Market Commentaries
select * from bbg_commentary where 1=1 order by date desc
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2 October 2025
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).
EUR MEZZ/EQUITY CLO
Mezz trades 5-10 bps tighter in secondary. This is in line with the tighter prints for Harvest XXXVII and Providus XIII.
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1 October 2025
USD CLO AAA
$87m of flow, spreads stable. AAA trade 127dm-139dm (AAA Index 122dm)
USD CLO Mezz/Equity
Few benchmarks trade and little movement in spreads, 1 x benchmark AA trades TCIFC 2024-2A B 166dm - COFC managed, EoRP 2030, MVOC 130.6 and coupon +170 versus AA Index 165dm.
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30 September 2025
USD CLO Mezz/Equity
$54m of BBB/BB flow on month end, spreads are stable/firm with US LSTA 100 Index +61bp on prior month end. BBB trade 255dm-434dm with benchmarks trading in 300dm context (BBB Index 293dm). BB trade in a wide dispersion 494dm-857dm with benchmarks 601dm-616dm (BB Index 599dm) with bonds wide to the index driven by weaker MVOC or higher coupon profiles.
EUR AAA CLO
AAAs are unchanged with short average lives trading around 100 dm and a 5yr VOYE 1X A1R at +129.
EUR MEZZ/EQUITY CLO
Single A’s traded around 249 dm but that is because most of the trades are above par. Spreads haven’t really moved.
BBBs are unchanged at around 311 dm. SPAUL 3RX DR is delevering and traded at 232 dm.
BBs look around 10-20 bps wider to us with trades in the 600-650 range.
PENTA 2019-6X FR (B) traded strongly at 855 dm.
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25 September 2025
USD CLO AAA
$109m of flow today with a continued firm/stable tone to spreads, US LSTA 100 Index +1bp dod. AAA trade 125dm-132dm with AAA Index 122dm.
USD CLO Mezz/Equity
BBB trades are all non benchmarks, 1 x benchmark AA trades 160dm (PLMRS 2022-1A BR - EoRP 2030, coupon +160bps and MVOC 127) with AA Index 165dm and a benchmark single-A trades 184dm (PLMRS 2022-1A CR - EoRP 2030, coupon +185bps, MVOC 118) with single-A Index 189dm.
EUR MEZZ/EQUITY CLO
NWEST VI-X C (A) traded at 270 dm which is in line with previous trading sessions.
BBBs traded around 322 dm and BBs around 574 dm, both also unchanged.
Single B’s traded around 864 dm which we think is a slight tightening in secondary. Albacore VI and Hambridge 1 both printed a little wider in the lower mezz tranches so we do see a small divergence between primary and secondary. Of course the clips trading in secondary are small.
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24 September 2025
USD CLO AAA
$61m of flow, some slight tightening below IG, US LSTA 100 Index -2bp dod. 1 x benchmark AAA OHALF 2015-1A A1R4 trades 124dm / 6.6y WAL (EoRP 2030, coupon +125, MVOC 152, Oak Hill managed) in line with our AAA Index 123dm.
USD CLO Mezz/Equity
Some benchmarks trade at AA (168dm), A (188dm), BBB (299dm) and BB (590dm) today broadly in line with our Index levels 166dm, 190dm, 295dm and 604dm respectively.
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23 September 2025
USD CLO AAA
Only $8m of clips trade today with no meaningful shift in spread direction, US LSTA 100 Index +6bp dod. AAA trade 127dm-131dm with one benchmark at the tight end PLMRS 2021-3A A1R covers 127dm / 6.4y WAL - EoRP 2030, MVOC 160, coupon +129bps and Palmer Square managed,
USD CLO Mezz/Equity
Small clips of AA and BB trade 151dm-191dm for AA (AA Index 166dm) and 269dm-334dm (BBB Index 295dm).
EUR MEZZ/EQUITY CLO
Still very light EUR trading via BWIC. Two Bain bonds traded: BCCE 2021-1X D (BBB) at 331 dm and BCCE 2021-2X E (B) at 627 dm.
AVOCA 29A SUB traded at 14%. It’s a strong deal with an ADR of 0.78%.
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22 September 2025
USD CLO AAA
Only 10m of clips trade today, no change in spreads, US LSTA 100 Index +4bp dod. AAA trade 121dm-165dm with the tighter end of the range a benchmark trading near our AAA Index 123dm.
USD CLO Mezz/Equity
Small AA and BB non benchmark clips trade AA 207dm (AA Index 166dm) and BB 580dm-686dm (BB Index 606dm).
EUR MEZZ/EQUITY CLO
Just one equity trade today. AVOCA 31X SUB traded at 12% yield. It is performing well with only 0.49% ADR and a low CCC bucket.
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19 September 2025
USD CLO AAA
Only 22m of trades across 4 bonds today, markets have a slightly softer tone, US LSTA 100 Index -1bp dod. 1 x AAA MSEV 2021-1A A1R (Eaton Vance managed, MVOC 154, coupon +129bps) trades 129dm slightly wide of our AAA Index 123dm.
USD Mezz/Equity
3 x non benchmark BB clips trade 612dm-904dm (BB Index 606dm).
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18 September 2025
USD CLO Mezz/Equity
Only 19m of trades today with CLO spreads unchanged given non benchmark trades at AA and BB, US LSTA 100 Index +6bp dod.
EUR MEZZ/EQUITY CLO
Another lower mezz day. BBs remain on the firmer side with average spreads today at 636 dm.
Single B’s are around 860 dm.
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17 September 2025
USD CLO AAA
$100m of flow with spreads remaining stable, AAA trade 105dm-129dm (AAA Index 122dm) with 1 x reinvesting MM CLO AAA trading 158dm context.
USD CLO Mezz/Equity
Spotty mezz trades around our index levels, 1 x Single-A trade 190dm (190dm), AA at 169dm (165dm) and BB 602dm (BB Index 605dm).
EUR MEZZ/EQUITY CLO
In a day of lower mezz trading premium price, high margin BBs have traded a little tighter at 553 dm.
Single B’s are also ratcheting in with average spreads today around 764 dm.
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16 September 2025
EUR MEZZ/EQUITY CLO
A number of high margin BBBs have traded, at around 365 dm.
Equity clips traded in a range from 9% to 15% for deals that are callable to 1 year from call.
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15 September 2025
USD CLO Mezz/Equity
Only 12m of BB clips trade today, no benchmarks and Index levels unchanged, US LSTA 100 Index +4bp dod.
EUR AAA CLO
A lot of AAAs traded today. Spreads have edged tighter by a few bps. The average traded spread on the day is 96 dm.
EUR MEZZ/EQUITY CLO
SPAUL 5X C1R (A) traded at 202 dm and CRNCL 2017-8X F (B) at 775 dm, both exactly in line with expectations.
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12 September 2025
USD CLO AAA
$47m of flow today with spreads flat, US LSTA 100 Index +7bp dod. BSL 1st pays trade 102dm-161dm (AAA Index 122dm) with a 2nd pay TRAL 2019-6A AJR (Blue Owl) trading 171dm.
USD CLO Mezz/Equity
Few mezz tranches trade with spotty benchmark trades in AA and A, At single-A TCW 2025-1A C (MVOC 117.5/TCW managed/+190bps coupon) trades 191dm (Single-A Index 190dm). At AA AIMCO 2015-AA BR4 (MVOC 127.98 / AIMCO managed / +160bp coupon) trades 159dm (AA Index 165dm).
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11 September 2025
USD CLO AAA
$113m of flow with AAA stable and some rebalancing of mezz spreads, some a touch wider, US LSTA 100 Index +4bp dod. AAA trade 102dm-136dm (AAA Index 122dm).
USD CLO Mezz/Equity
Slightly wider tone on mezz so we have adjusted our Index levels slightly, AA, A and BB trade today with AA trading range 159dm-167dm (AA Index 165dm).
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10 September 2025
USD CLO AAA
$130m of flow across the stack, debt spreads generally flat/lightly firmer tone, AAA trade 121dm-141dm with benchmarks 121dm-123dm (AAA Index 122dm) with a single MM CLO AAA cover 146dm.
USD CLO Mezz/Equity
Few benchmark trades, at single-A OCT45 2019-1A C1RR covers 100.38 at 191dm/5.2y WAL - Octagon managed, MVOC 116.8, coupon +195bps and clean credit (Single-A Index 188dm).
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10 September 2025
EUR AAA CLO
A lighter day of trading today. The only AAA is ARINI 2X A at 152 dm.
EUR MEZZ/EQUITY CLO
INVSC 5X C (A) traded at 258 dm.
BBBs traded around 366 dm and BBs around 626 dm.
DRYD 2021-103X SUB traded at 14% for a well-performing piece of equity with a 64 NAV.
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9 September 2025
EUR AAA CLO
A busy day across the whole capital stack today.Two Hayfin AAAs traded around 98 dm area.
EUR MEZZ/EQUITY CLO
An OCP Euro AA floater traded at 182 dm. A fixed rate Contego AA traded around par with a 5% coupon.
Single A’s are around 208 dm.
HAYEM 4X DRE (BBB) traded at 344 dm.
A few BBs have traded in a +580 context although Palmer Square was tighter at 475 dm.
Single B’s are around 925 dm today.
ANCHE 8X SUB covered at 50.34 which is around 14% yield. It has an NAV of 39.
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8 September 2025
EUR MEZZ/EQUITY CLO
There are a raft of lower mezz trades via BWIC today. Overall spread levels are unchanged. BBs have traded around 685 dm, driven mostly by high margin bonds.
Single B’s have averaged around 850a.
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5 September 2025
USD CLO Mezz/Equity
Only $9m of flow today with little movement in spreads, US LSTA 100 Index +2bp dod. Mezz bonds are all non benchmarks, small clips in A, BBB and BB bonds.
EUR AAA CLO
Only a few 2-3 year, par AAA’s around 98 dm today.
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4 September 2025
USD CLO AAA
$124m of flow today, US LSTA 100 Index +5bp dod. 2 x MM CLOs trade 152dm-169dm, no BSLs.
USD CLO Mezz/Equity
High grade remain firm whilst BBB and BB have a slight softening tone, BBB trade 268dm-402dm (BBB Index 293dm) with BB trading 532dm-694dm with benchmarks 603dm-620dm (BB Index 603dm).
EUR AAA CLO
1-2 year, par AAA’s around 90 dm.
EUR MEZZ/EQUITY CLO
BBs traded around 647 dm with a couple of Carlyle oddlots trading tight in L600s context.
Single B’s are around 893 dm in secondary.
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3 September 2025
USD CLO AAA
$222m of flow with th majority trading near our Index levels, US LSTA 100 Index is broadly flat to month end, AAA trade 118dm-139dm with benchmarks 118dm-126dm (AAA Index 122dm).
USD CLO Mezz/Equity
Little to note in terms of benchmark flow, with the majority non-benchmark BBs with low MVOC profiles, BB trade 446dm-1171dm (BB Index 601dm).
EUR AAA CLO
AAA’s steady at 113 dm today.
EUR MEZZ/EQUITY CLO
BNPAM 2015-1X CRR (A upgraded to AA) traded at 150 dm.
BB’s look around 10 bps wider to us, across premium and discount bonds, at around 650 dm today.
Similarly single B’s have softened also, by 20 or more basis points.
A large block of MDPKE 17X M equity traded at around 13% risk adjusted yield. It has a high ADR at 2.15% and a high currently defaulted bucket of 3.2%.