USD CLO AAA

$29m of flow today, slight tightening in AAA spreads, US LSTA 100 Index +9bp on last CLO trading day.  AAA trade 143dm-164dm with a high coupon 1st pay at the tight end of this range and a 2nd pay at the wider end MP15 2019-1A A2R cover 100.5 at 164dm / 4.5y WAL - Marble Point, post reinvestment.  AAA Index 130dm.

USD CLO Mezz/Equity

4 x single-A trades all non-benchmarks, trading range is 245dm-358dm (single-A Index 227dm) with profiles high coupon, weaker managers or post reinvestment account for the basis to the index level.

EUR AAA CLO

AAAs are steady today at around 83 dm for low margin bonds.

USD CLO AAA

$284m of flow of which $252m is AAA.  US LSTA 100 Index 5bp dod.  AAA trade 103dm-189dm with few benchmark observations today, AAA Index 131dm.

USD CLO Mezz/Equity

Similar theme in mezz with $31m of BB tranches trading 681dm-881dm range all non benchmarks and wide of our BB Index 633dm.

USD CLO Mezz/Equity

$45m of flow today across BBB-B credits, US LSTA 100 Index +17bp on last significant day of CLO liquidity and mezz spreads touch softer.  BBB trade 310dm-363dm with benchmarks 323dm-324dm (BBB Index 327dm) with BB and B trades all non benchmarks.

EUR AAA CLO

AAAs are steady today at around 110 dm.

EUR AAA CLO

There are only a couple of AAA trades today and spreads looks steady with par bonds trading around 131 dm.

EUR AAA CLO

There are only a couple of AAA trades today but they do look tighter – at an average spread of 83 dm.

USD CLO AAA

$130m of flow of which $100m in AAA flow, US LSTA 100 Index +12bp dod.  AAA trade 134dm-141dm with benchmarks 134dm-135dm (AAA index 133dm).

USD CLO Mezz/Equity

Mezz bonds are 6 x BB non benchmarks that trade 722dm-943dm with post reinvestment or high coupon profiles trading wide of the 634dm BB Index.

USD CLO AAA

$138m of flow today, US LSTA 100 Index +12bp dod.  AAAs trade 131dm-159dm with benchmarks 131dm-141dm (AAA Index 133dm).

USD CLO Mezz/Equity

BBB and BB mezz trade in good numbers today,  BBB trade 262dm-544dm with benchmarks 325dm-367dm with our BBB Index 328dm.  BB trade 405dm-955dm with benchmarks 635dm-646dm (BB Index 634dm), TICP 2018-11A ER covers 102.39 at 635dm / 9.4y WAL - EoRP 2029, MVOC 105.8, Sixth St managed, ADR 0.67 and trades right on our index level.

USD CLO AAA

$56m of AAA flow with spreads tighter, US LSTA 100 Index flat dod.  AAA trade 93dm-162dm with benchmarks 128dm-133dm (AAA Index 134dm).  WBOX 2021-3A A1R covers 100.21 at 128dm / 4.6y WAL - EoRP 2027, Whitebox managed, MVOC 154.9, coupon +127bps and clean metrics.

USD CLO Mezz/Equity

$29m of BBB/BB flow with vast majority non benchmark, OCT65 2024-4A E covers 100.46 at 628dm / 9.3y WAL (EoRP 2029) with MVOC 107.4, coupon +630bps and clean metrics managed by Octagon this trades around our BB Index level 629dm.

USD CLO AAA

$52m of flow today across all parts of the stack AAA-Equity, US LSTA 100 Index +1bp on October month end whilst CLO spreads stable.  AAA Index unchanged 137dm.

USD CLO Mezz/Equity

Trading on mezz in AA, BBB, BB and single-Bs non benchmarks with Indexes unchanged.  4 x Equity trades including Allegro CLO XIV, Ltd PS cover 56.5 at yield 15.76 with manager Axa IM (EoRP 2026) with ADR slightly elevated 1.35% scaling the yield slightly wider to benchmarks.

USD CLO AAA

$111m of flow going into month end today which is relatively significant flow for this date, single-B spreads a touch wider else other spreads are unchanged, US LSTA 100 Index -6bp dod.  AAA trade 92dm-151dm with non benchmark profiles - high coupon / post reinv (AAA Index 137dm).

USD CLO Mezz/Equity

Most of the flow in SubIG, with BB trading 644dm-905dm (BB Index 625dm) with non benchmarks.  Single-Bs trade 871dm-888dm with our single-B Index now 864dm.

EUR AAA CLO

AAAs trending a few bps tighter at the end of the month. Average spreads in secondary are 109 dm.

USD CLO AAA

$158m of flow today across the stack, US LSTA +2bp dod with little movement in benchmark spreads. AAA Index 137dm, trading range 120dm-173dm with benchmarks 133dm-141dm.

USD CLO Mezz/Equity

Majority of flow in BB with a trading range 545dm-840dm with benchmarks 620dm-636dm (BB Index 625dm).

EUR AAA CLO

It’s been another busy day in EUR BWICs. AAAs are still unchanged. The average spread in secondary is 102 dm.

USD CLO AAA

$120m of flow today including a good number of AAA benchmarks and $54m of notional, US LSTA 100 Index +2bp dod.  AAA trade 122dm-175dm with benchmarks trading 134dm-142dm (AAA Index 137dm).

USD CLO Mezz/Equity

Mezz trading is in BBB-B bonds with the majority non benchmarks with low MVOC profiles or high coupons, BBB Index 333dm, BB Index 626dm and single-B Index 841dm.

EUR AAA CLO

It’s been a busy day in EUR BWICs today. AAAs are unchanged. The average spread in secondary is 108 dm.

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).