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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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  • 23 January 2020

    USD CLO

    A very active trading day with close to 50 covers right through the capital structure at every rating level through to Equity – 7 ...

    EUR CLO

    Lots of trades today: 10 x BBB, 5 x BB, 1 x B & 2 equity today. The BBB trades range in DM to mat from 326dm to 413dm. The lower sta...


  • 22 January 2020

    USD CLO

    A similar day to yesterday in terms of reported covers, however there were a number of DNTs in Equity, we saw 11 covers – 3 x BBB,...


  • 21 January 2020

    USD CLO

    10 reported covers today following the holiday weekend – 6 x AA, 4 x BB rated.  The AAs (2023/2024 RP profiles) traded in a 1...

    EUR/GBP ABS/RMBS

    Quite a few legacy UK NC trades today. 6 of them in all. The spreads have mostly been in the 80s to L100s area but EHMU 2007-2 ...


  • 17 January 2020

    USD CLO

    A quiet end to a busy week as expected with the holiday weekend anticipated.  There were four reported covers today, all BBB rated....

    EUR CLO

    7 x BBB, 2 x BB & 2 equity today. There is quite a spread of DMs between the BBB trades. They range from 281dm to mat to 425dm to ma...


  • 16 January 2020

    USD CLO

    38 reported covers today across the capital structure – The >4y WAL AAAs trade in a 108dm-122dm range, which is a similar range...

    EUR/GBP ABS/RMBS

    A couple of legacy bonds traded today. Both are UK RMBS loans from different Ludgate shelves but the bonds are swapped to Euros...


  • 15 January 2020

    USD CLO

    25 covers today – 1 x AA, 5 x BBB and 19 x BB.  The AA is a rare 2024 profile Zais managed ZAIS 2019-13A B1 covers 266dm, the...

    EUR/GBP ABS/RMBS

    One ABS deal that we could calculate a DM on. BRICO 2019-1 A (Brignole), an Italian consumer loan deal traded at 100.53 / 37dm ...


  • 14 January 2020

    USD CLO

    A busy day with 49 reported covers across the capital structure.  >4y WAL AAAs continued to hold levels in large in the 110s dm ...


  • 13 January 2020

    USD CLO

    A quiet start to the week with 10 reported covers – 1 x A, 1 x BBB, 7 x BB and 1 x Equity.  The single-A trade today was a 20...

    EUR CLO

    Just 1 x BBB, 2 x BB & 2 x B today.  The BBB is EGLXY 2018-6X D which traded at 97.50 / 295dm / 6.53yrs. This is much tigh...


  • 10 January 2020

    USD CLO

    Today saw 25 covers, mostly mezz – 1 x AAA, 3 x A, 8 x BBB, 12 x BB and 1 x B rated.  The single-As traded 179dm-226dm with t...

    EUR/GBP ABS/RMBS

    A few interesting trades in RMBS today. Two AAA Dutch Prime RMBS between 11dm and 14dm. Also two subordinate 1.0 RMBS trades. T...


  • 9 January 2020

    USD CLO

    An exceptionally busy day with 57 reported covers from the top and bottom ends of the capital structure – 13 x AAA, 43 x BB and 1 ...

    EUR CLO

    Today we have 9 x B & 3 x Equity. The majority of the single Bs have traded in a range from around 910dm to 950dm but there have bee...


  • 8 January 2020

    USD CLO

    23 covers today, with around two thirds IG rated – 1 x AA, 1 x A, 14 x BBB and 7 x BB.  The AA and A were both Middle Market ...

    EUR CLO

    Today we have 2 x BB, 1 x B & 2 x Equity. The two BBs have quite a difference in their spreads. BHLAE 2019-1X E (Bardin Hill) traded...


  • 7 January 2020

    USD CLO

    Today we saw 11 reported covers, all sub-investment grade – 10 x BB and 1 x B rated.  The BBs are from a variety of RP profil...

    EUR CLO

    Today we have 8 x AAA and 5 x AA. All the AAAs have priced to maturity. The DMs range from 99 dm to 129 dm. There are a lot of WALs to m...


  • 6 January 2020

    USD CLO

    A slow start to the week but nonetheless 6 reported covers across the rating scale – 2 x AAA, 1 x AA, 1 x BBB and 2 x BB.  Th...

    EUR CLO

    Trading has resumed today after the holiday break. We have 16 x AAA, 3 x AA & 1 x A. Of the AAA bonds that priced to maturity the DM...


  • 3 January 2020

    USD CLO

    The first trades of the year started to trickle in today with 7 reported covers – 6 x AAA and 1 x BBB.  The >4y WAL AAAs t...


  • 30 December 2019

    USD CLO

    A handful of reported covers today, all are AAA rated with >4y WALs and 2022/2023 RP profiles.  The typical trading range today ...


  • 26 December 2019

    USD CLO

    2 covers reported today, both AAs from PGIM – Dryden 38 and Dryden 40.  Both are 2023 RP profiles and cover 169dm / ~6.8y WAL...


  • 23 December 2019

    USD CLO

    Twelve covers today, all AAA.  The majority of >4y WAL AAAs (2022/2023 RP profiles) trade in a 113dm-124dm range with an outlier...


  • 20 December 2019

    USD CLO

    6 Covers today – 3 x A and 3 x BBB.  The single-As were of 2020/2021 RP profiles and traded 240dm-377dm (2020/21 RPs this wee...


  • 19 December 2019

    USD CLO

    24 covers today – 4 x AAA, 2 x AA, 2 x BBB, 10 x BB and 6 x Equity.  The >4y WAL AAAs traded in a 120dm-136dm range, with ...

    EUR CLO

    Probably one of the last set of EUR trades before the holidays, we have 5 x AAA, 2 x A & 3 x BBB today. None of the AAAs are callabl...


  • 18 December 2019

    US CLO

    34 Covers today across all rating bands – 11 x AAA, 2 x AA, 6 x A, 5 x BBB and 11 x BB.  The >4y WAL AAAs trade in a wide d...


  • 17 December 2019

    US CLO

    A busy day with 66 reported covers – 32 x AAA, 7 x AA, 9 x A, 10 x BBB and 8 x BB rated.  The >4y WAL AAAs trade in a 115dm...

    EUR CLO

    2 x AAA & 1 x A today. The AAAs both traded at discount prices and around 115dm to mat. This is around 5 to 10bps tighter than ...