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April CLO Market Trends
May 9, 4 PM EST / 1 PM PST
May CLO Market Trends
June 8, 4 PM EST / 1 PM PST
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Get full current data from the CLO market and performance: BWIC/TRACE volumes, DNT rates, dealer’s inventory, new issues, prices across the stack, and more. Discover perspectives and analysis on the trading activity, market health indicators and trends that shape the CLO market.
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Explore monthly highlights and commentary from our experts and buy-side professionals. Gain a complete view of the CLO market takeaways at a glance.
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KopenTech has partnered with Fixed Income Investor Network (FIIN) to provide market commentary and analysis by senior industry practitioners. Market experts’ participation offers valuable insights into the CLO industry trends.
Key takeaways from February
- US BWIC volumes drop below LTM average.
- IG share in US BWICs stays at 82%, AAA close to LTM average.
- Average trade size increases in AA & A, but drops in AAA & Equity.
- TRACE volumes are down 15% to $15.1 BN, HY is 22% of total.
- Break in a 5-month streak of dealer buying, banks sell 30mm to clients.
- YTD CLO equity trading continues to track lower than 2022 volumes.
- Of the 27 trades, 13 showed color: median IRR is 28.03%.
- BWIC prices increase across the stack, with AAA trading at 98.80.
- New issue volumes climb to LTM highs, now at $15.24BN.
- Long deals constitute 86% of issued deals in February.
Guest Speaker
Ed Trampolsky,
Marathon Asset Management
Key takeaways from January
- New issue volumes rise from LTM lows to $7.37 Bn.
- New issue AAAs spreads are at 175-235 bps.
- More longer deals in January issuance.
- TRACE volumes are up 48% from December.
- BWIC DNT% increases slightly in IG (except for AAAs) and substantially in equity.
- CLO equity trading falls, with only 20 trades.
- 10 CLO equity trades showed color: median IRR is 22.16%.
- CLO prices increase across the stack.
Guest Speaker
Leland Hart,
Warwick Capital Partners