Structured Credit Investor
LOGIN
 

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. 


 I would like trial access to this data (new page will appear)

 Yes, I am registered

  • 8 November 2019


    EUR/GBP ABS/RMBS

    A diverse mix of ABS today. A number of UK BTL deals. The post crisis AAA trades are around 110dm. The pre-crisis AAA trades mo...


  • 7 November 2019

    US CLO

    An active day with 33 covers observed across the capital stack – 10 x AAA, 8 x AA, 3 x BBB and 12 x BB.  The >4y WAL AAAs t...

    EUR/GBP ABS/RMBS

    CAR 2018-F1V A (French autos – AAA) traded at 21dm / 1.22yr. There are 5 x Spanish RMBS, all of them original AAA but the...


  • 6 November 2019

    US CLO

    After an industry conference in NYC yesterday today was a little muted, however we observed 8 covers – 1 x AAA, 1 x AA, 4 x BBB and...

    EUR CLO

    6 x AA today. They traded between 177dm and 195dm running the deals to maturity. The tight end of these trades is ACLO 4X B (Spire Partn...


  • 5 November 2019


    EUR CLO

    4 x AA, 2 x A & 2 x BBB today. The AAs traded between 181dm and 189dm for WALs between 5.2yrs and 5.7yrs.  AA spreads for middl...


  • 4 November 2019

    US CLO

    There was a BB and a AAA cover today.  The BB  MDPK 2019-34A E (CSAM) has a profile of RP April 2024 and covers 765dm / 9.1y WA...


  • 1 November 2019

    US CLO

    A quieter end to the week and first day of November was greeted with 3 covers observed in the BB rated space.  The BBs traded in a t...

    EUR CLO

    Today we have 3 x AAA and 2 x AA. The AAAs traded between 120dm and 122dm for WALs between 3.7yrs to 3.9yrs. This is probably around 3 t...


  • 31 October 2019

    US CLO

    There were 10 observed covers for month end today – 1 x AAA, 3 x AA, 2 x BBB and 4 x BB.  The AAA ANCHC 2014-5RA A (Anchorage)...

    EUR CLO

    Today we have 3 x AAA all trading between 119dm and 128dm (spread over unfloored Euribor) and all have around 3.6yr WAL. All have a Rein...


  • 30 October 2019

    US CLO

    A similar yield to yesterday, 14 covers today however a wider dispersion of rating levels on show – 6 x AAA, 1 x AA, 3 x A, 3 x BBB...

    EUR/GBP ABS/RMBS

    A few German and French auto loan deals at the AAA level traded between 6dm and 17dm. BLCRD 2018-1 A (credit cards) traded at 2...


  • 29 October 2019

    US CLO

    14 covers today - 2 x AAA, 9 x BBB and 3 x BB rated.  The AAAs trade in a 139dm-143dm range -  BCC 2019-1X A1A (Bain Cap) cover...

    EUR CLO

    Just the one EUR CLO today, with disclosed prices. ALME 3X ERV (Apollo) traded at 625dm / 6.05yr. It is a BB bond. This is tighter than ...


  • 28 October 2019

    US CLO

    The start of this week we saw 19 covers mainly in the mezz space.  There was one AAA trade today, NEUB 2018-29A A1 (Neuberger Berman...

    EUR/GBP ABS/RMBS

    A few GBP AAA UK prime RMBS traded today. 2 tranches from the Permanent Master Trust (UK Prime RMBS originated by Halifax BoS) ...


  • 25 October 2019

    US CLO

    Today we observed 5 shorter dated AAAs with 2021 and 2020 RP’s.  At the shorter end the 2020 RP BABSN 2013-IA AR (Barings) cov...

    EUR/GBP ABS/RMBS

    3 more AAA German auto trades today. According to our calculations these all traded in the low double digits for spread. The or...


  • 24 October 2019

    US CLO

    Flows today was concentrated around lower mezz with 8 x BBs, 3 x BBB and 1 x A.  The single-A CRMN 2015-1A C2R (Trimaran Advisors) h...

    EUR/GBP ABS/RMBS

    We’ve seen a raft of German Auto AAAs trade today. The details of each trade can be found in the PriceABS archive most of...


  • 23 October 2019

    US CLO

    A quieter day with 6 mezzanine covers, but certainly an opportunity to be forensic on this segment of the capital structure.  At the...

    EUR/GBP ABS/RMBS

    MCCPF 2019-1 A (French credit cards – Master Trust) traded at 24dm / 2.67yr to step up date at AAA level. GLDR 2019-A A (...


  • 22 October 2019

    US CLO

    A very active day with 34 covers across every debt rating level – 16 x AAA, 3 x AA, 5 x A, 5 x BBB and 5 x BB.  The >4y WAL...

    EUR CLO

    13 CLOs today comprising 1 x AAA, 6 x AA, 1 x A, 1 x BBB, 1 x BB & 3 x Equity - a full house. The AAA is BECLO 4X A (BlackRock, 2017...


  • 21 October 2019

    US CLO

    6 single-A covers today from a range of managers putting the focus firmly on the middle part of the capital structure.  The profiles...

    EUR/GBP ABS/RMBS

    QUARC 2 A (Italian consumer ABS originated by Futuro SpA) traded at 43dm / 3.54yr for the AA bond. COMP 2018-FR1 A (French auto...


  • 18 October 2019

    US CLO

    A quiet day today with 2 x BB covers observed, this week has been starved of BBs which has been quite rare post summer.  The BBs tra...


  • 17 October 2019

    US CLO

    We observed 23 covers today – 17 x AAA, 2 x A and 4 x BBB.  The 13 x >4y WAL AAAs traded in a 116dm-150dm range so some sig...

    EUR CLO

    There are 3 x A and 3 x equity CVRs with disclosed prices today. The A trades have traded in a range from 240dm to 272dm. 240dm represen...


  • 16 October 2019

    USD CLO

    Today was a chance to analyse the top end of the rating scale with 13 x AAA covers.  The majority were shorter dated with WALs all ...

    EUR CLO

    There are 5 x AAA CVRs and 3 x A with disclosed prices today. The AAA trades are very tightly grouped being between 127dm and 129dm. The...


  • 15 October 2019

    US CLO

    Following the Columbus Day break yesterday there was a slow start to the week with 9 covers today – 3 x AAA, 3 x AA, 1 x A and 2 x ...


  • 14 October 2019


    EUR/GBP ABS/RMBS

    Today TWRBG 4 D (UK Non-conforming RMBS for Belmont Green – BBB rated) traded at 100.15 / 275dm / 3.18yr to step. STNLT 2...


  • 11 October 2019

    US CLO

    A quieter end to the week with 13 covers today – 2 x AAA, 2 x AA, 2 x A and 7 x BBB.  The >4y WAL AAAs traded in a 126dm-13...

    EUR CLO

    There are 6 x AAA CVRs and 1 x BB with disclosed prices today. The AAA spreads range from 122dm to 132dm. The tight end of the range is ...