SCIWire

US CLOs slow

Tuesday 31 January 2017 14:22 London/ 09.22 New York/ 22.22 Tokyo

It looks set to be a slow couple of days in the US CLO secondary market.

The slowdown seen at the end of last week is carrying over in to this and around month-end. BWIC volumes have dropped considerably over the past few sessions and tomorrow's schedule currently looks little different. There are still some flurries of bilateral trading, but most appear to be inter-dealer book tidying.

At the same time, little pricing information emerged from Friday and yesterday's BWICs with a high proportion of DNTs or no colour released. Consequently, secondary spreads are little moved on the week.

Today's US CLO auction calendar involves three lists so far. The largest is a four line $13m double-B and equity mix.

Due at 10:00 New York time it consists of: CGMS 2015-2A D, MAGNE 2014-8A SUB, OAKC 2014-10A E and WINDR 2014-1A E. Two of the bonds have covered on PriceABS in the past three months, last doing so as follows: MAGNE 2014-8A SUB at L70S on 16 December; and OAKC 2014-10A E at 97.26 on 13 January.

31/01/2017 14:22:43