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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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  • 4 June 2020

    USD CLO

    A ‘quieter’ day with 20 covers – 8 x 1st pay AAA, 3 x 2nd pay AAA, 2 x AA, 2 x BBB and 5 x BB.  The 1st pay AAAs ...

    EUR/GBP ABS/RMBS

    We have 1 ABS CVR today, PCLF 2017-2 A, A Premium Finance deal in GBP at AAA level which traded at 99.11 / 152dm to step up dat...


  • 3 June 2020

    USD CLO

    An even busier day today than yesterday with 52 covers.  There are AAA trades today, all 1st pay and a range of credit profiles tra...

    EUR CLO

    Just 2 x equity trades today. Whereas all the previous equity trade prices we have seen post-crisis have been in the VH20s/L30s price th...


  • 2 June 2020

    USD CLO

    A very active day with 48 covers with all ratings aside from AA covered.  The 1sy pay AAAs continue to tighten and trade in a 155dm...

    EUR CLO

    17 trades today across AA, A, BBB & BB. The AA is BECLO 6X B1 which traded at 221dm for a 6.3yr. This is within the tight end of the...


  • 29 May 2020


    EUR CLO

    2 x A, 1 x BBB & 2 x BB trades today. The single As traded at 255dm and 310dm. Last week we saw single As trading around 270-280dm, ...


  • 28 May 2020

    USD CLO

    Fifty covers today – 11 x AAA, 3 x AA, 3 x A, 16 x BBB and 18 x BB.  The AAAs tighten and trade 158dm-218dm, at the tight end...

    EUR CLO

    3 x AAA, 2 x BBB & 1 x B trades today. The AAAs have traded very tightly grouped between 173dm and 176dm. These levels are a few bps...


  • 27 May 2020

    USD CLO

    An extremely active day with 46 covers – 20 x AAA, 5 x AA, 3 x A, 1 x BBB and 17 x BB.  The 1st pay AAAs traded 165dm-217dm w...

    EUR CLO

    1 x AAA, 7 x AA & 2 x A trades today. The AAA is ANCHE 1X A1 which traded at 98.14 / 168dm. This is around 20bps tighter. On 20 May ...


  • 26 May 2020

    USD CLO

    Five covers to start this week, AAA-BB.  The AAA CGMS 2015-5A A1R (Carlyle) covers 177dm / 5.09y WAL (2024 RP profile), this profil...

    EUR CLO

    Just one trade today, CRNCL 2014-4X ERR. A BB which DNT’d but best bid was 85.67 / 906dm. Even though this bid is tighter than mos...


  • 22 May 2020

    USD CLO

    An understandably quiet end to the week with the Memorial Day weekend and bank holiday weekend in the UK too.  We had 4 covers toda...


  • 21 May 2020

    USD CLO

    A heavy day of trades with 47 covers from AAA through Equity.  The AAAs trade at the tightest levels post-vol in a 160dm-191dm rang...

    EUR CLO

    The single A trade today is HAYEM 1X C which traded at 307dm which is unchanged from recent levels.

    The two BBBs traded at 420dm (...


  • 20 May 2020

    USD CLO

    A very active day across the capital stack with 29 covers – 5 x AAA, 4 x AA, 14 x BBB and 6 x BB.  The 1st pay AAAs trade 166...

    EUR CLO

    10 CVR prices today. 5 of the trades are AAA and they all traded between around 180dm to 190dm. This again is another few bps grinding t...


  • 19 May 2020

    USD CLO

    We saw 22 covers today – 10 x AAA, 1 x AA, 2 x A, 5 x BBB and 4 x BB. The AAAs trade 172dm-230dm, the tight end signifies continue...

    EUR CLO

    8 CVR prices today, spread across a range of credit ratings. AAA rated SPAUL 4X ARN1 traded at 192dm. This is about 10bps tighter than A...


  • 18 May 2020

    USD CLO

    Fifteen covers today – 5 x AAA, 5 x AA, 2 x BBB and 3 x BB with most bonds trading in a tight dispersion and showing some signs of...

    EUR CLO

    8 CVR prices today, spread across a range of credit ratings. The AA rated ACLO 1X BRR traded at 96.80 / 254dm. This is within the recent...


  • 15 May 2020

    USD CLO

    Another buoyant day with 27 covers – 1 x AAA, 14 x A, 8 x BBB and 4 x BB.  The AAA is ARES managed ARES 2019-52A A2 which is ...

    EUR/GBP ABS/RMBS

    Got 2 ABS CVRs today, the first CVR prices we have seen on a BWIC for a long time. BRICQ 2019-1 A (AA rated Italian Consumer Lo...


  • 14 May 2020

    USD CLO

    A busy day with 30 covers – 4 x AAA, 4 x AA, 2 x A, 11 x BBB and 9 x BB.  The AAAs trade 170dm-223dm including a mezz AAA (2n...

    EUR CLO

    A handful of trades across a range of credit ratings again today. AAs traded between 240dm and 260dm. Spreads continue to grind tighter....


  • 13 May 2020

    USD CLO

    A busy day with 25 covers from AAA down to Equity.  The AAAs trade 172dm-206dm with an outlier trade ALM 2013-7R2A A1B2 246dm / 3.4...

    EUR CLO

    Trades across a range of asset classes today. The AAA bond is GRANH 2019-1X A (managed by MeDirect Bank) which traded yesterday at 236dm...


  • 12 May 2020

    USD CLO

    Quite an active day with 21 covers – 8 x AAA, 3 x BBB and 10 x BBs.  The AAAs trade 176dm-217dm with an outlier trade KING 20...


  • 11 May 2020

    USD CLO

    19 covers today – 1 x AAA, 2 x AA, 8 x A, 8 x BB.  The AAA is Palmer Square’s PSTAT 2020-1A A1 cover 178dm / 2.1y WAL w...

    EUR CLO

    Trades across a range of asset classes today. In the AAA category the ICG bond traded at 205dm whereas GRANH 2019-1X A (managed by MeDir...


  • 8 May 2020

    USD CLO

    An exceptionally busy end to the week with 35 reported covers across the capital structure.  At the senior end AAAs continue to gri...


  • 7 May 2020

    USD CLO

    15 covers today with a continued tightening tone – 1 x AAA, 3 x AA, 5 x A, 4 x BBB and 2 x BB.  The AAA is CBAM 2019-10A A1A ...

    EUR CLO

    2 x BBB & 1 x BB today. The BBBs traded around 575dm. This is quite a bit tighter than the previous day when there were a number of ...


  • 6 May 2020

    USD CLO

    We saw 16 mezz covers today – 3 x AA, 1 x A, 7 x BBB and 5 x BB.  The AAs trade in a narrow range 239dm-252dm (2022-2024 RP p...

    EUR CLO

    A good number of mezz trades today. The single As traded around 360dm. This is quite a bit tighter than the 421dm level we saw for the G...


  • 5 May 2020

    USD CLO

    A much more active day with 24 covers – 13 x AAA, 3 x AA, 6 x BBB and 2 x BB.  The AAAs (2019-2023 RP profiles) trade 180dm-3...