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
  • 29 August 2024

    USD CLO AAA

    Only $9.3m of flow across AAA and AA small clips, US LSTA 100 Index +1bp dod.  AAAs are non benchmarks and AAA Index unchanged 135dm. 

    USD CLO Mezz/Equity

    AA Index unchanged 194dm with non benchmark clips trading.


  • 28 August 2024

    USD CLO AAA

    Only $3.2m of clips trade today across AAA and high grade mezz, no change in spreads, US LSTA 100 Index +5bp dod.  AAA Index unchanged 135dm.

    USD CLO Mezz/Equity

    AA and A small clips trade only, with one benchmark at AA BSP 2019-18A BR covers 100.13 at 200dm / 5.2y WAL (EoRP 2026) - MVOC 128, ADR 0.8, managed by Franklin Templeton and a touch wide to our AA Index 194dm.

    EUR AAA CLO

    INVSC 9X A, which just priced, traded at 100.08. It has a stated margin of 165 bps.

    EUR MEZZ/EQUITY CLO

    There are a handful of AA trades, around 164 dm.


  • 27 August 2024

    USD CLO AAA

    $30m of flow, US LSTA 100 Index +5bp dod.  AAA trade 111dm-144dm across profiles, AAA Index unchanged 135dm.

    USD CLO Mezz/Equity

    BBB trade 482dm-677dm with all profiles high coupon bonds, BBB Index unchanged 343dm.

    EUR MEZZ/EQUITY CLO

    The EUR secondary market is just getting going again with 2 x BBB trades today. Both at a small premium. ALBAC 5X D looks like a refi/reset candidate with a 656 bps margin.


  • 26 August 2024

    USD CLO Mezz/Equity

    $54m of flow todat, BBB and Equity.  BBB trade 317dm-556dm with non benchmark profiles (BBB Index unchanged 343dm).


  • 22 August 2024

    USD CLO Mezz/Equity

    $39m of mezz flow, mostly BBB with some further rebalancing of the BBB Index to 343dm, BBB trade 298dm-453dm across numerous profile types.  US LSTA 100 Index +6bp dod.  


  • 21 August 2024

    USD CLO AAA

    $103m of flow, with some slight widening / rebalancing of BBB/BB spreads, US LSTA 100 Index +10bp dod.  AAA trade 88dm-157dm (AAA Index 135dm) with one benchmark trade NEUB 2022-47A A covers 100.1 at 134dm / 4.3y WAL (EoRP 2027) - MVOC 151.9, Neuberger managed, +130bps coupon and 0.25 ADR clean metrics / benchmark.

    USD CLO Mezz/Equity

    Single-A, BBB and BB flow today with BBB and BB spreads rebalancing wider, BBB trading range is 308dm-483dm with the BBB Index 348dm, BB trading range is 738dm-853dm (mostly non benchmarks) and BB Index 655dm.


  • 20 August 2024

    USD CLO AAA

    $43m of flow with few benchmarks, US LSTA 100 Index +2bp dod.  AAA trade 87dm-157dm with mostly post reinvestment profiles inside the index and a high coupon profile at the wide end, AAA Index 135dm.

    USD CLO Mezz/Equity

    A few non benhcmark BBB and BB trades today, no change in index levels.


  • 19 August 2024

    USD CLO Mezz/Equity

    $8m of BBB clips trade with no change in the BBB Index (330dm) as US LSTA 100 Index continues to tighten +10bp on last CLO trading day levels.


  • 14 August 2024

    USD CLO AAA

    Only $27m of flow today, CLO spreads unchanged, US LSTA 100 Index continues to tighten +4bp dod.  AAA Index unchanged 135dm.

    USD CLO Mezz/Equity

    A flurry of non benchmark trades across mezz, post reinvestment, high coupon, low MVOC profiles and no changes in spreads to note.

    EUR AAA CLO

    AAAs are steady today. ADAGI V-X ARR and CGMSE 2019-2A A1R have traded at the wider end (around 120 dm) due to their lower MVOCs but overall spreads are around 105 dm.


  • 13 August 2024

    USD CLO AAA

    $32m of flow today, spreads unchanged, only single-As widening a touch, US LSTA 100 Index bounces +11bp on last CLO trading day.  AAA trade 115dm-172dm non benchmarks (post RPE and high coupon profiles) - AAA index 135dm.

    USD CLO Mezz/Equity

    A flurry of non benchmark trades across the stack with single-A Index widening slightly to 227dm (+6dm).

    EUR MEZZ/EQUITY CLO

    Liquidity is low and spreads rangebound. MVCLO 3X C (A) traded at 363 dm. BBs have traded around 642 dm.


  • 12 August 2024

    EUR MEZZ/EQUITY CLO

    DRYD 2017-27X B1RE (AA) traded at 172 dm while ARMDA 1X CR (A) was at 239 dm, both in line with expectations.


  • 8 August 2024

    EUR AAA CLO

    AAAs look like they are still widening. Trading at around 118 dm today.

    EUR MEZZ/EQUITY CLO

    AAs have widened further with today’s trades at around 160 dm.

    The rest of the stack is much more steady with single A’s at 235 dm, BBB at 272 dm, BB at 619 dm and B at 960 dm.


  • 7 August 2024

    EUR MEZZ/EQUITY CLO

    There are only a handful of trades today but they indicate a softening market. Single A’s traded around 224 dm and BECLO 3X ER (BB) traded at 666 dm.


  • 6 August 2024

    EUR AAA CLO

    Secondary AAAs still look to be trading down to us. Spreads today are around +123.

    EUR MEZZ/EQUITY CLO

    AAs have traded around 186 dm which could also be a bit softer.

    Single A’s have traded around 226 dm.

    BBBs are around 472 dm.

    ADAGI X-X FR (B) traded at 1089 dm.


  • 5 August 2024

    EUR AAA CLO

    AAAs look softer to us at around 106 dm today.

    EUR MEZZ/EQUITY CLO

    RRME 2X BR (A) traded at 236 dm.

    BBBs are around 429 dm, also a touch weaker.

    BBs are around 573 dm which is not a big move either way.


  • 1 August 2024

    EUR AAA CLO

    AAAs are steady at around 100 dm.

    EUR MEZZ/EQUITY CLO

    AAs are steady at around 172 dm.

    MRLPK 1X D (BBB) traded at 436 dm.

    The BBs that traded today are all semi-distressed. With MVOCs from 101% to 103.50% they traded in a 1054 dm context.


  • 31 July 2024

    USD CLO Mezz/Equity

    Month end so flows are subdued, $22m of mezz notional trading with BBB and BB non benchmark bonds and US LSTA 100 Index +3bp dod, our indices finish the month AAA 135dm, AA 194dm, A 221dm, BBB 330dm, BB 626dm and B 842dm.


  • 30 July 2024

    USD CLO AAA

    $220m of supply going into month end yesterday, US LSTA 100 Index continues to grind tighter, +14bp on last Thu close whilst CLO spreads generally stable.  AAA trade 117dm-155dm for 1st pays with benchmarks 132dm-143dm (AAA Index 136dm).

    USD CLO Mezz/Equity

    Most of flow in mid mezz A and BBB bonds but few benchmarks to note, Single-As trade 231dm-279dm with the Index unchanged 222dm and BBB trade 307dm-416dm with no benchmarks and BBB Index unchanged 329dm with an array of profiles trading.


  • 29 July 2024

    EUR MEZZ/EQUITY CLO

    There are a handful of BB trades, at tighter levels than we have seen recently. Their average spread is 475 dm.


  • 25 July 2024

    USD CLO AAA

    $137m of flow today, US LSTA 100 Index -2bp dod and lower mezz spreads tighter on the day.  AAA trade 143dm-155dm non benchmarks and AAA Index unchanged 137dm.

    USD CLO Mezz/Equity

    Single-As trade 205dm-311dm with benchmarks 205dm-240dm (Single-A Index 222dm), BBBs trade 307dm-477dm with benchmarks 324dm-338dm (BBB Index 329dm), BBs trade 570dm-732dm with benchmarks 630dm-644dm (BB Index 626dm).

    EUR AAA CLO

    AAAs are steady at around 99 dm.

    EUR MEZZ/EQUITY CLO

    AAs traded around 164 dm.

    Single A’s are around 176 dm – some bonds with high MVOCs have been upgraded.

    BBBs at 307 dm.


  • 24 July 2024

    USD CLO AAA

    $127m of flow today, with BB spreads continuing to remain the most volatile band, US LSTA 100 Index -2bp dod.  AAA trade 145dm-197dm given a variety of high coupon, MM CLO and 2nd pay profiles all non benchmarks.

    USD CLO Mezz/Equity

    Single-A trade 232dm-247dm, slightly wide to our single-A Index 223dm, BBB trade wide of the index given high coupon / MM CLO profiles whilst BB trade 628dm-713dm with 1 x benchmark trade BABSN 2019-4A ER cover 101.12 at 628dm / 9.9y WAL - EoRP 2029, coupon +640bps, MVOC 105.9 and managed by Barings (BB Index 641dm).

    EUR AAA CLO

    AAAs are steady at around 104 dm.

    EUR MEZZ/EQUITY CLO

    AAs traded around 159 dm.