 at 277dm / 3.1y WAL (EoRP this month).  2 x rare single-A MM CLOs trade 329dm-376dm.  BBB trade 368dm-425dm with all bonds non-benchmark post reinvestment profiles or weaker MVOC (BBB Index 363dm).  BB trade 647dm-1008dm (BB Index 734dm) with all profiles non-benchmarks (high MVOC inside the index and post-reinv/low MVOC profiles wide of the index).  Single-Bs trade 1029dm-1540dm (single-B Index 1031dm) with MVOCs on today's trades all well lower than benchmark 104area with only very short wal bonds post reinvestment close to the index level.

EUR AAA CLO

AAAs traded today at around 151 dm. This is a considerable rally on last year’s levels, around 20 bps tighter.

USD CLO Mezz/Equity

$19m of BB trading today with BB Index moving sideways 734dm, dm range 643dm-1055dm with benchmarks trading 716dm-742dm with weaker MVOC profile bonds pushing out the tail of the trading range which is in small tickets.

USD CLO AAA

$64m of post reinvestment 1st pay AAA traded today across 11 trades with no impact on the AAA Index which is 148dm, US LSTA 100 Index +10bp on year end.

USD CLO AAA

US LSTA 100 Index +17bp on last CLO trading day last week, 6 x AAA trade, with 5 x 1st pays trading 144dm-154dm whilst 1 x 2nd pay BABSN 2016-1A A2R trades 184dm (post reinvestment).

USD CLO AAA

$277m of flow today across the stack, spreads tighter and US LSTA 100 Index +12bp dod.  AAA trade 135dm-161dm with benchmarks 149dm-150dm and our AAA Index now 152dm.

USD CLO Mezz/Equity

AA trade 179dm-213dm with benchmarks 205dm-213dm centred around our AA Index 210dm.  BBB trade 372dm-698dm with all profiles either post reinvestment / high coupon / weak manager and wide of our BBB Index 362dm.  BB trade 726dm-909dm with 1 x benchmark trade OCP 2015-9A ER CVR 98.38 at 726dm / 5.6y WAL – MVOC 105.2, coupon +680bps with our BB Index 739dm.

USD CLO AAA

$29m of trading today - AAA, BB and Equity, spreads flat dod and US LSTA 100 Index +13bp dod.  1st pay AAA trade 140dm-167dm and 2nd pays 172dm-199dm.  AAA 1st pay Index 159dm.

USD CLO Mezz/Equity

BB trade 711dm-840dm, with all profiles with weaker MVOCs 103-104area with benchmarks 105area (BB Index 751dm).

USD CLO AAA

$84m of liquidity today, CLO spreads flat and US LSTA 100 Index +7bp dod.  AAA trade 143dm-149dm with mostly post reinvestment profiles and AAA Index unchanged 159dm.

USD CLO Mezz/Equity

Single-A trade 241dm-345dm (Single-A Index 280dm) with a post reinvestment and high coupon bond trading either side of the index.  BBB trade 348dm-410dm with all profiles post reinvestment and BBB Index unchanged 367dm.  Same story on BBs with trading range 747dm-773dm with pos reinvestment profiles (BB Index 751dm).

USD CLO AAA

$300m of flow today with CLO spreads tighter and US LSTA 100 Index +8bp dod.  Almost $200m of this flow was AAA with a trading range 142dm-238dm with benchmarks 154dm-169dm (AAA Index 159dm), 1 x MM CLO AAA LSHR 2019-2A A1R CVR 99.7 at 203dm (post reinv).

USD CLO Mezz/Equity

AA trade 181dm-253dm with one benchmark trading near our AA Index (213dm) OCP 2021-22A B1 CVR 99.49 at 214dm / 6.2y WAL - EoRP 2027, MVOC in line 127.3 and coupon +170bps with clean metrics.  BBB trade 346dm-374dm (BBB Index 367dm), BB trade in a wide dispersion 658dm-1361dm (BB Index 751dm) with bonds inside the index post reinvestment and those wide of the index MVOC influenced with a MV shortfall on ICG 2014-2X ERR 99.54 at 1361dm.

USD CLO AAA

$104m of liquidity across high grade with US LSTA 100 Index +16bp dod.  AAA Index unchanged 162dm with a trading range 148dm-172dm.

USD CLO Mezz/Equity

4 x AA Post reinvestment trade 198dm-220dm with our AA Index slightly tighter at 216dm.

EUR AAA CLO

AAAs are steady at 172 dm.

USD CLO AAA

$100m of flow today, spreads flat and US LSTA 100 Index +3bp dod.  Benchmark AAA trade 160dm-163dm with our AAA Index unchanged 162dm.

USD CLO Mezz/Equity

AA trade 192dm-216dm with our AA Index 221dm, trades are all post reinvestment.  1 x single-A and 1 x BBB trade both high coupon bonds wide of the index, there are 5 x BB trades 707dm-998dm all non-benchmarks (BB Index 762dm).

USD CLO AAA

Significant flows for month end $174m of liquidity across senior and mezz, spreads flat dod and US LSTA 100 Index +3bp dod.  AAA trade 139dm-152dm inside our AAA Index 162dm given high profile benchmarks with strong MVOCs / short wals.

USD CLO Mezz/Equity

AA trade 223dm-242dm (AA Index 221dm), BBB trade 378dm-567dm (BBB Index 369dm) with profiles all post reinvestment with those bonds wide of the index with very low MVOCs (103-106) vs benchmark (109.5).  BB trade 713dm-1533dm with no benchmarks trading (BB Index unchanged 762dm).

EUR AAA CLO

AAAs look wider to us today. A lot have traded and the average spread is 185 dm. This could be as much as 15 bps wider but that could be a reflection of the particular types of bonds that have traded.

USD CLO AAA

$72m of flow today with some tightening across specific mezz rating bands, US LSTA 100 Index +6bp dod, AAA Index remains 162dm with just one AAA trade which is post reinvestment.

USD CLO Mezz/Equity

AA trade 211dm-227dm which is a tightening theme, AA Index 221dm with the tight end OAKC 2015-11A BR CVR 99.63 at 211dm / 3.4y WAL - MVOC 127 and clean metrics.  BBB trade 361dm-443dm with one benchmark trade APID 2019-31A DR CVR 98.52 at 379dm / 5.2y WAL - CVC the manager, MVOC 109.4 and coupon +310bps EoRP 2024, BBB Index 369dm.  BB trade 716dm-1202dm with our BB Index unchanged 762dm with non benchmark profile trades observed today.

EUR AAA CLO

AAAs are steady at 166 dm in secondary.