Market Commentaries



Eur/GBP

USD  

 

Feedback on Commentaries and Analysis is welcome
Sheil Aggarwal


select * from bbg_commentary where 1=1 order by date desc
  • 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%.


  • 2 September 2025

    EUR AAA CLO

    A busier day today in EUR.  A number of premium price bonds have traded, a little closer to par than our models predicted, and so we see spreads having widened by a few bps. The average traded spread today is 134 dm.

    EUR MEZZ/EQUITY CLO

    AA’s, single A’s and BB’s are all steady at around +198, +237 and +614 respectively, in secondary.


  • 1 September 2025

    EUR AAA CLO

    Just a few AAAs today on Labor Day. Average spreads are 92 dm.


  • 29 August 2025

    EUR MEZZ/EQUITY CLO

    Just a handful of trades before Labor Day.  A few single A’s in 220 dm area. One Palmer Square BBB at 273 dm. A short AAA at 88 dm. Spreads unchanged.


  • 28 August 2025

    USD CLO AAA
    $31m of flow today across the stck, slight tightening effect but spreads broadly flat.  US LSTA 100 Index +3bp dod.  AAA trade 77dm-176dm with benchmarks 120dm-128dm (AAA Index 122dm).

    USD CLO Mezz/Equity

    AA trade in small size 156dm-264dm with 1 x benchmark at 162dm, single-As trade 171dm-324dm (Single-A Index 191dm).

    EUR AAA CLO

    Just a handful of short AAAs today, trading around 95 dm.


  • 27 August 2025

    USD CLO AAA

    $30m of flow across a handful of trades, US LSTA 100 Index +2bp dod, CLO spreads unchanged. 1 x post reinvestment BSL AAA OZLM 2016-15A A1R3 trades 102dm / 1,3y WAL whilst a MM CLO TWBRK 2025-1A A trades 147dm / 5.3y WAL (EoRP 2029).

    USD CLO Mezz/Equity

    1 x benchmark AA trade ALLEG 2021-2A BR trades 169dm / 8.3y WAL - EoRP 2030, AXA managed, +170bps coupon and MVOC 128.1 (AA Index 165dm).

    EUR MEZZ/EQUITY CLO

    ACLO 12X B (AA) traded at 188 dm.

    ACLO 10X CR (A) traded at 220 dm.

    BB’s traded around 622 dm.

    ANCHE 4X F (B) traded at 754 dm.


  • 26 August 2025

    USD CLO AAA

    5 x high grade clips trade in $7m of aggregate notional with little impact upon spreads, US LSTA 100 Index +4bp dod.  1 x AAA trade WELLI 2025-4A A cover 99.88 at 122dm / 5.6y WL near our AAA Index 123dm.

    USD CLO Mezz/Equity

    AA trade 154dm-188dm with benchmarks 166dm-167dm near our AA Index 165dm.

    EUR MEZZ/EQUITY CLO

    Single A’s are trading unchanged in 180h area. NWEST VII-X C traded a little wider at 199 dm because of its low credit enhancement.

    BBBs also steady at around 340 dm today for premium bonds.

    AVOCA 19X ER (BB) traded at 507 dm.

    CGMSE 2020-1X E (B) traded at 916 dm for a weaker credit profile but shorter and amortising deal.


  • 25 August 2025

    USD CLO Mezz/Equity

    Only 3 x BB trades today 11m notional with a slight tightening tone, US LSTA 100 Index +9bp on Friday close.  BBs trade 551dm-722dm mostly non benchmark profiles, BB Index 602dm.


  • 21 August 2025

    USD CLO AAA

    6m notional of clips trade today AAA and BB with little movement in spreads, US LSTA 100 Index +4bp dod.  AAA bonds trade 122dm at our Index level 124dm


  • 20 August 2025

    USD CLO AAA
    $36m of flow, US LSTA 100 Index +2bp dod, CLO spreads flat.  AAA trade 110dm-137dm with AAA Index unchanged 124dm with a benchmark cover trading at this level APID 2024-1A A1 cover 100.18 at 124dm / 2.5y WAL EoRP 2026 - MVOC 154.4

    USD CLO Mezz/Equity

    8 x AA trades in a 137dm-207dm range wth benchmarks 165dm-169dm (AA Index unchanged 166dm).


  • 19 August 2025

    USD CLO AAA

    $29m of flow today across the stack, little movement in spreads, US LSTA 100 Index +3bp dod.  AAA trade 112dm-146dm with benchmarks 112dm-128dm (AAA Index 124dm).

    USD CLO Mezz/Equity

    All mezz bonds are non benchmarks / small clips in BBB and BB, no change in Index BBB 294dm and BB 603dm.

    EUR AAA CLO

    AAAs a few bps tighter again. Average traded spreads today are 98 dm.

    EUR MEZZ/EQUITY CLO

    BBBs also drifting firmer at around 308 dm today.


  • 18 August 2025

    USD CLO AAA

    Only 6m of notional trading today across AAA/A in non-benchmarks, US LSTA 100 Index continues to tighten +11bp on Friday close.  Spreads slightly tighter tone but largely flat.

    EUR AAA CLO

    Just a few AAA trades today. Spreads look a little tighter – we have moved our AAA index in by 8 bps.


  • 14 August 2025

    EUR MEZZ/EQUITY CLO

    In lower mezz trading PENTA 2024-18A E (BB) traded at 582 dm, in line with expectations.

    A number of single B’s also traded, unchanged on previous levels, at around 876 dm.


  • 13 August 2025

    USD CLO Mezz/Equity

    $150m of flow today, US LSTA 100 Index +3bp dod and slight tightening across lower mezz spreads.  BBB trade 269dm-505dm with benchmarks 287dm-299dm (BBB Index 295dm).  BB flow predominantly non benchmarks (BB Index 604dm).


  • 12 August 2025

    USD CLO AAA

    $75m of flow with mild tightening in spreads, AAA trade 133dm-199dm (AAA Index 124dm) with all bonds non-benchmarks (high coupon/weaker manager profiles).

    USD CLO Mezz/Equity

    In terms of benchmark flow only 1 trade at the BBB end, GLM 2024-21X D covers 100.78 at 297dm / 8.1y WAL - EoRP 2029, MVOC 111.2, coupon +305 and Goldentree managed (BBB Index 296dm) with remai ign bonds wide of the index.


  • 30 July 2025

    USD CLO AAA
    $46m of flow, softer spreads and US LSTA 100 Index -3bp dod.  AAA trade 102dm-153dm with benchmarks 111dm-128dm with AAA Index largely unchanged 126dm.

    USD CLO Mezz/Equity

    BB and B trades account for the flow with a softer feel, BB trade 665dm-740dm mostly non benchmarks (BB Index 610dm) and B trade 848dm-929 but spread direction is wider despite the non benchmark activity (B Index 779dm).


  • 29 July 2025

    USD CLO AAA

    $75m of flow today, US LSTA 100 Index +1 bp dod and little movement in spreads.  AAA clips trade 136dm-158dm all non benchmark sizes.

    USD CLO Mezz/Equity

    Spotty BBB and BB flow today with little in the way of benchmarks and no changes in Index levels.


  • 28 July 2025

    USD CLO Mezz/Equity

    Only $25m of lower mezz flow today with little movement in spreads and US LSTA 10o Index +5bp dod.  BB marginally firmer with a trading range 580dm-836dm (BB Index 607dm).


  • 24 July 2025

    EUR MEZZ/EQUITY CLO

    AA’s are unchanged today at around 198 dm.

    BNPAM 2017-1X E (BB) traded at 543 dm.

    Single B’s have traded around 900 dm.


  • 24 July 2025

    USD CLO Mezz/Equity

    $73m of flow today, US LSTA 100 Index +9bp dod.  Debt trading only in non-benchmark BB bonds today with little impact upon spreads (BB Index 608dm).


  • 23 July 2025

    USD CLO AAA

    $111m of flow, US LSTA 100 Index +9bp dod, some tightening in mezz.  AAA trade 131dm-140dm (AAA Index 125dm).

    USD CLO Mezz/Equity

    Very little in the flow of benchmark mezz, with most of the low in BB post reinvestment / low MVOC profiles (BB Index 608dm).