USD CLO Mezz/Equity

$33m of flow today in AA and BB bonds, AAs tighten slightly and BBs flat, US LSTA 100 Index +1bp dod.  AA trade 156dm-170dm with one benchmark SYMP 2021-29A BR cover 166dm - Symphony managed, MVOC 123.8, coupon +165bps, ADR 0.67.  BB trade 473dm-788dm with benchmarks 606dm-608dm (BB Index 607dm).

USD CLO AAA

$165m of flow today across AAA and BBB/BBs, US LSTA 100 Index +7bp and CLO spreads firmer on the day.  AAA trade 122dm-128dm with our AAA Index 124dm.

USD CLO Mezz/Equity

BBs trade 493dm-856dm with benchmarks 604dm-617dm (BB Index 607dm) and BBB trades are all non benchmark profiles trading 252dm-326dm (low coupon profiles at the tight end of this range).

USD CLO Mezz/Equity

$28m of flow today across mezz tranches only,, US LSTA 100 Index +3bp dod. AA post reinvestment bonds trade 180dm-184dm which i wide of our AA Index 168dm.  BBBs trade 277dm-498dm with benchmarks trading 295dm-296dm around our Index level 297dm, little change on spreads dod.

USD CLO AAA

$55m of flow today, little directional movement in spreads, US LSTA 100 Index -4bp dod, 1 x MM CLO AAA JCPBD 2025-1X A trades 160dm / 4.9y WAL.

USD CLO Mezz/Equity

BB trade 489dm-798dm with benchmarks 597dm-642dm (BB Index 608dm).

USD CLO Mezz/Equity

Only 12m of BBs trade today 467dm-767dm with some modest tightening on this rating level to BB Index 609dm, US LSTA 100 Index +4bp on month end.

USD CLO AAA

$31m of flow today, spreads unchanged, US LSTA 100 Index +3bp dod, AAA higher coupon profiles trade wide of the Index (125dm) 136dm-138dm.

USD CLO Mezz/Equity

Spotty trades across AA, A, BBB and B today with all non benchmark profiles, Index levels unchanged to 30th October.

USD CLO AAA

$100m+ of flow today, spreads flat.  US LSTA 100 Index +3bp dod.  AAA-AA are MM CLO trading 152dm / 189dm accordingly.

USD CLO Mezz/Equity

2 x benchmark BBs trade 606dm-610dm (BB Index 610dm).  Other mezz spreads are unchanged.

USD CLO AAA

$112m of flow today, spreads continue their firm tone across the stack, AAA trade 121dm-131dm with our AAA Index 125dm.

USD CLO Mezz/Equity

BBB and BB non benchmark flows, BBB trade 362dm-464dm with higher coupon/low MVOC profiles pushing these wider to our BBB Index 297dm, BB trade 561dm-826dm with the same story (BB Index 610dm) with predominatly non benchmarks bonds trading.

USD CLO Mezz/Equity

3 x small BBB clips trade today, no meaningful movement in spread direction, US LSTA 100 Index +4bp dod.

USD CLO AAA

3  small AAA clips trade today with no meaningful spread move, US LSTA 100 Index +10bp on last CLO trading day making up the drop since the prior month end.  AAA bonds trade 134dm-159dm all non benchmark profiles (AAA Index 125dm).

USD CLO AAA
$66m of flow, US LSTA 100 Index -2bp dod.  1 x MM AAA AUDAX 2021-6A AR covers 155dm / 6y WAL with no material flows in BSLs.

USD CLO Mezz/Equity

Few benchmark mezz trade today, with most of the flow in post reinvestment profiles at A and BBB with respective trading ranges 171dm-237dm (Single-A Index 194dm) and 291dm-381dm (BBB Index 298dm).

EUR CLO

The market has started to show signs of stabilisation following a dynamic trading week. Friday's BWIC volume included several short amortizing AAAs which traded at an average DM of 98 bps, as well as a few mezz tranches. There were two more primary pricings at the end of the week - a refinancing in which AAAs were placed at 126 DM and a new issue with a 130 DM at the senior level.

USD CLO AAA

$19m of flow on debt tranches, US LSTA 100 Index +9bp dod.  1 x AAA trade WINDR 2022-1A AR covers 138dm / 2.9y WAL wide of the AAA Index 126dm given the high coupon profile +135bps.

USD CLO Mezz/Equity

Majority of the flow is in AAs with a trading range of 161dm-185dm (AA Index 170dm) and the majority of the profiles non benchmarks.

USD CLO AAA

First meaningful flow for a number of days with $189m of notional trading, US LSTA 100 Index +21bp dod.  AAA benchmarks trade 129dm-134dm (AAA Index 126dm).

USD CLO Mezz/Equity

In high grade AA/A there are a few MM CLO trades but no BSLs, meaningful flow in BBB and BB with BBBs trading 276dm-374dm (BBB Index 300dm) and BB trading 527dm-789dm (BB Index 613dm) with few benchmarks.

USD CLO Mezz/Equity

Thinner volumes and weaker spreads, only $15m of notional trading hands today whilst US LSTA 100 Index is -46bps on last CLO trading day, we have shifted our Indexes wider across the stack, few benchmark trades to note today across mezz but clearing levels are wider, AAA Index 124dm and BBB Index 298dm.

USD CLO Mezz/Equity

CLO spreads flat with only a small number of non-benchmark BBs trading today in a 533dm-797dm range with no benchmark activity to note.

EUR AAA CLO

AAA trades appear largely unchanged although EGLXY 2013-3A ARRR did trade wider than we expected given that it is callable. Although having said that its MVOC is low so the market is judging this deal is not likely to get called.

EUR AAA CLO

AAA trades are unchanged at around 97 dm.

USD CLO Mezz/Equity

$45m of flow in mid mezz with a continued tightening tone, US LSTA 100 Index +2bp dod.  Single-As trade 178dm-197dm with benchmarks 178dm-187dm (Single-A Index 188dm) and BBBs trade 268dm-526dm with benchmarks 292dm-298dm (BBB Index 293dm).

USD CLO Mezz/Equity

Only 2 trades today with a firm tone at A and BBB.  US LSTA 100 Index +4bp dod.  The single-A trade is GCBSL 2021-55A C1R cover 190dm / 8.9y WAL right at our index level - EoRP 2030, MVOC 120.4, +190bps coupon and Golub managed (Single-A Index 189dm).

EUR AAA CLO

AAA trades are firmer today by a couple of basis points. Average spreads are in the m90’s.

USD CLO AAA

$56m of flow, US LSTA 100 Index -1bp dod, lower mezz spreads a touch wider.  AAA trade 126dm-151dm with one benchmark at the tight end, PLMRS 2025-4A A covers 126dm / 6.6y WAL - EoRP 2030, MVOC 157, coupon +127bps and Palmer Sq managed (AAA Index 122dm).

USD CLO Mezz/Equity

BB trade 579dm-721dm with a slightly softer tone despite the majority non-benchmark (BB Index now 602dm).