Market Report Articles
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Market Reports
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Cross-currency basis
US CLO market update
All but a few US CLO new issues have been postponed until 2019, although at least one deal is set to...
19 December 2018
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Market Reports
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Japanese dependence
European ABS market update
European ABS markets have effectively closed for the year. Deals in the pipeline are now expected to...
19 December 2018
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Market Reports
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Deal delay?
European ABS market update
A trader reports that nothing has been heard of the Alhambra SME Funding 2018-1 deal, which &ldq...
18 December 2018
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Market Reports
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Running dry
Euro CLO secondary market update
The European CLO primary pipeline is running dry. Traders are increasingly looking at BWIC activity...
14 December 2018
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Market Reports
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Prepayment offer
European CMBS market update
European CMBS BWIC activity has swelled after the Taurus 2018-3 DEU deal priced today. Unusually, no...
12 December 2018
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Market Reports
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Selling spike
US CLO market update
There has been a spike in selling of investment grade paper on the US CLO secondary market, coming m...
11 December 2018
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Market Reports
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Bid scarcity
European ABS market update
A major UK bank is focusing efforts of European NPLs in the coming weeks, as spreads continue to wid...
7 December 2018
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Market Reports
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Deals pulled?
US CLO market update
Several US CLO deals are believed to have been pulled from the pipeline and pushed back to 2019, ami...
6 December 2018
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Market Reports
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Cheaper deals
European CLO market update
The European CLO market seems stronger than it was last week, but still relatively volatile. &...
5 December 2018
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Market Reports
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Print and sprint
US CLO market update
US CLO BWIC activity is booming ahead of tomorrow’s market holiday in honour of former pre...
4 December 2018
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Market Reports
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Activity upsurge
European ABS market update
The European primary and secondary ABS markets are seeing a surge in activity, due to uncertainty ov...
4 December 2018
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Market Reports
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Term leveraging
European ABS market update
The European primary ABS market is still drifting wider, due to concentration of supply. &ldqu...
29 November 2018
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Market Reports
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Mezz concessions
US CMBS market update
US CMBS new issues appear to be struggling, following market volatility at the beginning of the week...
28 November 2018
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Market Reports
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Timing issues
European ABS market update
The two-year senior notes of Compass Banca’s €900m Quarzo Series 2018 consumer AB...
28 November 2018
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Market Reports
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Green wave
International RMBS market update
A pair of RMBS bid-lists comprising mostly senior non-conforming and prime collateral are set to hit...
27 November 2018
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Market Reports
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Two-sided market
European secondary market update
There are a few CLO BWICs out for the bid today with another RMBS scheduled for this evenin...
26 November 2018
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Market Reports
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Softening activity
European CLO market update
The European CLO market is relatively quiet due to the Thanksgiving holiday in the US, but the pipel...
22 November 2018
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Market Reports
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Hesitant appetite
US CLO market update
US CLO equity and double-B bonds were casualties of the drop in the S&P 500 index yesterday,...
21 November 2018
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Market Reports
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Bloodbath blues
European ABS market update
The European ABS market has repriced, after taking a hit yesterday when the S&P 500 index pl...
21 November 2018
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Market Reports
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Buyer fatigue
US CLO secondary market update
The US stock market is 400 points down today (20 November) and is being described as an “u...
20 November 2018
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Market Reports
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Credit clutch
European ABS market update
The European ABS slow-down continues, with prices drifting wider and subdued credit growth across th...
20 November 2018
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Market Reports
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Less liquidity
US CMBS secondary market update
Risk aversion continues in the US CMBS market, with flows described as “anaemic”...
16 November 2018
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Market Reports
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Selling stagnation
European ABS market update
Activity in the European ABS primary and secondary markets has slowed this week, with volumes genera...
16 November 2018
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Market Reports
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Winding down?
US CLO market update
The US CLO primary market is seeing steady issuance as the remaining trading days continue to expire...
15 November 2018
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Market Reports
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Dry powder
International ABS market update
Pepper Group is prepping an Australian RMBS that is expected to be sized at A$500m-equivalent and in...
15 November 2018
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Market Reports
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Tranche tinkering
US RMBS market update
Freddie Mac has restructured some of the mezzanine tranches in its most recent credit risk transfer...
14 November 2018
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Market Reports
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Trading countdown
US CMBS primary market update
The US CMBS market is facing a heavy primary calendar this week, which is overshadowing secondary ma...
14 November 2018
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Market Reports
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Paper prioritised
European RMBS market update
Spreads have widened in the European RMBS sector, with secondary market activity remaining slow amid...
13 November 2018
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Market Reports
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Midterm market
US CLO market update
High new issue volumes continue in the US CLO market, with managers paying more to get their deals a...
8 November 2018
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Market Reports
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Mezzanine muddling
European CLO and CMBS markets update
European traders are focusing on secondary US CLO paper today, with 21 lines on BWICs compared with...
7 November 2018
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Market Reports
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Broad attention
European RMBS primary market update
A new UK non-conforming RMBS is expected to enter the pipeline within the next two weeks. The origin...
6 November 2018
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Market Reports
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Strong technicals
European RMBS and CMBS primary market update
Technicals remain strong in the European CMBS and RMBS primary markets. The Dilosk No. 2 deal is i...
5 November 2018
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Market Reports
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Mixed paper
US CLO market update
A BWIC of 68 line items is driving US CLO secondary market activity today, amidst a scarcity of prim...
26 October 2018
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Market Reports
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Heightened holding
European ABS market update
Invesco is preparing a new €410m European CLO deal, along with GSO Capital Partners, which...
26 October 2018
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Market Reports
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Reset end point?
US CLO market update
With almost 40 bonds out for the bid today, the secondary US CLO market is seeing heightened activit...
25 October 2018
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Market Reports
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Eastern incentive
European CLO market update
The European CLO market appears to be softening, following high volumes of equity out for the bid in...
24 October 2018
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Market Reports
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Technicals eyed
European ABS market update
Porsche’s FACT Compartment 2018-1 auto lease ABS has seen no substantial resistance in the...
19 October 2018
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Market Reports
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Primary energy
European ABS primary market update
The European primary RMBS market has come to life after the BPCE Home Loans FCT 2018 priced today (1...
18 October 2018
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Market Reports
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Steady subscription
European ABS primary market update
European primary ABS activity continues to be robust. In the RMBS sector, the BPCE Home Loans FCT 20...
17 October 2018
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Market Reports
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Secondary ticking up
European securitisation market update
A handful of BWICs are out for the bid today as activity in the European ABS secondary market picks...
12 October 2018
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Market Reports
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Manager differentiation?
US CLO primary market update
US CLO spreads are tightening, despite increased supply. Fresh primary market issuance is emerging d...
11 October 2018
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Market Reports
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Little differentiation
European and US CLO market update
Robust demand is being seen in both the European and US CLO markets this week. Equity arbitrage is...
9 October 2018
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Market Reports
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Primary surge
European ABS primary market update
European primary ABS activity is finally picking up. The PBD Germany Auto ABS transaction is expecte...
8 October 2018
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Market Reports
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Heavy supply?
European primary ABS market update
A new RMAC UK non-conforming RMBS has been announced, while the BPCE Home Loans 2018 deal is expecte...
5 October 2018
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Market Reports
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Double counting
US CLO primary market update
Up to 30 US CLO transactions are being prepped in the primary market this week, with four or five se...
4 October 2018
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Market Reports
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ABS lull
European ABS primary market update
The European ABS primary market is seeing a lull in activity, which is leaving some traders uncertai...
3 October 2018
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Market Reports
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Primary focus
European ABS and RMBS market update
Few BWICs were out for the bid in the European secondary ABS market this week, with light trading ac...
28 September 2018
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Market Reports
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Weaker pools penalised
US CLO primary market update
The supply of US CLO deals coming off of 2016-vintage refinancings is expected to keep spreads rangi...
27 September 2018
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Market Reports
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Widening spreads eyed
US CDO secondary market update
Several ABS CDO bonds are expected to be in high demand today, which have not been prevalent on the...
20 September 2018
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Market Reports
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Aussie slow-down
Australian RMBS primary market update
Activity in the Australian RMBS primary market is slowing down due to overcrowding. Four Australian...
19 September 2018
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Market Reports
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Irish RMBS focus
European ABS market update
A rare Irish non-conforming RMBS has caught the attention of European ABS market participants, follo...
18 September 2018
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Market Reports
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Preference for yield
Conference delays new issues
The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even...
14 September 2018
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Market Reports
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Euro ABS activity surges
Investors finding value across asset classes
The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS i...
14 September 2018
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Market Reports
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US CLO reissue caution advised
US CLO arrangers are being cautious in terms of how they bring and announce actions in the next two...
13 September 2018
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Market Reports
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US CLO secondary spikes
The US CLO market is seeing a big spike in secondary market activity this week ahead of ABS East and...
12 September 2018
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Market Reports
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Short duration in demand
Spreads diverge between long and short CLO paper
The volume of US paper in the secondary CLO market is down in the first week of September, with spre...
11 September 2018
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Market Reports
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Euro RMBS picks up
Markets moving again after summer lull
In the first week of September the market seems to be coming back to life after the lull of August a...
10 September 2018
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