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Market Commentary


Market Commentaries

Daily BWIC Trading Commentaries on USD & Euro CLO BWIC and Euro ABS Trading. Indepth discussion pieces on which bonds and vintages are trading, plus prices and spreads. 


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  • 2 April 2020

    USD CLO

    We had 7 mezz trades today – 5 x BBB and 2 x BB rated.  The BBBs are firmer and trade in 703dm-755dm range, with an outlier t...

    EUR CLO

    One Class X & 2 x AAA traded today. All 3 are from deals that have just closed. The Class X is SNDPE 3X X which traded at 300dm / 1....


  • 1 April 2020

    USD CLO

    Nine covers today for the first trading day of April, all IG – 6 x AAA, 1 x AA and 2 x A rated.  The AAAs (2020-2024 RP profi...


  • 31 March 2020

    USD CLO

    We saw 6 x AAA trades today, with 2019-2023 RP profiles trading in a 248dm-322dm range, which is flat to levels seen over the past week,...

    EUR CLO

    2 x A & 1 x BBB today. The single A’s traded around 500dm. In the middle of last week we were seeing single A’s trade wi...


  • 30 March 2020

    USD CLO

    Today we saw an equally busy day with 19 covers across the capital structure – 3 x AAA, 3 x AA, 11 x A, 1 x BBB and 1 x BB.  ...


  • 27 March 2020

    USD CLO

    A pick up in flow today with 20 covers, all mezz – 5 x AA, 5 x A, 8 x BBB and 2 x BB rated.  At the upper end of the rating s...

    EUR CLO

    3 x BBB & 1 x BB today. First a note of caution. We have adjusted our scenarios to decrease CPRs and increase the amount of reinvest...


  • 26 March 2020


    EUR CLO

    2 x AAA today. DRYD 2017-27X A1 is a regular AAA with a RP End Date of May 2021 and a 2.89yr WAL. It traded with a 91h price at 430 dm. This compares wit...


  • 25 March 2020

    USD CLO

    Today we saw the first trades trickle through for a few days, as expected all 1st pay AAAs (2023 RP profiles).  AAA DMs have widene...

    EUR CLO

    Good to see a little bit of BWIC trading colour today. There are 3 trades and 3 DNTs (but where the best bid has been disclosed), across single A and BBB...


  • 18 March 2020


    EUR CLO

    3 x AAA today but also a AA which DNT but best bid was shown. The Ares and Harvest AAAs traded around 320dm|mat. MKSE 1X A (MacKay Shields by New York Li...


  • 17 March 2020

    USD CLO

    6 x BBB covers today, providing some context into the softer market conditions.  The BBBs today had RP profiles across the spectrum...

    EUR CLO

    1 x AAA & 5 x BBB today. The AAA is wider again. AQUE 2019-4X A (HPS) has traded at 313dm|mat. This compares with several trades around 290dm|mat jus...


  • 16 March 2020


    EUR CLO

    1 x AA & 4 x AAA today. AAAs are wider again. Today’s trades are between 260dm|mat and 290dm|mat. For similar margin bonds of 75bps spreads wer...


  • 13 March 2020


    EUR CLO

    4 x AAA today. AAA spreads widened by another 10bps from Thursday’s levels. Today’s trades are between 222dm|mat and 243dm|mat. ACLO 4A A2 is...


  • 12 March 2020


    EUR CLO

    4 x AAA today. Another significant widening of AAA spreads. We have moved from around 180dm|mat on 10 Mar to a range of 210dm to 235dm to mat today. TIKE...


  • 11 March 2020


    EUR CLO

    Just the one AA today. INVSC 3X B1 traded at 96.06 / 272dm|mat which is wider again than recent AA trades, although this is a smaller manager. This is ar...


  • 10 March 2020


    EUR CLO

    We’ve got 2 x AAA, 2 x AA and 2 x BBB to look at today. Pricing everything now just to maturity without any chance of a call they have both traded ...


  • 9 March 2020


    EUR CLO

    Just 1 x BB traded today. ADAGI IV-X ER traded at 89.34 / 796dm|Mat. This bond has a slightly low margin at 490bps and has started delevering. Both the l...


  • 6 March 2020


    EUR CLO

    3 x AA traded today. CGMSE 2015-2X AA2R has started paying at the AAA level and is only 3.8yr WAL. This and the low margin of 140bps meant it traded the ...


  • 5 March 2020


    EUR CLO

    6 x A & 1 x BBB traded today. In the single As the lower margin bonds (240bps to 250bps margin) have traded around 290dm to 300dm to maturity. The tw...


  • 4 March 2020


    EUR CLO

    1 x AA & 3 x BB traded today. The single A is SPAUL 6X BR which traded at a discount price and is callable. It traded at 280dm|mat which is in line w...


  • 3 March 2020


    EUR CLO

    4 x BB traded with disclosed prices today. The bonds from Investcorp, Blackrock & PGIM all traded around 720dm|mat. But HLAE 2014-1X ER (now managed ...


  • 2 March 2020

    USD CLO

    A busy start to the week with 27 reported covers, all IG rated – 8 x AAA, 8 x AA, 8 x A and 3 x BBB.  Given the market soften...

    EUR/GBP ABS/RMBS

    4 trades that we saw on bwics today. There are 2 Italian Prime RMBS both Aa3 rated. SIENA 2010-7 A3 is from a 2010 deal. It is the slow pay orig...


  • 28 February 2020

    USD CLO

    With volatility across global capital markets over the past 24 hours this has manifested itself into CLOs with DMs generally drifting wi...

    EUR CLO

    A chance to get some post-sell off price discovery in rating classes other than BB which we saw trade on 27 Feb. Today we have 2 x A, 4 x BBB & 2 x B...