KopenTech CLO Weekly: BWIC Activity & Market Trends, Apr 13–17, 2026

Weekly Market Tone & BWIC Color

$1.14bn posted across 38 lists, with $534.6mm trading at a 46.8% conversion rate - marginally softer than 50.0% the prior week. Flow was concentrated mid-week, with Wednesday alone clearing 77.8% of what was put up. Thursday's $473.6mm posting - the heaviest session of the week - met a wall of selectivity at just 35.6% conversion, pointing to supply outrunning demand as the week closed out. Senior paper dominated listings at 55.9% of posted flow, with BB comprising a further 19%.

Traded US CLO BWIC Volumes

IG cleared without stress. AAA averaged 99.87 (flat WoW), AA converted at 92% - the tightest hit rate in the stack - and BBB absorbed at 98.39 despite a 13% DNT rate. The real story was in BB, where clearing prices spanned 88.33 to 99.51 - over 11 points of dispersion around a 94.95 mean. That range is a tiering story, not a direction call: recent-vintage, higher-MVOC paper cleared into the high-90s while weaker structures and longer-WAL names were cut hard. BB DNT at 21% confirmed the selectivity. B and NR went untraded. Tone into the weekend was defensive; the bid was present but narrow.

Traded US CLO BWIC Volumes by Rating

What January Trading Reveals About CLO Secondary Liquidity

January CLO secondary markets showed a stabilising tone rather than acceleration. TRACE trading volumes held near $18.8bn, with multiple sessions above $1bn confirming consistent liquidity. US BSL AAA spreads tightened toward ~121bps, approaching cycle tights, while BB spreads retraced part of the year-end widening. Investor demand also rotated modestly down the capital stack, with high-yield tranches taking a larger share of activity as confidence improved. Read Kopentech's full article on Creditflux.

Kopentech at SFVegas 2026 | Tech Odyssey Live Demo

Kopentech has been selected to present at SFVegas 2026 as part of Tech Odyssey, showcasing how its Issuance Monitor converts fragmented dealer color and CLO price talk into structured, real-time primary-market intelligence. By tracking live CLO pipelines, pre-pricing activity, spreads, and demand shifts, Kopentech delivers actionable transparency for CLO managers, arrangers, and investors seeking faster, data-driven execution decisions.