USD CLO Mezz/Equity

$59m of flow today in mezz, US LSTA 100 Index +8bp on Friday close with CLO spreads flat.  The majority of flow is in AA bonds, trading range 182dm-218dm with benchmarks 186dm-196dm around our AA Index 194dm, key trade is ELM27 2024-3A B cover 100.94 at 186dm / 7.7y WAL - EoRP 2026, Elmwood managed, 0 ADR and +195bp coupon benchmark bond.

EUR AAA CLO

Today’s trades do look a little softer than our models predicted – even though this is not reflected in the primary market where Capital Four VIII priced at +129 recently. The average traded spread today is 106 dm.

USD CLO AAA

$150m of flow across IG, single-As wider and US LSTA flat dod.  1 x MM CLO trade today at the AAA level - ABPCI 2023-14A A covers 100.57 at 254dm / 3.8y WAL, this bond has a high coupon profile so trends wider than recent MM CLO AAA comps.

USD CLO Mezz/Equity

Single-As trade 183dm-239dm with benchmarks 231dm-235dm (Single-A Index 233dm) with low coupon profiles trading inside the index level.

USD CLO AAA

$64m of senior / subIG flow today, US LSTA 100 Index flat dod.  AAA trade 142dm-170dm non benchmarks (AAA Index unchanged 136dm).

USD CLO Mezz/Equity

Mezz flow in AA, A and BB bonds, all non benchmarks with no changes in the index levels.  2 x SME CLO tranches trade, one at AA and one at A - with clearing levels tighter than recent comps - eg. MCMML 2022-1A B from Monroe (AA rated) covers at 100.25 at 205dm / 4.5y WAL (EoRP 2026).

EUR AAA CLO

Spreads unchanged. AAAs at around 106 dm.

USD CLO Mezz/Equity

$24.5m of flow in AA bonds only today, spreads unchanged.  US LSTA 100 Index +1bp dod.  AA bonds trade 178dm-206dm with non benchmark profiles - post reinvestment / weaker manager profile for bond in reinvestment, see PriceABS for trade details.  AA Index unchanged 194dm.

USD CLO Mezz/Equity

Only $26m of flow today across 6 trades (all non benchmark profiles BBB and B) with no movement on CLO spreads, US LSTA 100 Index +9bp on last CLO trading day of last week.  

USD CLO AAA
$81m of flow with the majority of it in single-A bonds, spreads are flat on the day, US LSTA 100 Index +3bp dod.  1 x AAA BSP 2018-5BA A1R covers 100.57 at 149dm / 6.5y WAL - EoRP 2029, MVOC 155 and ADR slightly elevated 1.2 and coupon profile is at the higher end so does trade wide of the AAA Index 136dm.

USD CLO Mezz/Equity

Single-A flow all restricted to high coupon profile bonds (245dm-285dm) and trade wide to the Index 218dm.

USD CLO AAA

$103m of flow across the stack, tightening at single-A else other levels all stable, US LSTA 100 Index +3bp dod.  AAA flow is in MM CLOs with a trading range 162dm-183dm which is tighter than more recent comps.

USD CLO Mezz/Equity

Single-As trade 186dm-282dm with high coupon profiles and MM CLOs at the tail of this range 256dm-282dm with benchmarks trading 206dm-220dm and our single-A Index 218dm.  BBB and BB flow in non benchmarks (post-reinv/high coupon profiles) with no change in the Index.

USD CLO AAA

$89m of flow across the stack, spreads stable, US LSTA 100 Index +1bp dod.  1 x AAA trade GLM 2024-19A A covers 100.54 at 146dm / 6.3y WAL (EoRP 2029) with clean metrics and slightly wide of our AAA Index (136dm) given the higher coupon profile +150bps.

USD CLO Mezz/Equity

Mostly non benchmark bonds trade (post reinvestment profiles majority) with little movement in spread direction notable on these execution levels.

EUR AAA CLO

A couple of recent issue AAAs traded at 138 dm.

USD CLO AAA

$93m of flow with some tightening in lower mezz spreads, US LSTA 100 Index +2bp dod.  AAA 1st pay BSLs trade 129dm-143dm with AAA Index unchanged 136dm, 3 x MM CLO AAAs in reinvestment / 1st pays trade 174dm-193dm.

USD CLO Mezz/Equity

Flow today in BBB and BB with soem tightening, BBB trade 309dm-510 (BBB Index shifts to 333dm) and BB trade dispersion is 614dm-851dm with a benchmark trade CIFC 2020-1A ER cover 100.35 at 650dm / 6.1y WAL - EoRP 2026, MVOC 105.6, ADR 0.58, +625bps coupon and CVC managed - BB Index 644dm.

EUR AAA CLO

AAAs have rallied by around 5 bps in secondary.

USD CLO AAA

$83m of flow across the stack in AAA, BBB and BB bonds, spreads stable and US LSTA 100 Index +7bp dod.  AAA trade 123dm-141dm with one benchmark trade JTWN 2020-15A A1R cover 100.08 at 140dm / 4.4y WAL - EoRP 2027, MVOC 155, ADR 0.4 and managed by Investcorp (AAA Index 136dm).

USD CLO Mezz/Equity

Flow was in BBB and BB, BBB trade 337dm-450dm (BBB Index 341dm) with no benchmarks, BB trade 639dm-878dm with the BB Index 653dm, 1 x benchmark trade CANYC 2023-2A E cover 100.86 at 656dm / 9.5y WAL - EoRP2029, coupon +665bps, MVOC 107.9 and managed by Canyon Capital with ADR of 0.

EUR AAA CLO

The AAA market is unchanged. Seasoned bonds past their RPE dates are trading around 80 to 100 dm. More recently issued bonds with higher margins are around 150 to 180 dm.

USD CLO AAA

$74m of flow today, AAA and BBB.  CLO spreads flat, US LSTA 100 Index +2bp dod.  AAA trade 121dm-139dm with benchmarks 135dm-139dm (AAA Index 136dm).

USD CLO Mezz/Equity

Just one trade at BBB level, OCP 2024-31A D covers 101.81 at 371dm / 8.7y WAL - MVOC is healthy 112.3, coupon +395bps which is a higher percentile, EoRP 2029, Manager is benchmark (Onex) and other credits metrics are clean, this bond scales slightly higher than our BBB Index 341dm mainly due to the coupon profile of the bond.

USD CLO Mezz/Equity

$160m of mezz/equity flow today, US LSTA 100 Index +10bp dod as BBB CLO spreads tighten slightly.  Most of flow in BBB and BB, BBB trade 288dm-467dm with benchmarks 344dm-346dm with our BBB Index tighter at 341dm.  BB trade 690dm-777dm with our BB Index unchanged 652dm.

EUR AAA CLO

The AAA market is firm. Discount bonds traded around 80 dm and premium bonds around 145 dm.

USD CLO AAA

$320m of flow today, first liquidity since the holiday weekend, US LSTA 100 Index +6bp on last CLO trading day.  AAA trade 104dm-201dm with benchmarks 134dm-147dm with our AAA Index 136dm.

USD CLO Mezz/Equity

The only meaningful flow is in BB bonds, 655dm-854dm trading range with benchmarks 655dm-659dm near our BB Index 652dm.  Little flow elsewhere in mezz.

EUR AAA CLO

Today has seen the resumption of EUR BWIC secondary trading activity. AAAs have traded at an average spread of 106 dm for discount bonds and 163 dm for a premium bond. This is unchanged from recent levels.

USD CLO AAA

Only $9.3m of flow across AAA and AA small clips, US LSTA 100 Index +1bp dod.  AAAs are non benchmarks and AAA Index unchanged 135dm. 

USD CLO Mezz/Equity

AA Index unchanged 194dm with non benchmark clips trading.

USD CLO AAA

Only $3.2m of clips trade today across AAA and high grade mezz, no change in spreads, US LSTA 100 Index +5bp dod.  AAA Index unchanged 135dm.

USD CLO Mezz/Equity

AA and A small clips trade only, with one benchmark at AA BSP 2019-18A BR covers 100.13 at 200dm / 5.2y WAL (EoRP 2026) - MVOC 128, ADR 0.8, managed by Franklin Templeton and a touch wide to our AA Index 194dm.

EUR AAA CLO

INVSC 9X A, which just priced, traded at 100.08. It has a stated margin of 165 bps.

USD CLO AAA

$30m of flow, US LSTA 100 Index +5bp dod.  AAA trade 111dm-144dm across profiles, AAA Index unchanged 135dm.

USD CLO Mezz/Equity

BBB trade 482dm-677dm with all profiles high coupon bonds, BBB Index unchanged 343dm.

USD CLO Mezz/Equity

$54m of flow todat, BBB and Equity.  BBB trade 317dm-556dm with non benchmark profiles (BBB Index unchanged 343dm).

USD CLO Mezz/Equity

$39m of mezz flow, mostly BBB with some further rebalancing of the BBB Index to 343dm, BBB trade 298dm-453dm across numerous profile types.  US LSTA 100 Index +6bp dod.  

USD CLO AAA

$103m of flow, with some slight widening / rebalancing of BBB/BB spreads, US LSTA 100 Index +10bp dod.  AAA trade 88dm-157dm (AAA Index 135dm) with one benchmark trade NEUB 2022-47A A covers 100.1 at 134dm / 4.3y WAL (EoRP 2027) - MVOC 151.9, Neuberger managed, +130bps coupon and 0.25 ADR clean metrics / benchmark.

USD CLO Mezz/Equity

Single-A, BBB and BB flow today with BBB and BB spreads rebalancing wider, BBB trading range is 308dm-483dm with the BBB Index 348dm, BB trading range is 738dm-853dm (mostly non benchmarks) and BB Index 655dm.

USD CLO AAA

$43m of flow with few benchmarks, US LSTA 100 Index +2bp dod.  AAA trade 87dm-157dm with mostly post reinvestment profiles inside the index and a high coupon profile at the wide end, AAA Index 135dm.

USD CLO Mezz/Equity

A few non benhcmark BBB and BB trades today, no change in index levels.