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).

USD CLO AAA

Month end and holiday weekend approaching so liquidity is thin with $40m exchangign hands, US LSTA +7bp dod and AAA Index ends the month on 157dm.

EUR AAA CLO

AAAs are trading around 172 dm.

USD CLO AAA

$47m of liquidity today, US LSTA 100 Index continues to firm +8bp dod and AAA Index unchanged 161dm.

USD CLO Mezz/Equity

3 x BB trade 812dm-940dm with all profiles non-benchmark (BB Index 744dm) with profiles driven by higher coupon or weaker MVOC/post reinvestment bonds.  1 x single-B GALXY 2018-26A F from Pinebridge covers 83.78 at 1166dm very close to our single-B Index 1186dm - profile is EoRP 2023, coupon +800bps and MVOC slightly weak 101.75 but from a benchmark manager so does overall trade near the index level.

USD CLO Mezz/Equity

US LSTA 100 Index +10bp dod continuing their tightening tone.  2 x single-A MM CLOs trade today only 370dm-373dm which are tighter than comps that have been 4-handle, granted both are short wal and post reinvestment.

USD CLO AAA

$26m of liquidity today, US LSTA continues to firm, +14bp on last CLO trading day.  AAA Index unchanged 161dm.

USD CLO Mezz/Equity

BBB saw most of the liquidity today but in non-benchmark profiles, trading range is 411dm-685dm (BBB Index 369dm) with bond profiles dominated entirely by high MVOC bonds (<108%) and a high coupon profile static CLO bond PSTAT 2022-3A C CVR 100.80 at 532dm / 7.7y WAL - MVOC high 111.2 given deleveraging structure and high coupon +540bps scaling the dm wider towards par cash price.

USD CLO AAA

$133m of trading today across the stack, lower mezz slightly softer and US LSTA 100 Index +8bp dod and AAA Index unchanged 161dm.

USD CLO Mezz/Equity

Most of the liquidity is in BBB and BB today, BBB trade 329dm-559dm with benchmarks 357dm-366dm (BBB Index 369dm) from CVC and CIFC so manager profiles take these dm’s slightly inside the index, whilst manager profile and coupon structure push certain bonds wide fo the index, eg. GLM 2022-16A D CVR 100.88 at 559dm / 6.8y WAL – high coupon +571bps from Goldentree.  BB trade 673dm-1056dm (BB Index 744dm) with strong MVOCs pulling bonds tight to the index and the inverse for the wide end scaled with high coupon where it exists.

USD CLO AAA

$119m of liquidity today, mezz spreads continue their tightening theme and US LSTA +5bp dod.  AAA Index unchanged 161dm.

USD CLO Mezz/Equity

AA also unchanged 205dm with trading range 177dm-269dm with mainly non-benchmarks including a post reinvestment bond through the tight end.  Multiple single-A trades today with a trading range of 228dm-367dm (Single-A Index 283dm) with numerous profiles trading hence the wide dispersion around the index.  A benchmark trade is ANCHC 2016-8A CR2 CVR 98.27 at 281dm / 6.8y WAL – EoRP 2026, strong MVOC 117 and coupon +240bps.  BBB trade 351dm-404dm (BBB Index 367dm with weak MVOC / manager profile and high coupon bonds pulling wide to the index.  BB trade 598dm-935dm with our index unchanged at 733dm.  Rare single-Bs trade today in a 1171dm-1297dm range with our single-B Index 1192dm with a benchmark trade GLM 2019-4A F CVR 87.57 at 1171dm / 6.6y WAL (EoRP 2026, coupon +877bps and strong MVOC 103.7).

EUR AAA CLO

RFTE 2019-1X A traded at 181 dm.

USD CLO Mezz/Equity

$88m of liquidity today in mezz only, lower mezz spreads tighter and US LSTA 100 Index +8bp dod.  AA and single-A remain flat dod with a rare single-A MM CLO trade GSHOR 2022-1A C CVR 100.16 at 462dm / 3.5y WAL with a high coupon +462bps.  BBB trade 324dm-656dm with our BBB Index tightening to 379dm as benchmark trades/stats firm, MVOC scales those bonds wide of the index, eg. At the wide end is VENTR 2018-34A D CVR 88.78 at 656dm / 4.2y WAL with low MVOC 105.3 vs 109 benchmark.  BB also tighten with trading today 708dm-1110dm our BB Index tightens to 733dm, one prime benchmark trade is RRAM 2020-8A D CVR 96.81 at 718dm / 6.5y WAL – EoRP 2025, coupon +640bps and MVOC in line 104.6.

EUR AAA CLO

AAAs are range bound with today’s trades around 171 dm.

USD CLO AAA

$35m of liquidity today with little change in CLO spreads, US LSTA 100 Index +8bp dod.  AAA Index unchanged 161dm.

USD CLO Mezz/Equity

1 x rare AA MM CLO trades 95 cover at 332dm / 5y WAL which is on the wider end of comps (EoRP 2025 and benchmark profile).  Single-A trade 251dm-315dm with our Single- Index unchanged 291dm, at the tight end is a low coupon profile bond from a benchmark manager HARB 2018-1A C CVR 98.72 at 251dm / 4.5y WAL (EoRP 2024) with clean metrics.  BBB trade 307dm - 372dm with our BBB Index wider at 397dm with a number of factors driving bonds inside the index (manager profile, strong MVOC, low coupon etc) with the index unchanged.  BB trade 676dm-863dm (BB Index 768dm) with low coupon bonds dominating the tighter end and low MVOC driving one bond wider to the index REG14 2018-3A E CVR 89.37 at 863dm / 5.6y WAL - MVOC 102.4 and close to end of reinvestment / Napier Park managed.

EUR AAA CLO

Just one trade today. GLME 3X AR traded unusually wide at 201 dm.

EUR AAA CLO

AAAs traded around 181 dm. HAYEM 8X A1 was cheaper than expected at 189 dm / 96.15.