SCIWire

US CLOs ease up

Thursday 16 February 2017 15:35 London/ 10.35 New York/ 23.35 Tokyo

Activity in the US CLO secondary market looks to be easing up ahead of the President's day weekend.

In a strong start to the week in BWIC volume terms, the bottom of the stack saw some stepping off as the percentage of DNTs for equity and weaker mezz names picked up on Tuesday. However, yesterday saw a return to the high levels of bonds traded seen of late as the buying bias continued to prevail, albeit with only about half of the previous day's total face value in for the bid and a far greater focus towards investment grade paper.

Today sees a further drop in face value on BWIC as the market decelerates towards the long weekend with under $120m across six lists. The chunkiest piece up for auction among the lists remaining is a $15m single piece of MAGNE 2014-8A BR due at 11:00 New York time.

The double-A tranche has not appeared on PriceABS before.

16/02/2017 15:35:59