Structured Credit Investor SCI’s 5th Annual Capital Relief Trades Seminar 17 October 2019, London

Market Commentary

  • 22 August 2019

    US CLO

    An active day today as we generated 25 x DMs from covers today - including 12 x BBs, 9 x BBBs, 2 x single-A’s, 1 x AA and 1 x AAA.  Starting with the BBs, t...

  • 21 August 2019

    US CLO

    Today we saw more mezz CLOs with 8 respective covers off 3 lists which we generated DMs, constituting 3 x BBs and 5 x BBBs.  A shorter dated BBB FIG 201...

  • 20 August 2019

    US CLO

    Another relatively active day in Sub IG rated US CLOs with us pricing 11 x BBs and 1 x AAA.  The BBs are all Ba3 / BB- rated and priced in a wide range from 659dm...

  • 19 August 2019

    US CLO

    An active day today with us pricing up 14 covers (5 x IG and 9 x Sub IG rated).  Of the 3 x AAAs, two were shorter dated (ATRM 12A AR and GALXY 2018-29A A) pricin...

  • 15 August 2019

    US CLO

    We priced 13 covers today with key highlights as follows.  In IG the 4 x AAs priced within a 9bp range between 186dm and 195dm, at the tight end CIFC Funding 2019...

  • 14 August 2019

    US CLO

    Significant activity today across the capital structure, we priced 34 covered tranches.  Starting with AAAs, we priced 11 today, at the tight end 104dm/3.9y AL (V...

  • 13 August 2019

    US CLO

    Today there were a number of Mezz (BBB/BB) and a small handful of Senior (AAA) trade.  With regards to the BBBs we priced, the longer AL priced 409dm-471dm (6.3yr...

  • 12 August 2019

    US CLO

    A notable trade today was Madison Park Funding XI from CSAM, a 2013 vintage that refi’d in Sep 2017 / reinvestment end of Jul 2021.  The ER tranche (S&P...

  • 9 August 2019

    US CLO
    There were 8 Aaa tranches trade today.  These trades in a range from 86dm to 139dm, depending on term.  2014 vintages from Deutsche AM (Flagship CLO VIII ARR)...

  • 8 August 2019



    Yesterday saw a lot of mezz tranches trading. The bulk of the BBBs traded in a range from 346dm to 364dm but there were a couple of outliers being Hayfin and H...

  • 3 May 2019

    Two 2015 vintage AA Euro CLO tranches traded. EGLXY 2015-4 BRat 164dm and HARVT 14 B1R at 134dm. BBB EUR CLOs traded in the 270dm to 298dm range for deals that closed between 2013 and 2016. There w...

  • 29 April 2019

    On 29 April 2019 a single B rated 2013 Cairn CLO covered at MH90s / approx 710dm with a 6.07yr WAL remaining. BABSE 2018-1 equity also traded but the CVR was not disclosed.


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