USD CLO AAA
Muted activity with SF Vegas, US LSTA +20bp on last CLO trading day, AAA Index unchanged 144dm.

USD CLO Mezz/Equity

AA post reinvestment trade 196dm context near our AA Index 194dm.  Little other activity to note with month end today.

EUR AAA CLO

Secondary AAAs look a little softer again to us, trading today around 139 dm.

EUR AAA CLO

Secondary AAAs have drifted wider today by a handful of bps. Taking both high margin and low margin trades together the average traded spread is 143 dm.

EUR AAA CLO

Low margin AAAs have traded around 110 dm and the high margin GLME 6X A at 174 dm.

USD CLO AAA

$26m of flow, mostly AAA, US LSTA 100 Index +10bp dod.  AAA trade 118dm-151dm with benchmarks 143dm-145dm (AAA Index 144dm).

USD CLO Mezz/Equity

Very little flow with 3 mezz trades at AA, BBB and BB, all non benchmarks, indexes unchanged.

USD CLO AAA

$323m of flow today, US LSTA 100 Index +6bp and CLO spreads continue to show a firmer tone, especially at AAA.  AAA trade 101dm-154dm with benchmarks 136dm-147dm with our AAA Index now 144dm.

USD CLO Mezz/Equity

AA and A bonds are all post reinvestment profiles and non benchmarks.  BBB trade 340dm-552dm with benchmarks 340dm-372dm (BBB Index 348dm), bonds wide of the index are weaker MVOC post reinvestment profiles / high coupon bonds.  BB bonds are non benchmarks and trade in a wide dispersion 584dm-963dm.

USD CLO AAA

$88m of flow today with a firmer tone, US LSTA 100 Index +5bp dod.  AAA trade 118dm-143dm with benchmarks tighter 138dm-143dm (AAA Index 146dm).  

USD CLO Mezz/Equity

AA trade 193dm-216dm with benchmarks 193dm-199dm (AA Index 194dm).  14 x BBB trade 309dm-530dm with benchmarks tighter 348dm-361dm (BBB Index 348dm) with AIMCO 2021-14A D right on the index CVR 98.8 at 348dm / 6.3y WAL (EoRP 2026) - MVOC 110.03, coupon +290bps and clean credit metrics.  BB trades are all post reinvestment profiles / non benchmarks.

EUR AAA CLO

AAAs trade around 125 dm today.

USD CLO AAA

$210m of flow today, US LSTA 100 Index -2bp dod and some rebalancing of BB/B spreads.  AAA Index unchanged 147dm with only a post reinvestment short wal bond trade well inside this level.

USD CLO Mezz/Equity

Quite a fair amount of flow, AA trade 177dm-223dm with benchmarks 191dm-195dm (AA Index 194dm), single-As trade 225dm-295dm with benchmarks 242dm-263dm (Single-A Index unchanged 252dm).  BBB trade 318dm-541dm with no benchmarks (post reinvestment bonds / high coupon profiles), BB trade 642dm-803dm with benchmarks 699dm-701dm with our BB Index firming slightly to 697dm, BCHPK 2019-1A ER covers 97.9 at 699dm / 7.8y WAL from Blackstone, MVOC 105.8, EoRP 2027 and very clean metrics.  We shifted our single-B Index slightly today, 2 x single-Bs trade 950dm-989dm which are short wal post reinvestment profiles but of good quality and our single-B Index is now a touch tighter 999dm.

USD CLO Mezz/Equity

US LSTA 100 Index +3bp dod, only $17m of BBB flow today, trading range 338dm-385dm with our BBB Index firmly in the middle 362dm.  BCC 2021-6A D covers 97.88 at 385dm / 6.8y WAL (EoRP 2026) - MVOC 110.6 vs benchmark 110.9, ADR elevated 1.3%, coupon +310bps and other metrics broadly clean with Bain the manager so does trade only slightly back from the index given default track record.

EUR AAA CLO

A quiet day today. Two AAA trades, at around 128 dm.

USD CLO Mezz/Equity

Little activity today with $40m of flow all in mezz today, US LSTA 100 Index +10bp dod, BBB Index tightens to 360dm which is the only notable movement.  AA trade 172dm-200dm (AA Index 193dm) and Single-A trade 238dm-257dm (Single-A Index 252dm).

EUR AAA CLO

AAAs traded at 125 dm.

USD CLO AAA

US LSTA 100 Index +3bp dod and CLO spreads flat/firm feel.  AAA 131dm-148dm (AAA Index 147dm) with a high quality Blackstone AAA at the tight end.

USD CLO Mezz/Equity

Majority of flow in BBB and BB, BBB trade 360dm-550dm (364dm index) with one benchmark OZLM 2014-6A CS CVR 99.29 at 360dm / 7.2y WAL - MVOC 111, coupon +313bps, post reinvestment but metrics are clean.  BB trade 637dm-944dm with benchmarks 687dm-699dm (BBB Index 701dm).  Bonds with strong MVOC >106 and low coupon structures trade inside index level with the inverse the case wide of the index.

USD CLO Mezz/Equity

$94m of flow, spreads flat and US LSTA 100 Index +7bp dod.  AA trade 173dm-203dm with benchmarks 191dm-203dm (AA Index 193dm) - post reinv short wal bonds inside the index.  BBB trade 338dm-404dm with benchmarks 356dm-364dm (BBB Index 364dm) and 2 x BB bonds trade wide of the index 786dm-820dm with high coupon / low MVOC profiles non benchmark.

EUR AAA CLO

AAAs at 128 dm in secondary.

USD CLO AAA

$170m of flow today, US LSTA 100 Index +3bp dod and slight tightening at BBB / BB.  AAA trade 125dm-229dm with a number of high coupon bonds firing up the tail of this range, 1 benchmark bond AGL 2021-11A AS CVR 100.19 at 147dm / 3.7y WAL - EoRP 2026 and a clean bond managed by AGL.

USD CLO Mezz/Equity

AA trade 173dm-244dm with benchmarks 198dm-199dm (AA Index 195dm) with coupon structure and post reinvestment bods driving either side of the index.  BBB trade 312dm-350dm with all bonds post reinvestment / inside BBB Index level of 363dm.  BB trade 631dm-928dm with benchmarks 691dm-715dm (BB Index 701dm) whilst single-Bs trade wide of the single-B Index (1015dm) 1129dm-1709dm given weaker MVOC profiles with the wider end cuspy / MV shortfall.

USD CLO AAA

$37m of flow in high grade, little movement in CLO spreads and US LSTA 100 Index +5bp dod.  AAA trade 104dm-131dm with virtually all profiles post reinvestment short wal and inside the Index level.

USD CLO Mezz/Equity

AA trade 164dm - 264dm with a post reinvestment bond at the tight end and a high coupon long reinvestment end at the other end of the range, index unchanged 195dm.

USD CLO AAA

$160m of flow today, US LSTA 100 Index -8bp dod.  AAA trade 108dm-142dm with no benchmarks (AAA Index unchanged 147dm).

USD CLO Mezz/Equity

BBB trade 293dm-404dm with benchmarks 370dm-374dm (our BBB Index 367dm) with top tier manager bonds inside the index.  BB trade 901dm-1312dm, non-benchmarks with inherent credit and MVOC weakness (BB Index 703dm).

USD CLO AAA

$91m of flow today across the stack, low mezz spreads soften slightly and US LSTA 100 Index is flat dod.  AAA unchanged with a trading range of 135dm-156dm with our AAA Index 147dm.

USD CLO Mezz/Equity

Single-As trade 211dm-286dm with no benchmarks to note (Single-A Index 252dm).  BBB trade 365dm-444dm with our BBB Index shifting to 365dm given weaker slightly weaker execution levels, BB trade 710dm-1270dm with BB Index shifting slightly wider to 703dm, one benchmark trade today ARES 2020-56A ER CVR 710dm / 7.6y WAL - EoRP 2026, MVOC 105.9, coupon +650bps and Ares the manager along with clean credit record on the bond.

EUR AAA CLO

AAAs are steady. Two low margin bonds traded around 117 dm.

USD CLO AAA

Very little change in sentiment today, spreads broadly flat with some minor rebalancing at BB and US LSTA 100 Index -1bp dod.  2 x AAA trade 161dm-173dm for higher coupon longer reinvestment period end.

USD CLO Mezz/Equity

Most of liquidity in mezz is in BB which trade 608dm-822dm with one benchmark OCP 2021-21A E CVR 98.71 at 688dm / 7.3y WAL - MVOC 106.7, coupon +628bps, clean credit and Onex the manager and this bond trades slightly inside our BB Index 699dm given benchmark MVOCs 106.1 area.

EUR AAA CLO

AAAs are steady. Two recently issued high margin bonds traded around 180 dm. Two very seasoned, amortising bonds traded around 95 dm.

USD CLO Mezz/Equity

$55m of BBB/BB activity today with only neglible slight softening in BB, US LSTA 100 Index -3bp dod.  BBB trade 388dm-477dm with all profiles with weaker MVOC (<110) non benchmarks (BBB Index 351dm).  BB trade 598dm-653dm for higher quality post reinvestment profiles (BB Index 701dm).

EUR AAA CLO

AAAs are steady at 129 dm in secondary.

USD CLO AAA

$51m of liquidity today in AAA and BB, with spreads flat and US LSTA 100 Index +3bp dod.  AAA trade 126dm-167dm for 1st pays (AAA Index 147dm) and 2nd pays 148dm-209dm with the tight end of the 2nds post reinvestment short wal bonds.

USD CLO Mezz/Equity

2 x BB trade 710dm-731dm both post reinvestment profiles with weaker MVOCs and the BB Index 700dm.