EUR AAA CLO

AAAs are unchanged at around 163 dm in secondary, for short average lives between 1 and 3 years.

EUR AAA CLO

DRYD 2016-48X A1R traded at 183 dm.

EUR AAA CLO

AAA spreads are steady with a handful of trades at around 168 dm.

USD CLO AAA

CLO Spreads unchanged, US LSTA 100 Index +1bp dod and close to $100m of liquidity.  AAA trade 127dm-290dm with virtually all non-benchmark trades (AAA Index 153dm) with the vast majority post reinvestment bonds.

USD CLO Mezz/Equity

2 x rare AA MM CLOs trade 348dm-352dm.  BBB trade 396dm-510dm with non-benchmark profiles (low MVOC, high coupon) and BBB Index unchanged 423dm.  BB bonds are non benchmarks with high coupon profiles and trading range 856dm-857dm (coupons +850-875bps).

EUR AAA CLO

Just the one AAA trade. It’s one year past its RPE date and traded at 162 dm for 1.6 yr WAL. In primary Harvest XXX priced at +175.

USD CLO Mezz/Equity

$20m of liquidity today, US LSTA 100 Index -1bp dod and CLO spreads flat.  Single-A trades are non-benchmarks in reinvestment with low MVOC profiles 115 or less (vs benchmark 117) with a trading range 322dm-327dm (Single-A Index 298dm).

USD CLO AAA

$132m of liquidity today with spread tightening at AAA evident with $110m of trading, US LSTA 100 Index +11bp since Friday cob.  AAA trade 132dm-172dm for BSL 1st pay AAAs (AAA Index 153dm) with benchmarks 135dm-146dm which is a tighter shift, 1 x MM CLO GOCAP 2014-21X AR covers 99.5 at 187dm / 0.5y WAL – short wal / post reinvestment bond.

USD CLO Mezz/Equity

In terms of mezz, very spotty trading with 1 or 2 trades per rating band with few benchmarks and levels generally flat on the day.

EUR AAA CLO

AAAs remain steady, trading today around 174 dm.

USD CLO Mezz/Equity

$8m of trading across 3 x mezz trades, all non-benchmark with CLO spreads unchanged, US LSTA 100 Index +2bp dod.  AA trade 231dm-305dm (AA Index 223dm) with both trades post reinvestment and weaker credit/MV profiles, with OZLM 2014-6A A2AS CVR 98.78 at 231dm / 2.8y WAL (EoRP April-23) with a resonable MVOC 126.9 but manager profile (Sculptor) is on the weaker side, ADR 1.1 and Jnr OC Cushion is -0.06.  1 x BBB trade ALLEG 2016-1X DR CVR 97.69 at 434dm / 6.3y WAL (BBB Index 421dm) - bond is post reinvestment, MVOC 107.9 (-1pt lower to benchmarks), Jnr OC cushion 0.09 and ADR 1.2.

USD CLO AAA

$130m of liquidity today across the stack AAA-BB with CLO spreads broadly flat and US LSTA similar context +1bp dod.  AAA trade 136dm-217dm with benchmarks 157dm-168dm (AAA Index 162dm), manager profiles and MVOC influencing trades inside the index and high coupon bonds scaling bonds wide to the index.

USD CLO Mezz/Equity

Single-A trade 253dm-427dm with benchmarks 288dm-294dm (Single-A Index 298dm) with one post reinvestment bond tight to the index whilst manager profile and MVOC scales those bonds wide to the index, a benchmark trade is BCC 2020-1A C CVR 99.52 at 288dm / 5.6y WAL (EoRP 2025) – MVOC 116.1, +270bps coupon and Jnr OC cushion 4.8 benchmark manager Bain Cap.  BBB trade 381dm-526dm (BBB Index 421dm) with manager profiles and MVOCs driving bonds either side the index.  BB trade 707dm-948dm (BB Index 843dm = -1bp dod).

USD CLO AAA

$140m of liquidity today with BBB spreads tighter, US LSTA drops for the third day in a row -3bp dod.  AAA trade 172dm-192dm with all trades non benchmark / high coupon (AAA Index 162dm). 

USD CLO Mezz/Equity

AA, Single-A and BB spotty trades are all non benchmarks whilst BBB trade 347dm-594dm with benchmarks 417dm-419dm (BBB Index 421dm) as MVOC drives the tiering above and below the index.  Benchmark trade is OCP 2019-17A DR CVR 95.5 at 417dm / 5.5y WAL – 108.3 MVOC, +310bps coupon and benchmark manager Onex / EoRP 2024.

EUR AAA CLO

Notwithstanding the relatively wider pricing of Nassau Euro III the secondary market looks to be on a slight tightening trend. We see AAAs a few bps firmer.

USD CLO Mezz/Equity

$90m of liquidity today across mezz with spreads unchanged.  US LSTA 100 Index -5bp dod.  Single-As trade 264dm-430dm (Single-A Index 297dm) with MVOC driving the delat to the index especially towards the wide end with MVOCs touching 110 (vs benchmarks 116.6).  BBB trade 365dm-572dm (BBB Index 428dm) with all profiles post-reinvestment or low MVOC and off index.  BBs trade 714dm-944dm with all trades non-benchmark for many of the same reasons as above, see PriceABS trade listing for details.

USD CLO AAA

Limited activity today with only $24m of liquidity, CLO spreads unchanged and US LSTA 100 Index -2bp dod.  AAA trade 141dm-186dm (AAA Index 162dm) with post reinvestment and high coupon bond profiles exchanging hands.

USD CLO Mezz/Equity

1 x AA ELMW8 2021-1A B2 CVR 97.62 at 204dm / 5.6y WAL which is inside the AA Index 223dm - strong MVOC 127.9 and low coupon +145bps pulling this tighter to the index.

EUR AAA CLO

Just one AAA trade, TIKEH 5X A, at 182 dm.

USD CLO Mezz/Equity

$22m of liquidity today, some tightening at BB else unchanged, US LSTA 100 Index +2bp dod.  AA trade 224dm-240dm with our AA Index 223dm with a lower MVOC profile AA pushing it wide to the index.  BBB trade 298dm-371dm (BBB Index 428dm) given short daters and high MVOC profiles.  BB trade off index 905dm-1018dm (BB Index 844dm) with an outlier GALL 2018-1A E CVR 99.08 at 579dm / 4.3y WAL - post reinvestment / short WAL along with a low coupon +547bps, whilst weaker MVOC profiles drove the remainder of the trades wide of the index.

USD CLO AAA

$160m of liquidity today across the stack, CLO spreads generally firmer and US LSTA 100 Index +12bp dod.  AAA trade 144dm-219dm with benchmarks 157dm-162dm (AAA Index 162dm) with manager track record starting to influence this end of the cap stack a little more now as well as further down the stack.  High coupon long reinvesting bonds dominate the wide end of the dm range today naturally with bonds covering above par.

USD CLO Mezz/Equity

BBB trade in a wide dispersion 364dm-667dm with benchmarks 411dm-423dm (BBB Index 428dm) with top tier managers pushing through the index level and lower MVOC / lower quality managers dominate.  BB trade in an even wider dispersion 696dm-1255dm with benchmarks 817dm-886dm (BB Index 848dm), post reinvesting bonds are tight to the index whilst MVOC’s that are closer to par push bonds wide of the index scaled heavily by higher coupon bonds (>700bp coupon).

USD CLO AAA

$134m of liquidity today with CLO spreads moving sideways, US LSTA 100 Index is almost +30bp since Monday.  AAA trade 140dm-182dm with benchmarks 159dm-168dm versus our AAA Index 164dm with low wal post reinvestment bonds through the tight end of the Index and high coupon long wal bonds through the wide end.

USD CLO Mezz/Equity

BBB trade 392dm-610dm with benchmarks 433dm-439dm and our BBB Index 434dm as MVOC influences bonds more here through the tighter end of the index with the inverse for the wider end of the index and this is scaled further with high coupon bonds, eg. WELF 2021-2A D CVR 87.36 at 610dm / 6.7y WAL (EoRP 2026) – MVOC lower than benchmark at 106.1 at high coupon +360bps and the manager record (Wellfleet) is weaker to its peers.  BB trade 720dm-1028dm with very few benchmarks (given low MVOC profiles, post reinvestment bonds and high coupon bonds) and our BB Index is 852dm.

USD CLO AAA

Only a few AAA trades today, US LSTA 100 Index +13bps and CLO spreads remain stable.  AAA BSLs trade 157dm-264dm with 1 x benchmark Pinebridge's GALXY 2015-21A AR CVR 99.09 at 164dm / 1.8y WAL (EoRP April 2023).  There is one MM CLO AAA trade BMM 2017-1A XR CVR 99.28 at 205dm / 1y WAL which trades slightly tighter to comps given the shorter wal.

USD CLO AAA

Odd lot tickets trading today with spreads flat, US LSTA 100 Index +8bp.  AAA trade 159dm-203dm with benchmarks 159dm-166dm (AAA Index 163dm) with MVOC and high coupon profiles driving the wide end.

USD CLO Mezz/Equity

2 x post reinvestment high grade mezz trade inside their respective indices given the very short wals, AA bond (now AAA current) CGMS 2016-4A A2R covers 99.20 at 178dm (AA Index 224dm) and single-A bond ROCKT 2017-2A CR (now AA current) covers 97.7 at 244dm (single-A Index 293dm).

USD CLO AAA

$82m of liquidity today, with first trickle of trades since month end, US LSTA 100 Index is +35bp on month end.  AAA trade 158dm-400dm with an array of profiles, 1st pay benchmarks trade 158dm-163dm (AAA Index 164dm), a 2nd pay from KKR - KKR 12 AR2B covers 98.5 at 186dm (post reinvestment), a MM CLO WDMNT 2017-3A A1R covers 98.5 at 249dm / 2.2y WAL (EoRP 2024) whilst a short wal BSL AAA (2yrs+ post reinvestment) trades nearer par at 400dm / 0.3y WAL (CIFC 2015-3A AR).

USD CLO Mezz/Equity

AA trade 177dm-307dm with one benchmark RRAM 2021-17A A2 CVR 97.63 at 221dm / 6.1y WAL (EoRP 2026) – MVOC strong 128, coupon +165bps and benchmark manager Redding Ridge (AA Index 224dm).  Lower down the stack there are benchmark trades at single-A (272dm vs 293dm Index), BBB (439dm vs 435dm Index) and BB (847dm vs 854dm Index) with overall a tightening effect.

EUR AAA CLO

After a long period of gradual tightening in AAA spreads today’s trades look a little softer.

USD CLO Mezz/Equity

With the holiday weekend around the corner only $18m of muted mezz activity today, US LSTA continues to grind tighter +18bp dod.  Single-As trade around our index 291dm-301dm (Single-A Index 299dm).  BB trade 800dm-988dm (BB Index 857dm) with 2 x trades inside the index with MVOC >103 as the driver, no benchmarks with MVOC effect pulling those bonds wide of the index.

EUR AAA CLO

AAA spreads aren’t moving, with today’s trades around 176 dm.