USD CLO Mezz/Equity

Only 4 x small mezz clips with $27m of notional trading, US LSTA 100 Index +4bp dod and CLO spreads flat.  Bonds are all post reinvestment with no adjustment to the Single-A / BBB index.

USD CLO AAA

$76m of flow, some rebalancing of spreads at BBB and BB today, IG spreads flat. US LSTA 100 Index +10bp.  AAA trade 109dm-147dm with no benchmarks (AAA Index 138dm).

USD CLO Mezz/Equity

All the flow is in BBB and BB today, A few benchmarks trade at BBB in a 340dm-344dm range (BBB Index 341dm) whilst BB Index rebalances to 634dm.

EUR AAA CLO

High margin AAAs have traded around +157 in secondary.

USD CLO Mezz/Equity

$53m of mezz only flow today, CLO spreads flat and US LSTA 100 Index +4bp dod.  Virtually all mezz trades are non benchmarks post reinvestment profiles or distressed MVOC profiles.

EUR AAA CLO

Low margin AAAs around +105 and high margin bonds about +175 in secondary.

USD CLO AAA
$88m of flow today, CLO spreads flat on month end whilst US LSTA 100 Index +21bp on same period.  AAA trade 97dm - 156dm for 1st pays with benchmarks 137dm-138dm versus our AAA Index 138dm, 2 x 2nd pays trade 161dm-179dm.

USD CLO Mezz/Equity

Only $4m of clips trade across mezz today with no benchmarks and CLO mezz spreads unchanged.

EUR AAA CLO

AAAs at +98 in secondary.

EUR AAA CLO

AAAs at +95 in secondary.

EUR AAA CLO

HAYEM 5X A (AAA rated) traded at 111 dm.

USD CLO AAA

$50m of flow today, some mild tightening in mid-mezz area and US LSTA 100 Index +2bp dod.  Only 1 x post reinvestment non benchmark AAA trade today (AAA Index 138dm).

USD CLO Mezz/Equity

Single-A trade 219dm-255dm with benchmarks 219dm-220dm in small clips, our single-A Index 234dm.  BBB trade 313dm-338dm with benchmarks 328dm-338dm (BBB Index 346dm) again in small clips (12m notional benchmarks).

USD CLO AAA

$143m of flow today, firmer tone at AAA and some rebalancing at BBB, US LSTA 100 Index -1bp dod.  AAA trade 112dm-203dm with 1st pay benchmarks 135dm-139dm across $13m of notional (AAA Index 138dm).  2nd pay AAA trade tighter 157dm - 171dm with few comparable trades recently.

USD CLO Mezz/Equity

Majority of the flow is in BBB, trading range is 370dm - 519dm with few benchmarks given an array of weaker manager profiles, high coupon bonds or in one case a very low MVOC profile (106.8).  Our BBB Index is 349dm.

EUR AAA CLO

Spreads are very static at the moment. AAAs traded around +86 today.

USD CLO Mezz/Equity

$50m of flow in mezz/equity today with a slightly firmer tone at A/BBB levels whilst US LSTA 100 Index +2bp dod.  Majority of the flow is in BBB with a trading range for post reinvestment bonds 331dm-379dm with benchmarks 331dm-367dm and our BBB Index 346dm.  

EUR AAA CLO

AAA spreads are unchanged at around +117 today because a number of premium priced bonds traded.

EUR AAA CLO

AAA spreads are unchanged at around +108 today because a number of premium priced bonds traded.

USD CLO AAA

$155m of AAA flow today with a firmer tone, US LSTA 100 Index +4bp dod.  AAA benchmarks trade 135dm-146dm with our AAA Index 140dm.

EUR AAA CLO

AAA spreads are unchanged at around +86 today.

USD CLO AAA

After the holiday on Wednesday some muted activity today with $65m of flow, US LSTA 100 Index -4bp dod and CLO spreads have a slightly softer feel.  1 x AAA trades inside the index, a high quality bond from a top tier manager with a low coupon profile TPRK 2021-1A A1 cover 100.09 at 131dm / 3.4y WAL - EoRP 2026, Blackstone is the manager, ADR 0.4, MVOC 155, clean metrics and coupon +100bps.

USD CLO Mezz/Equity

A couple of benchmarks trade at AA and a softer feel to spreads.  At AA BCC 2019-4A BR covers 100.13 at 194dm / 5.9y WAL (EoRP 2027) - Bain Cap managed, MVOC 126 - touch wider to our closing index of Tuesday 191dm.  Away from this A-BB trades have a softer feel and we have adjusted accordingly to take this into account and the general market sentiment - Sinle-A Index 194dm, BBB Index 351dm and BB Index 637dm.

EUR AAA CLO

AAA spreads are unchanged.

USD CLO AAA

$64m of flow, CLO spreads flat, US LSTA 100 Index -8bp dod.  1 x high coupon AAA BCC 2024-2A A1 covers 100.49 at 150dm / 6.7y WAL - EoRP 2029, Bain Cap, +152bps coupon.

USD CLO Mezz/Equity

1 x benchmark trade MDPK 2021-52A D at teh BBB level, cover px 100a at 348dm / 6.7y WAL - EoRP 2027, CSAM managed, benchmark clean metrics trading at our BBB Index level 348dm.

EUR AAA CLO

Only 2 AAA trades today. With their very different stated margins the low coupon NWDSE 2019-19X AN traded at 125 dm and the high coupon ARINI 1X A at 174 dm.

USD CLO AAA

$43m of flow today, small clips trade, mostly non benchmarks and US LSTA 100 Index +5bp dod retracing some of the recent falls end of last week.  AAA trade 141dm-155dm with AGL 2020-3A A cover 100.15 at 155dm / 2y WAL - EoRP 2025, MVOC 151.6, ADR elevated 1.2, coupon +130bps.

USD CLO Mezz/Equity

All of the flow is B/BB post reinvestment bonds which for BB trade 528dm-799dm with our BB Index unchanged 628dm.

EUR AAA CLO

The EUR CLO markets are range bound at the moment. AAA trading levels today are unchanged at 105 dm.

USD CLO Mezz/Equity

US LSTA 100 Index fell 12bp off the back of negative market sentiment at the tail end of the week, very few CLO tranches trade today with only $6m of flow, all in high coupon BB non benchmarks.

USD CLO Mezz/Equity

$60m of flow today, with only small clips of lower mezz trading, all trades are non benchmarks - post reinvestment, high coupon or MM CLO.  1 x rare BB MM CLO trade MCMML 2021-1A E covers 97.88 at 942dm / 5.6y WAL - EoRP 2025 from Monroe Capital and a healthy MVOC 107.

EUR AAA CLO

There is a pause in the tightening trend for AAAs with today’s trades at around 110 dm.

EUR AAA CLO

A lot of AAAs have traded today and at good levels. The average spread is 94 dm.

USD CLO Mezz/Equity

$84m of mezz flow only, some tightening in AA/B and US LSTA 100 Index +1bp dod.  At the AA level is a benchmark trade ELM14 2022-1A B (Elmwood AM, EoRP 2027, MVOC 129.7 and low ADR) CVR 100.20 at 183dm / 6y WAL in 10m size and we have tightened our AA Index slightly to 191dm.  3 x small clip single-B benchmarks trade inside the index 804dm-822dm (single-B Index slightly tighter 844dm).  

EUR AAA CLO

There has been a lot of trading activity today. AAAs have tightened a few bps and spreads today have been around the 104 dm mark.

USD CLO AAA

Only $27m of flow today, small clips across the stack, CLO spreads unchanged and US LSTA 100 Index +7bp dod.  AAA trades are all post reinvestment and inside the AAA Index 139dm.

USD CLO Mezz/Equity

BBB trade 356dm-446dm (BBB Index 348dm) with high coupon / post reinvestment profile bonds exchanging hands.  Similar with BB with trading range 672dm-853dm (BB Index 628dm) with weaker manager/high coupon profiles trading.

EUR AAA CLO

With the resumption of EUR BWIC trading we can see AAAs trading at 92 dm.