USD CLO AAA

$61m of bonds traded today with BBB slightly softer on the day and US LSTA 100 Index +8bp dod.  AAA Index unchanged 165dm.

USD CLO Mezz/Equity

BBB trade 393dm-656dm (BBB Index now 388dm) with BABSN 2019-3A DR at the tight end and a benchmark, cover price is 95.56 at 393dm / 5.3y WAL (EoRP 2024) - MVOC in line 109.8, coupon +280bps and only weak metric is ADR which is elevated at 1%.  Away from this, bonds with high coupon (>400bps) drive those wide of the index, whilst atthe wide end is VENTR 2019-37A D CVR 89.4 at 656dm / 5.2y WAL - MVOC is low 106.8, coupon is high +390bps, manager MJX has a weaker profile, Jnr OC cushion is 2% and ADR >2%.

USD CLO Mezz/Equity

$45M of liquidity today in mezz with spreads stable, US LSTA 100 Index +13bp dod.  AA trade 205dm-240dm (AA Index 218dm) with one benchmark trade MDPK 2019-37A BR CVR 214dm / 3.8y WAL – MVOC 129.7 which is strong and clean metrics from a benchmark manager CSAM.  BB trade 800dm-860dm wide of our BB Index 744dm given weaker MVOC profiles (<105) in 102-103% context.  1 x BBB trade VENTR 2013-14A DR CVR 95.2 at 519dm / 2.9y WAL – MVOC is low 107.2 (benchmark 110), post-reinv and Jnr OC cushion is negative -5.4 and very high ADR 2.9%.

USD CLO Mezz/Equity

Only $23m of activity today with single-A spreads softer and US LSTA 100 Index once again lower on the day -3bp dod.  Single-As trade 262dm-336dm with the majority post reinvestment (Single-A Index 280dm).  BBBs trade wide of the index 523dm-549dm given high coupon / weaker MVOC profiles for the main part, At the tight end is OCTR 2020-8A DR (Five Arrows) which has a good MVOC 110.99 but elevated coupon +375bps and a weaker manager profile so trades wide to the BBB Index 377dm.

USD CLO AAA

Only $16m of trading today with spreads softer on mezz and US LSTA 100 Index -13bp dod.  AAA Index unchanged 165dm.

USD CLO Mezz/Equity

1 x BBB trade OZLM 2016-15A CR CVR 91.52 at 522dm / 6.1y WAL - MVOC below benchmark at 109.8, weak Jnr OC cushion 1.4, elevated ADR 1.1 and weaker manager profile (Sculptor) as this trades wide to the BBB Index 377dm.  BB trades are distressed with a trading range 1416dm-1608dm given MVOCs are cuspy near 100, Jnr OC cushions are also cuspy near 0 (BB Index 744dm).

USD CLO AAA

$78m of liquidity today with CLO spreads softer and US LSTA 100 Index -22bp on last CLO trading day.  We shift our AAA Index wider t 165dm.

USD CLO Mezz/Equity

BBB bonds trade 359dm-507dm with benchmarks 359dm-387dm (BBB Index 373dm) with a cliff edge on bonds with MVOC < 109 trading well into 4-handle dm context, eg. RCTTE 2015-1A DRR CVR 94.5 at 441dm / 7y WAL (MVOC 107.6) despite the benchmark manager theme (Invesco).  BB trade 828dm-1191dm (BB Index 741dm) with all BB trades now single-B rated with cuspy MVOC.

USD CLO Mezz/Equity

Only $39m of liquidity today, CLO spreads unchanged whilst US LSTA 100 Index softens again -11bp dod.  5 x AA trades today in a 202dm-225dm range circled around our AA Index 214dm with very little in terms of benchmark profile given short wal / post reinvestment bonds for the main part.

USD CLO AAA

$136m of paper exchanged hands today with spreads flat on the day whilst US LSTA 100 Index continues to soften -8bp dod.  AAA Index unchanged 158dm.

USD CLO Mezz/Equity

BBB trade 437dm-548dm wide to the BBB Index 360dm given MVOCs on these bond profiles well below benchmark 110, all <107.5.  BB trade 658dm-777dm with BB Index 727dm, whilst at the tight end of this range driven by strong MVOC profiles (>105 benchmark) and high coupon bonds accounting for the wide end and all high quality bonds that trade either side of the index.

USD CLO AAA

$89m of liquidity today, majority mezz with US LSTA 100 Index -4bp dod.  AAA index unchanged 158dm.

USD CLO Mezz/Equity

At the single-A level there is a rare MM CLO FCO 2018-11X C CVR 97.07 at 359dm / 3.4y WAL – bond is post reinvestment and compares to our BSL Single-A Index 272dm.  BBB trade 397dm-723dm (BBB Index 360dm) with no benchmarks given the profiles that trade today all have very weak MVOCs (<110) and post reinvestment for the large majority, 1 x MM CLO MCMML 2017-1X D CVR 96.79 at 526dm / 4.3y WAL post reinvestment (BBB Index 360dm).  BB trade 715dm-1015dm with benchmarks trading 715dm-745dm (BB Index 726dm) as MVOC drives those bonds wide of the index.

USD CLO AAA

$84m of bonds exchanged hands today, small adjustments in mezz Indices but largely unchanged, US LSTA also starting to plateau +1bp dod.  AAA Index unchanged 158dm.

USD CLO Mezz/Equity

AA trade 196dm-243dm (AA Index 214dm) with one benchmark trade BSP 2019-19A B CVR 99.71 at 215dm / 4.4y WAL - MVOC in line 127.9, coupon +200bps and clean metrics .  Single-As trade 227dm-295dm with the Index unchanged 272dm.  BBB trade 320dm-569dm (BBB Index 356dm) with one benchmark CIFC 2020-3A DR CVR 97.86 at 357dm / 7.4y WAL - MVOC 109.95, coupon +310bps, benchmark manager CIFC with clean metrics.  BB trade 831dm-1090dm with BB Index unchanged 726dm with no benchmark bonds trading today given the low-MVOC profiles that trade.  2 x single-Bs trade 1207dm-1387dm which are wide of our index 1152dm given low MVOC profiles (100-101).

USD CLO AAA

A strong day of liquidity with $203m exchanging hands, with some small shifts in the lower mezz range, US LSTA 100 Index falling for the first time since July -8bp dod.  AAA Index remains 158dm with a large ticket in GOCAP 2015-26A A1R trading just inside our Index given the short wal / post reinvestment profile (EoRP Apr-23). 

USD CLO Mezz/Equity

Single-As trade 225dm-349dm (Single-A Index 272dm) with no benchmark comps given post reinvestment bonds / high MVOC vs benchmark profiles.  BBBs trade 330dm-429dm with benchmarks 347dm-375dm (BBB Index 355dm) with strong manager/high MVOC profiles trading inside the index and typically higher coupon bonds or weaker managers wide of the index.  BB trade in a very wide dispersion 584dm-1201dm with one benchmark trade 4.15dm clip of RAD 2019-4A E covers 99.07 at 706dm / 4.7y WAL (BB Index 726dm) – Kayne Anderson is the manager, EoRP April 2024, MVOC in line 105, coupon +675bps and clean credit metrics.

USD CLO Mezz/Equity

Limited flow today with $34m across 14 trades, CLO spreads have only small sideways drift in lower mezz and US LSTA 100 Index +1bp dod.  Most of the flow was in the BB with a trading range 656dm-776dm (BB Index 729dm) with one benchmark trade to note - RAD 2019-4A E CVR 97.33 at 751dm / 4.7y WAL witg MVOC in line 104.96, coupon +675bps and metrics clean with only WARF a touch high 3052 and as such scales a touch back from the index level.

EUR AAA CLO

Secondary profiles traded around 169 dm. Aurium XI priced at +170.

USD CLO AAA

$240m of liquidity today, CLO spreads moving sideways and US LSTA +5bp dod.  AAA Index now 158dm with $81m of bonds exchanging hands today.

USD CLO Mezz/Equity

Plenty of mezz supply today but little movement in benchmark spreads however.  Single-A trade 222dm-392dm with our single-A Index 272dm.  BBB trade 365dm-604dm (BBB Index 349dm) with plenty of supply in BB ($57m) with a trading range 711dm-1070dm (BB Index 728dm) with a range of profiles (post-reinvestment, high coupon, low MVOC) with few benchmark names to note.  One single-B trade CIFC 2022-7X F CVR 99.26 at 826dm with a very strong MVOC 109.5 (vs 103.6 benchmark) from a top tier manager CIFC and trades well inside the index (+804bps bond coupon is in line with benchmarks).

EUR AAA CLO

AAAs trading at around +180 today.

USD CLO Mezz/Equity

$31m of liquidity all in BBB/BB with US LSTA +18bp on last CLO bond trading day.  BBBs widen slightly to 349dm, with trading range today 314dm-402dm with a number of benchmark names trading in mid-300s dm context.  BB Index now 728dm with one benchmark trade AGL 2022-17A E CVR 95.5 at 729dm / 7.4y WAL - MVOC 105, coupon +635bps and AGL the manager with clean credit metrics ADR 0.6

EUR AAA CLO

AAAs have tightened a few basis points. Arbour XII priced at +170. Secondary today traded around 167 dm.

USD CLO AAA

$88m of trading today, spreads flat dod and US LSTA 100 Index +11bp dod.  AAA Index flat on the day.

USD CLO Mezz/Equity

Most of the mezz flow in BBB and BB, BBB trade 305dm-447dm (BBB Index 339dm) with one post-reinvesting bond trading tighter to the index 305dm, nearest bond to index is APID 2019-31A DR covers 98.21 at 359dm / 5.4y WAL – MVOC 109.6, coupon +310bps with a little weakness in Jnr OC cushion 2.4% accounting for the slight delta to the index, whilst the tail is driven by high coupon / low MVOC profiles.  BB trade 679dm-1120dm (BB Index 730dm), a benchmark trade is AGL 2021-13A E CVR 96.03 at 736dm / 7.2y WAL – MVOC 104.5, coupon +650bps and clean metrics.  MVOCs as skinny as 100.51 drives the tail of trades today.

USD CLO AAA

$108m of liquidity today with little movement on CLO spreads as US LSTA 100 Index continues to firm (+10bp dod).  AAA Index unchanged.

USD CLO Mezz/Equity

A fair amount of rare flow in AA so have seen an incremental correction as the AA Index is now 211dm, trading range today 192dm-241dm with small clips trading wide to the index.  Once again a fair amount of flow also in BB with 29m of liquidity across 13 trades in a 696dm-1019dm dispersion – BB Index tightens slightly to 725dm - ALM 2020-1A D covers 94.79 at 732dm / 6.7y WAL which is a benchmark (MVOC 105.8, coupon +615bps and clean credit (HPS manager which has a slightly weaker profile to benchmark so trades marginally wide to the index).

USD CLO AAA

$154m of liquidity today, CLO spreads moving sideways as US LSTA 100 Index continues to firm +10bp dod.  AAA Index unchanged 157dm.

USD CLO Mezz/Equity

Single-A trade 226dm-317dm with our Single-A Index 269dm with top tier managers with outperforming MVOC inside this level.  BBB trade 382dm-532dm (BBB Index 339dm) with a stack of high coupon bonds (>500bps) scaling wide to the index.  BB trade in a wide dispersion 657dm-1258dm (BB Index 727dm) with the sheer variety of profiles trading (benchmarks, top tier managers, cuspy MVOC and high coupon bonds) so please see PriceABS for more information.

EUR AAA CLO

The majority of AAAs have traded around 173 dm but a couple of trades were very wide. They are in odd lot size but BILB 1X A1C and STNPK 1X A1BE traded around 240 dm.

USD CLO AAA

$163m of liquidity today across the stack, spreads firm up in lower mezz and US LSTA 100 Index +10bp dod.  AAA Index unchanged 157dm.

USD CLO Mezz/Equity

Single-A trade 232dm-298dm and our single-A Index tightening into 263dm with strong MVOC bonds (>118) driving bonds 30dm tight of the index.  BBB trade 280dm-335dm with our BBB Index shifting to 345dm, one benchmark trade GLD12 2016-12A DR CVR 98.55 at 335dm / 4.7y WAL (GoldenTree) – MVOC 109.6 (in line with benchmarks) and coupon +290bps with clean credit metrics.  BB trade 683dm-973dm (BB Index 727dm) with strong MVOC bonds (>105) driving bonds 40dm tight to the index whilst combination of high coupon / weaker MVOC bonds pushing those wide to the index.

EUR AAA CLO

AAAs have remained steady at around 172 dm.

USD CLO AAA

$17m of AAA only trading today, CLO spreads flat and AAA Index unchanged 157dm, US LSTA 100 Index +15bp dod.

USD CLO AAA

$230m of liquidity today with continued firmer tone in spreads, US LSTA 100 Index +6bp dod.  AAA Index unchanged 157dm.

USD CLO Mezz/Equity

AA trade 187dm-234dm (AA Index unchanged 205dm).  BBs trade 707dm-931dm with BB Index 738dm, high coupon and lower MVOC profiles explain the clearing levels on bonds wide to the index.  At the tight end is SNDPT 2015-1RX R2D2 CVR 93.44 at 707dm / 4.2y WAL – post reinvestment short wal and bond has been upgraded to BBB current and MVOC is in line 104.4.  Single-Bs trade 1228dm-1594dm with all bonds with weaker MVOC profiles <100.75 with benchmarks in 103 context so dm’s are wide of the single-B Index 1183dm.

USD CLO Mezz/Equity

$143m of liquidity across mezz and equity, tightening tone on CLO spreads with US LSTA +4bp dod.  In terms of key moves, single-As tighten on the day, trading range 228dm-245dm for high quality names with shorter wal / lower coupon structures, our single-A Index now 271dm.  Little movement in BBBs where our BBB Index remains 369dm.  BB Index tightens to 738dm, one benchmark trade AGL 2021-11A E CVR 96.18 at 721dm / 6.8y WAL – stats are in line MVOC 104.7 / coupon +636bps and clean credit metrics. 

USD CLO AAA

Post Labor day liquidity trickling through higher up the stack with $15.5m of AAA/AA trading, US LSTA 100 Index +20bp on month end so asset prices continue to firm up.  AAA index unchanged 157dm.

USD CLO Mezz/Equity

4 x AA trade 168dm-196dm with all bonds with low coupon with 2 of them post reinvestment (AA Index 205dm).