Market Commentaries



Eur/GBP

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Feedback on Commentaries and Analysis is welcome
Sheil Aggarwal


select * from bbg_commentary where 1=1 order by date desc
  • 25 March 2025

    EUR AAA CLO

    A seasoned AAA, FOAKS 3X AR, at 100 dm. A recent issue, VOYE 8X A, at 127 dm. AAA spreads are steady.

    EUR MEZZ/EQUITY CLO

    TIKEH 3X C (A) at 186 dm.

    BBBs at 276 dm.

    BBs traded around 654 dm.


  • 20 March 2025

    USD CLO AAA

    $287m of flow with some softening at the top and bottom of the capital structure, US LSTA 100 Index +12bp dod.  AAA trade 139dm-167dm with benchmarks 139dm-143dm (AAA Index 137dm).

    USD CLO Mezz/Equity

    A few benchmarks trade today at the BB end, BB trade 503dm-656dm with benchmarks 633dm-656dm (BB Index 643dm).


  • 19 March 2025

    USD CLO AAA

    $51m of flow today with some softening on spreads given market sentiment, US LSTA 100 Index -26bp wow.  AAA trade 132dm-156dm with benchmarks 132dm-144dm (AAA Index 135dm).

    USD CLO Mezz/Equity

    AA trade 185dm-200dm with benchmarks 197dm-200dm (AA Index wider at 193dm) and at the BBB level one benchmark CGMS 2019-4A CR covers 98.96 at 346dm / 6.2y WAL (EoRP 2027) - MVOC 109.3, coupon +320bps, ADR 0.44, Carlyle managed (BBB Index wider at 334dm).

    EUR MEZZ/EQUITY CLO

    PSTET 2023-3A DR (BBB) traded at 276 dm.

    BB spreads are steady today. All bonds traded at a small premium and an average spread of 596 dm.


  • 18 March 2025

    EUR AAA CLO

    Just a couple of AAA trades, at 101 dm today.

    EUR MEZZ/EQUITY CLO

    AA floaters at around 188 dm. TRNTE 5X B2 fixed rate traded at 100.23 for a 6.5% coupon.

    Single A’s are around 218 dm in secondary.

    BBs have traded around 638 dm. As an illustration of the recent widening DRYD 2015-39X ERR traded at 99.68 today and 101.53 on 6th Feb. DRYD 2020-89X E traded at 97.78 today and 99.58 on 8th Jan.

    Single B’s traded around 945 dm. CGMSE 2019-2X E has dropped 60 cents in one week. Today it traded at 94.91 and on 11th Mar it traded at 95.55.


  • 17 March 2025

    EUR MEZZ/EQUITY CLO

    Just a handful of AA trades today. Spreads are steadier, after several days of widening. The average traded spread is 176 dm today.


  • 14 March 2025

    USD CLO AAA

    $76m of flow, US LSTA 100 Index -9bp dod and some softening at BB.  AAA trades are all post reinvestment profiles and trading range 117dm-155dm (130dm AAA Index).

    USD CLO Mezz/Equity

    $51m of BB trade 490dm-974dm with benchmarks 641dm-674dm and BB Index now 638dm.  BCC 2024-1A E covers 100.63 at 674dm / 9y WAL - MVOC 107.5, coupon +680bps, Bain managed and ADR 0, RPE 2029 with clean metrics.


  • 13 March 2025

    USD CLO Mezz/Equity

    $99m of flow today, spreads have a softer feel and US LSTA 100 Index -10bp dod.  $45m of Single-A flow with a trading range of 209dm-303dm with benchmarks 217dm-223dm (Single-A Index 218dm).

    EUR AAA CLO

    AAA spreads still drifting wider, at around 103 dm today.

    EUR MEZZ/EQUITY CLO

    Single B spreads wider again – at around 874 dm today.


  • 12 March 2025

    EUR AAA CLO

    AAA spreads have softened slightly but are still in a wait and see mode.

    EUR MEZZ/EQUITY CLO

    BECLO 2X BRR (AA) traded at 172 dm.

    Single A’s continue wider. Today they trade around 246 dm.

    BBB’s traded around 337 dm in secondary.

    CRNCL 2018-10X M2 traded at 46.26 which shows equity has also widened and this cover is a discount to NAV.


  • 11 March 2025

    EUR AAA CLO

    AAA spreads are steady. Premium bonds are around 170 dm while discount bonds are more like H90’s.

    EUR MEZZ/EQUITY CLO

    AA’s look a little wider to us – across the board with the average spread being 165 dm.

    Single A’s also look a few bps wider, at around 231 dm.

    PRVD 1X D (BBB) traded at 242 dm.

    BB’s look to have taken a leg down. We’re seeing traded spreads around 25-30 bps wider. With the re-evaluation of risk across global markets recently it looks as if lower mezz CLOs are not immune to this.

    Similarly single B’s are wider also.


  • 10 March 2025

    USD CLO Mezz/Equity

    $60m of flow today, US LSTA 100 Index -4bp dod and CLO spreads generally flat with a softer feel.  Bonds that traded today are for the vast majority post reinvestment profiles with no material changes to the Index.


  • 7 March 2025

    USD CLO Mezz/Equity

    $131m of trading today in single-As (7 trades) with little change in benchmark spreads (single-A Index 213dm).  US LSTA 100 Index -1bp dod.


  • 6 March 2025

    USD CLO Mezz/Equity

    $243m of flow today, with some rebalancing on some mezz spreads, US LSTA 100 Index +3bp dod.  Most of the flow is in BBB with a trading range 281dm-584dm with one benchmark NEUB 2022-47A D covers 100.09 at 313dm / 6.2y WAL - Neuberger managed, MVOC 110.8, coupon +310bps and ADR low 0.2 (BBB Index 324dm).

     

    EUR MEZZ/EQUITY CLO

    Just a few BB trades today. All of them traded above par, at an average spread of 605 dm.

    CGMSE 2020-2X SUB traded at 14.5% yield.


  • 5 March 2025

    USD CLO AAA

    $250m of flow today across the stack, slight softening at AAA else spreads unchanged, US LSTA 100 Index +5bp dod.  AAA trade 89dm-176dm with benchmarks 133dm-136dm (AAA Index 128dm).

    USD CLO Mezz/Equity

    $14m of AA and $14m of BB bonds trade with few benchmarks, at the BB end the trading range is 619dm-968dm with one benchmark AIMCO 2021-15A E cover 100.34 at 619dm / 6.5y WAL - MVOC 106.2, coupon +595bps, ADR 0.6 and clean metrics (BB Index 618dm).

    EUR MEZZ/EQUITY CLO

    PLMER 2021-2A B2 (AA) paying 1.97% coupon traded at 94.04.

    Single A’s traded around 218 dm.

    BBBs are steady at around 293 dm. Today’s trades are mostly short bonds past their RPE.

    CGMSE 2017-3X D (BB) traded at 511 dm.


  • 3 March 2025

    USD CLO Mezz/Equity

    $24m of mezz trade today in small sizes AA-BB, US LSTA 100 Index +4bp dod.  Large majority of trades are non benchmarks, post reinvestment bonds / weaker manager profiles with no changes in the index levels today.


  • 28 February 2025

    USD CLO Mezz/Equity

    Little flow today given the various industry conferences and month end, $5.5m of flow and US LSTA 100 Index -7bp dod.  1 x benchmark single-A trades in a small 2m clip ANCHC 2021-21A CR covers 100.13 at 192dm / 5.2y WAL - strong MV metrics with MVOC 118, coupon +190bps and trades inside the index 214dm.


  • 27 February 2025

    USD CLO AAA

    $66m of flow today across the stack, spreads broadly unchanged, US LSTA 100 Index +1bp dod.  AAA trades all non benchmark BSLs, with 2 x MM tranches trading 174dm-185dm context.

    USD CLO Mezz/Equity

    Most of the flow in BB/BBB with few benchmarks trading and spreads unchanged.

    EUR AAA CLO

    The only AAA trade, SHCLO 2X A, is at 154 dm with 170 bps stated margin.

    EUR MEZZ/EQUITY CLO

    JUBIL 2024-28X B1 (AA) traded at 195 dm.

    A whole bunch of single A’s traded, at an average spread of 229 dm. This is unchanged on recent sessions.

    BBBs traded around 334 dm, BBs are a little tighter at 550 dm, single B’s also have tightened by 10-20 bps to around 807 dm.

    ACLO 5X SUB traded at 60.82 / 9.6% yield.


  • 26 February 2025

    USD CLO Mezz/Equity

    Only 2 trades today, non-benchmark BB that trade wide to the index (615dm) in a 714dm-794dm range (high coupon / low MVOC profiles).  US LSTA 100 Index continues to trend higher now +21bp on month end.

    EUR AAA CLO

    The only AAA trade, ARBR 8X AR, is at 96 dm.

    EUR MEZZ/EQUITY CLO

    Single A’s around 227 dm today.

    BBBs, all above par, at around 333 dm.

    BBs trade around 629 dm. Arini V at 470 and Bain Euro 2025-1 at 500. Secondary is wider than new issue because of performance issues and higher margins.

    Single B’s are at 637 dm in secondary. Arini V priced at 800.

    ALBAC 5X SUB traded at 80.86 / 15.25% which considering it only closed 5 months ago is lower than we expected.


  • 20 February 2025

    EUR MEZZ/EQUITY CLO

    AAs continue to rally in line with the New Issue market. Today’s short, amortising trades are around 112 dm.

    Clean BBBs are in H200s. Distressed bonds 100 bps or more wider.

    BBs haven’t moved in the last couple of trading sessions and are around 547 dm today.

    There are four equity trades. Yields are mostly around 12 – 13% except for INVSC 7X SUB at 16% because of high ADR, current defaults and CCC bucket.


  • 19 February 2025

    EUR AAA CLO

    AAAs averaged 103 dm in secondary. ARESE 14A AR and AVOST 1A AR, both short and with low MVOCs traded above par at around 90 dm.

    EUR MEZZ/EQUITY CLO

    MECLO 2023-1X B2, a fixed AA with 6.7% coupon traded at 101.02.

    FICLO 2022-1X DR (BBB) traded at 376 dm.

    BBs traded around 650 dm. PENTA 2023-15X E has a high margin but traded close to par reflecting its callability in around 3 months.
    Single B’s traded around 819 dm.

    There are two equity trades. ARMDA 6A SUB traded at 10% yield. OCPE 2023-8A SUB has a large positive value to equity through a refi opportunity as the AAA is paying 174 bps margin.


  • 18 February 2025

    EUR AAA CLO

    Secondary BWIC trading resumed today. AAAs have traded at 90 dm.

    EUR MEZZ/EQUITY CLO

    AAs trading around 118 dm for short average lives.

    Premium price BBBs have traded around 371 dm but GLNBR 1X D with its very high margin of 575 bps is at 566 dm.

    BBs have traded around 665 dm.

    Single B’s are around 882 dm.

    BCCE 2021-2X M1 traded at 18.5% yield. It has a high CCC bucket and high historic default rates.


  • 13 February 2025

    USD CLO AAA

    $74m of flow today, US LSTA 100 Index +5bp dod and high grade mezz tightens slightly.  AAA bonds are in high coupon profiles (148dm-160dm) and trade wide (142dm-155dm) to the AAA Index 126dm.

    USD CLO Mezz/Equity

    Flow in mezz is predominantly BB and BBB bonds, BBB trade 309dm-566dm with 1 x benchmark in a small 130k clip trading 309dm (BBB Index 319dm).  BB trade 487dm-832dm with benchmarks 611dm-631dm (BB Index unchanged 615dm).

    EUR AAA CLO

    AAAs traded around 96 dm.

    EUR MEZZ/EQUITY CLO

    AAs trading around 168 dm for short average lives. Canyon Euro 2025-1 printed at 180.

    ARINI 1X D (BBB) with a high margin of 604 bps trades at 566 dm. It becomes callable in a few months.

    GROSV 2024-2X F (B) trades at 838 dm.

    PRVD 2X SUB trades at 10% yield.