SCIWire

US CLOs still strong

Thursday 6 April 2017 14:00 London/ 09.00 New York/ 22.00 Tokyo

US CLO secondary market tone remains strong amid lacklustre volumes.

"Overall supply hasn't ticked up too much this week given that it's a new quarter," says one trader. "BWIC and TRACE volumes are fairly light and there's not much in the way of new issuance either so far."

The trader continues: "The market remains strong - as soon as paper becomes available it is very well bid. People might now be watching for cracks as the rally has been one way for quite some time, but none are appearing yet."

There are seven BWICs on the US CLO calendar for today so far. The largest slice in for the bid comes as a $15.313m single line auction of JFINR 2015-3A B1 due at 9:30 New York time. The double-A tranche hasn't covered on PriceABS before.

06/04/2017 14:00:35