USD CLO Mezz/Equity

$66m of flow today, US LSTA 100 Index +9bp and little movement in CLO mezz spread direction.  AAs trade 162dm-196dm with benchmarks 191dm-196dm (AA Index 193dm).  BBB and BBs are non benchmark trades today with indexes unchanged (BBB 333dm / BB 626dm).

USD CLO AAA

$156m of flow today across the stack with some mild tightening down the stack, US LSTA 100 Index +1bp dod.  AAA trade 137dm-152dm with benchmarks 137-139dm wrapped around our AAA Index 138dm.

USD CLO Mezz/Equity

All mezz supply in BBB and BB, BBB bonds trade 306dm-483dm with benchmarks 331dm-337dm (BBB Index 333dm), BB trade 580dm-1042dm with one key benchmark CGMS 2021-1A D cover 100.11 at 630dm / 6.3y WAL - EoRP 2026, Carlyle managed, MVOC 105.8 and coupon +600bps / ADR 0.49 (BB Index 626dm).

USD CLO AAA

$73m of flow today, little change in CLO spread direction whilst US LSTA 100 Index +4bp dod.  1 x AAA trade today, wide of the index (138dm) OAKC 2023-14A A cover 100.41 at 172dm / 5.1y WAL, this bond has a high coupon profile +175bps and EoRP 2028, managed by Oak Hill, MVOC 155 and clean credit metrics not a factor in the high dm profile.

USD CLO Mezz/Equity

Most of the flow is in BBB and BB with mostly post reinvestment BBBs trading and 1 x MM CLO tranche MRNON 2021-3A DR cover 100.76 at 474dm / 8.1y WAL EoRP 2028.  BB flow is wide of the index for the most part post reinvestment profiles and TREST 2021-5A E which has EoRP 2026 cover 100.5 at 657dm / 6.8y WAL - MVOC slightly back 105.8 and the manager APC has a weaker track record scaling this slightly wide of the index.

USD CLO AAA

Only $8m of flow today with a few bonds trading, no change in CLO spreads, US LSTA 100 Index +9bp.  AAA trade 76dm-138dm with low coupon and post reinvestment profiles amongst the bonds (no change in AAA Index 138dm).

USD CLO Mezz/Equity

1 x MM CLO Single-A trades ELB 5A CR from Blackrock cover price 100.09 at 319dm / 5.2y WAL (EoRP 2026) with a small clip BB trading 875dm / 6y WAL wide of the BB Index 632dm (low MVOC 102.85).

USD CLO Mezz/Equity

$15m of flow today across 12 mezz clips, no change in CLO spreads and US LSTA 100 Index softens -4bps dod.  Most of the flow is in BBB with a trading range 287dm-428dm (BBB Index 334dm) with one benchmark trade CLVR 2018-1A D1RR cover 101.16 at 335dm / 8.6y WAL - EoRP 2029, Clover Credit managed, MVOC 111.7, coupon +347bps and clean credit metrics.

USD CLO AAA

$35m of flow today, mostly in BB bonds, with little change in CLO spreads, US LSTA 100 Index +8bp.  1 x AAA TPRK 2021-1A A1 covers 100.16 at 127dm / 3.1y WAL - v clean metrics with EoRP 2026 and Blackstone a benchmark manager this trades inside the index 138dm.

USD CLO Mezz/Equity

20 x BB bond trades dominate mezz supply, trading range is 601dm-841dm with our BB Index unchanged 632dm with an array of profiles trading around the index level with few benchmarks trading.

USD CLO Mezz/Equity

$99m of mezz IG flow, US LSTA 100 Index +10bp with high grade mezz tightening a shade.  AA trade 170dm-216dm with benchmarks 193dm-195dm (AA Index 193dm) with post reinvestment bonds trading inside the index and weaker manager/high coupon profiles trading wide of the index.  WINDR 2021-4A B covers 100.20 at 193dm / 5.4y WAL - First Eagle managed, EoRP 2027, coupon +165bps and MVOC in line with benchmarks 125.26.  BBB trade 302dm-365dm with 1 benchmark OCP 2021-22A D cover 100.20 at 338dm / 6.4y WAL - EoRP 2027, Onex managed, MVOC 110.55, coupon +310bps and clean credit metrics (BBB Index 334dm).

USD CLO Mezz/Equity

2 x AA trades only today, US LSTA 100 Index +10bp dod.  AA trade 239dm-253dm wider to the AA Index 194dm given high coupon profiles (+260bps-265bps).

USD CLO AAA
$120m of flow today, BB spreads slightly firmer, US LSTA 100 Index +11bp dod.  AAA Index unchanged 138dm.

USD CLO Mezz/Equity

$50m of BB flow across 14 trades today, trading range 579dm-735dm with our BB Index tightening slightly to 632dm with some rebalancing of spreads versus specific overrides for MVOC / coupon profiles given the array of trades today.

USD CLO AAA

$67m of flow today, some tightening in mezz spreads and CLO US LSTA 100 Index +7bp dod.  AAA trade 100dm-178dm with benchmarks hovering around our Index level 138dm trading 133dm-144dm.

USD CLO Mezz/Equity

Majority of flow is in BBB and BB bonds, BBB trade 311dm-393dm with one benchmark OCT55 2021-1A D cover 100.2 at 338dm / 5.9y WAL (EoRP 2026) - Octagon managed, MVOC 110.  BB trades are non benchmarks (weaker managers/high coupon profiles).

USD CLO AAA

Only $24m of flow today across the stack, CLO spreads flat and US LSTA 100 Index +18bps dod.  AAA post reinvestment bonds trade 107dm-128dm (AAA Index 138dm).

USD CLO Mezz/Equity

BBB-B small clips trade today, no change in benchmark spreads with profiles post reinvestment / high coupon / low MVOC focused with a total of 8m of notional trading across 5 trades.

USD CLO AAA

$65m of flow across 4 trades, no changes in CLO spreads and US LSTA 100 Index +5bp dod.  AAA high coupon profiles non benchmarks trade 156dm-160dm (AAA Index 138dm).

USD CLO Mezz/Equity

Just one mezz trade at AA level - VENTR 2023-48A B1 covers 101.16 at 260dm / 7.15y WAL (EoRP 2028) with a high coupon profile (+275bps coupon) with the AA Index unchanged 194dm.

EUR AAA CLO

AAAs look a little softer again, at around 114 dm today.

USD CLO AAA
Only $34m of flow today, non benchmark bonds exchanged hands and US LSTA 100 Index +7bp dod.  AAA trade 96dm-109dm post reinvestment profiles, AAA Index unchanged 138dm

USD CLO Mezz/Equity

A sprinkle of BBB and BB non benchmark profiles trade.  BBB trade 274dm-290dm both trades post reinvestment (BBB Index 338dm).  BB trade537dm-862dm with profiles an array of post reinvestment, weaker manager and high coupon (BB Index unchanged 645dm).

EUR AAA CLO

AAAs traded today, maybe a bp or two softer, at an average spread of 100 dm.

EUR AAA CLO

A lot of AAA odd-lots in deleveraged bonds traded with an average spread of 99 dm.

USD CLO Mezz/Equity

Few trades today given month end, only $4.5m of small mezz clips trade, US LSTA 100 Index +7bp dod.  CLO spreads unchanged from Friday close, with all today's A-BB trades non benchmarks.

EUR AAA CLO

AAAs static at 102 dm in secondary today.

USD CLO AAA

Around 100m of flow today, with the vast majority in AAA post reinvestment bonds, US LSTA 100 Index +7bp dod and no changes in any of the indices.

USD CLO Mezz/Equity

$48m of flow today, US LSTA 100 Index +1bp dod and lower mezz CLO spreads slightly softer.  Majority of the flow in BB with a trading range 536dm-800dm with benchmarks 634dm-654dm and our BB Index shifting slightly to 645dm.  

EUR AAA CLO

AAAs static at 104 dm in secondary today.

USD CLO AAA

US LSTA 100 Index flat dod and CLO spreads also flat on the day.  1 x AAA trade BRDGS 2021-1A A1A covers 100.04 at 154dm / 3.4y WAL (EoRP 2026) - MVOC 156.7, coupon +123bps with the manager Franklin Square's profile slightly weaker to benchmark hence wide of the AAA Index 138dm.

USD CLO Mezz/Equity

Non Benchmark mezz trades today and most of the flow in BB and BBB and no change in the index levels.

EUR AAA CLO

AAAs static at 100 dm in secondary today.

USD CLO AAA

$25m of flow with a little softening at AAA, US LSTA 100 Index -4bp dod.  AAA trade 85dm-165dm with benchmarks 137dm-146dm (AAA Index 138dm).  6.2m of CYGPK 2020-1A AR covers 100..20 at 138dm / 3.3y WAL (EoRP 2026) - MVOC 157.9, ADR 0.37, Jnr OC cushion 4.4 so a clean deal that trades right on our index level.

USD CLO Mezz/Equity

1 x benchmark mezz trades close to our index, small clip of DRSLF 2021-87A D covers 99.50 at 338dm / 5.7y WAL (EoRP 2026) - MVOC 108.7, coupon +295bps, ADR elevated 1.95 and PGIM managed (BBB Index 333dm).

EUR AAA CLO

AAAs averaged 94 dm in secondary today.

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.