USD CLO Mezz/Equity

US LSTA 100 Index +3bp dod, only $17m of BBB flow today, trading range 338dm-385dm with our BBB Index firmly in the middle 362dm.  BCC 2021-6A D covers 97.88 at 385dm / 6.8y WAL (EoRP 2026) - MVOC 110.6 vs benchmark 110.9, ADR elevated 1.3%, coupon +310bps and other metrics broadly clean with Bain the manager so does trade only slightly back from the index given default track record.

EUR AAA CLO

A quiet day today. Two AAA trades, at around 128 dm.

USD CLO Mezz/Equity

Little activity today with $40m of flow all in mezz today, US LSTA 100 Index +10bp dod, BBB Index tightens to 360dm which is the only notable movement.  AA trade 172dm-200dm (AA Index 193dm) and Single-A trade 238dm-257dm (Single-A Index 252dm).

EUR AAA CLO

AAAs traded at 125 dm.

USD CLO AAA

US LSTA 100 Index +3bp dod and CLO spreads flat/firm feel.  AAA 131dm-148dm (AAA Index 147dm) with a high quality Blackstone AAA at the tight end.

USD CLO Mezz/Equity

Majority of flow in BBB and BB, BBB trade 360dm-550dm (364dm index) with one benchmark OZLM 2014-6A CS CVR 99.29 at 360dm / 7.2y WAL - MVOC 111, coupon +313bps, post reinvestment but metrics are clean.  BB trade 637dm-944dm with benchmarks 687dm-699dm (BBB Index 701dm).  Bonds with strong MVOC >106 and low coupon structures trade inside index level with the inverse the case wide of the index.

USD CLO Mezz/Equity

$94m of flow, spreads flat and US LSTA 100 Index +7bp dod.  AA trade 173dm-203dm with benchmarks 191dm-203dm (AA Index 193dm) - post reinv short wal bonds inside the index.  BBB trade 338dm-404dm with benchmarks 356dm-364dm (BBB Index 364dm) and 2 x BB bonds trade wide of the index 786dm-820dm with high coupon / low MVOC profiles non benchmark.

EUR AAA CLO

AAAs at 128 dm in secondary.

USD CLO AAA

$170m of flow today, US LSTA 100 Index +3bp dod and slight tightening at BBB / BB.  AAA trade 125dm-229dm with a number of high coupon bonds firing up the tail of this range, 1 benchmark bond AGL 2021-11A AS CVR 100.19 at 147dm / 3.7y WAL - EoRP 2026 and a clean bond managed by AGL.

USD CLO Mezz/Equity

AA trade 173dm-244dm with benchmarks 198dm-199dm (AA Index 195dm) with coupon structure and post reinvestment bods driving either side of the index.  BBB trade 312dm-350dm with all bonds post reinvestment / inside BBB Index level of 363dm.  BB trade 631dm-928dm with benchmarks 691dm-715dm (BB Index 701dm) whilst single-Bs trade wide of the single-B Index (1015dm) 1129dm-1709dm given weaker MVOC profiles with the wider end cuspy / MV shortfall.

USD CLO AAA

$37m of flow in high grade, little movement in CLO spreads and US LSTA 100 Index +5bp dod.  AAA trade 104dm-131dm with virtually all profiles post reinvestment short wal and inside the Index level.

USD CLO Mezz/Equity

AA trade 164dm - 264dm with a post reinvestment bond at the tight end and a high coupon long reinvestment end at the other end of the range, index unchanged 195dm.

USD CLO AAA

$160m of flow today, US LSTA 100 Index -8bp dod.  AAA trade 108dm-142dm with no benchmarks (AAA Index unchanged 147dm).

USD CLO Mezz/Equity

BBB trade 293dm-404dm with benchmarks 370dm-374dm (our BBB Index 367dm) with top tier manager bonds inside the index.  BB trade 901dm-1312dm, non-benchmarks with inherent credit and MVOC weakness (BB Index 703dm).

USD CLO AAA

$91m of flow today across the stack, low mezz spreads soften slightly and US LSTA 100 Index is flat dod.  AAA unchanged with a trading range of 135dm-156dm with our AAA Index 147dm.

USD CLO Mezz/Equity

Single-As trade 211dm-286dm with no benchmarks to note (Single-A Index 252dm).  BBB trade 365dm-444dm with our BBB Index shifting to 365dm given weaker slightly weaker execution levels, BB trade 710dm-1270dm with BB Index shifting slightly wider to 703dm, one benchmark trade today ARES 2020-56A ER CVR 710dm / 7.6y WAL - EoRP 2026, MVOC 105.9, coupon +650bps and Ares the manager along with clean credit record on the bond.

EUR AAA CLO

AAAs are steady. Two low margin bonds traded around 117 dm.

USD CLO AAA

Very little change in sentiment today, spreads broadly flat with some minor rebalancing at BB and US LSTA 100 Index -1bp dod.  2 x AAA trade 161dm-173dm for higher coupon longer reinvestment period end.

USD CLO Mezz/Equity

Most of liquidity in mezz is in BB which trade 608dm-822dm with one benchmark OCP 2021-21A E CVR 98.71 at 688dm / 7.3y WAL - MVOC 106.7, coupon +628bps, clean credit and Onex the manager and this bond trades slightly inside our BB Index 699dm given benchmark MVOCs 106.1 area.

EUR AAA CLO

AAAs are steady. Two recently issued high margin bonds traded around 180 dm. Two very seasoned, amortising bonds traded around 95 dm.

USD CLO Mezz/Equity

$55m of BBB/BB activity today with only neglible slight softening in BB, US LSTA 100 Index -3bp dod.  BBB trade 388dm-477dm with all profiles with weaker MVOC (<110) non benchmarks (BBB Index 351dm).  BB trade 598dm-653dm for higher quality post reinvestment profiles (BB Index 701dm).

EUR AAA CLO

AAAs are steady at 129 dm in secondary.

USD CLO AAA

$51m of liquidity today in AAA and BB, with spreads flat and US LSTA 100 Index +3bp dod.  AAA trade 126dm-167dm for 1st pays (AAA Index 147dm) and 2nd pays 148dm-209dm with the tight end of the 2nds post reinvestment short wal bonds.

USD CLO Mezz/Equity

2 x BB trade 710dm-731dm both post reinvestment profiles with weaker MVOCs and the BB Index 700dm.

USD CLO AAA

Non benchmark AAA trade today 98dm-173dm with the AAA Index unchanged at 147dm, US LSTA +9bp dod.

USD CLO Mezz/Equity

BBB trading range is 325dm-563dm with benchmarks 325dm-387dm with some rebalancing of some longer maturities (BBB Index 351dm).  BB trade 667dm-921dm with benchmarks 685dm-717dm (BB Index 700dm) with a slightly firmer tone in execution of benchmarks.

EUR AAA CLO

AAAs continue to edge slightly tighter. Today’s trades are at 129 dm.

USD CLO Mezz/Equity 

$174m of non-AAA trading today, US LSTA 100 Index +1bp dod and CLO spreads on the whole flat.  AA trade 192dm-241dm with benchmarks 192dm-203dm (AA Index 195dm).  BBB trade 343dm-509dm with one benchmark trade MORGN 2018-2A D CVR 98.66 at 343dm / 7.2y WAL post reinvestment (2023) - BBB Index 345dm.  BB trade 581dm-1113dm with benchmarks trading 699dm-701dm (BB Index 701dm), short wal / post reinvestment bonds inside the index and typically post reinvestment bonds with weaker MVOC profiles (<105) account for those significant bonds wide of the index.

USD CLO AAA

$287m of liquidity, highst daily volume YTD across the stack, CLO spreads broadly flat and US LSTA 100 Index -2bp dod.  1 x 1st pay AAA trade at the AAA Index level TCW 2021-2A AS CVR 100.11 at 148dm / 4.1y WAL.  2 x rarer MM CLOs trade 174dm-177dm which is tighter than recent comps.

USD CLO Mezz/Equity

AA trade 173dm-204dm with benchmarks 192dm-198dm (AA Index 195dm).  BBB trade 323dm-532dm with 1 x benchmark BABSN 2019-3A DR CVR 99.02 at 337dm / 4.9y WAL (EoRP April 2024) with MVOC 110.6 and Barings managed (BBB Index 345dm).  BB trade 689dm-925dm with benchmarks 706dm-709dm (BB Index 702dm).  1 x single-B trade today which is post reinvestment MAGNE 2015-12A FR CVR 95.01 at 934dm / 7.1y WAL and tight to the index given the shorter wal.

USD CLO Mezz/Equity

Only $16m of mezz trades today with US LSTA tightening +7bp, with the only movement on single-A with our single-A Index tightening to 252dm, trading today 238dm-242dm with a benchmark trade at the wide end of the range.  BBB trade 356dm-370dm (BBB Index 346dm) with little in the way of significant benchmark activity.

EUR AAA CLO

AAAs continue to rally. Today’s trades in secondary are at around 126 dm. At the end of last year, in secondary, they were at around +175.

USD CLO AAA

$84m of liquidity today across the stack, spreads stable and US LSTA 100 Index -1bp dod.  AAA post reinvestment bonds trade 127dm-145dm and AAA Index unchanged 147dm.

USD CLO Mezz/Equity

Most of the mezz activity today is sub-investment grade with 18 x BBs trading in a 587dm-1277dm dispersion with benchmarks 693dm-697dm (BB Index 704dm).  At the tighter end of the range are post reinvestment / short wal and high MVOC pre-reinvestment bonds, whilst MVOC migration to 100 drives those bonds wider to the index.  

EUR AAA CLO

Just one AAA trade today. CGMSE 2015-3X A1AR traded at 103 dm due to the fact that it has started delevering.

USD CLO AAA

$87m of liquidity with a slightly softer tone, US LSTA 100 Index -5bp dod.  AAA trade 151dm-164dm for 1st pays and 2nd pays 175dm-229dm with our 1st pay AAA Index now 147dm.

USD CLO Mezz/Equity

AA trade 184dm-211dm with benchmarks 194dm-201dm (AA Index 196dm).  BB bonds trade 633dm-885dm with the vast majority of bonds post reinvestment and low MVOC profiles (<103.5) so do not impact the index level 708dm.

EUR AAA CLO

AAAs have tightened slightly again and today’s spreads average around +141.

USD CLO AAA

US LSTA 100 Indx +9bp on last CLO trading day last week givn the holiday weekend.  Only 7m of flow today with spreads largely unchanged with some mild tightening at AA.  AAA Indx unchanged at 146dm

USD CLO Mezz/Equity

AA trade 184dm-193dm for 2 x post reinvestment bonds, we shift the AA Index slightly to 195dm. otherwise no mezz trades to note.

USD CLO AAA

$96m of liquidity today across IG and SubIG, US LSTA 100 Index flat dod and CLO spreads remain firm.  AAA trade 145dm-161dm with the AAA Index 146dm.

USD CLO Mezz/Equity

AA trade 201dm-215dm (AA Index 199dm) one benchmark VOYA 2021-1A B CVR 99.9 at 201dm.  1 x benchmark Single-A trade OCT39 2018-3A C CVR 100.02 at 253dm (single-A Index 263dm).  BBB trade 320dm-457dm with benchmarks 333dm-355dm (BBB Index 346dm).  BB trade in a wide dispersion 649dm-949dm with benchmarks 680dm-737dm (BB Index 708dm).

EUR AAA CLO

AAAs are steady today with average spreads at +149.

USD CLO AAA

$230m of liquidity today across all rating bands, US LSTA 100 Index +5bp dod and CLO spreads tighter across the stack.  AAA trade 125dm-168dm with our AAA Index now 146dm with benchmarks trading 143dm-147dm, post reinvestment short wal bonds inside the index.

USD CLO Mezz/Equity

AA tighten and trade 176dm-236dm with benchmarks 199dm-206dm (AA Index 199dm).  Single-A trade 228dm-261dm inside the index given post reinvestment short wal and high MVOC profiles.  BBB trade 311dm-406dm with benchmarks 335dm-363dm (BBB Index 348dm) with lower MVOC profiles trading wide of the index but benchmarks are tighter.  BB trade 594dm-837dm with benchmarks 716dm-739dm (BB Index 717dm), eg. OCP 2019-17A ER covers 98.7 at 716dm / 5y WAL – EoRP 2024, Onex managed and clean metrics (MVOC 105.1).  3 x single-Bs trade 641dm-1325dm with all bonds post reinvestment and different MVOC profiles driving the tiering level especially for the tighter bond MDPK 2015-19X ER which covers 100.065 at 641dm / 4.1y WAL – MVOC 106.08 and 3y post reinvestment end and deal is deleveraging significantly.

EUR AAA CLO

AAAs are steady today with average spreads at +155.