European ABS and CLOs rally on Fed rates forecast
Trading activity in European ABS and CLOs was strong on Thursday after the Federal Reserve signalled it would cut rates in 2024

Secondary market activity in Europe quietens on US holiday, but strong sentiment prevails
Secondary trading was quieter in Europe this week, especially the last two days, due to the US Thanksgiving break

ABS rallies on better-than-expected inflation prints
The European ABS market has rallied over the last two days on news of rapidly falling inflation in both the US and the UK

European structured finance market constructive on rates pause — market snapshot
European ABS and CLOs had a constructive week in the secondary market, reflecting better sentiment in broader credit

European secondary activity quieter as CLO spreads widen further
Activity in the secondary market was quieter for a second week, especially with half-term holidays in the UK, according to market sources

Structured finance secondary market quiets down as volatility intensifies
Secondary market activity in European structured finance was subdued this week, in the wake of further market volatility sparked by the Israel-Hamas war

Hedge fund profit-taking prompts ABS sales as spreads soften in deteriorating macro conditions
More European ABS and CLO BWICs were on offer this week, as some hedge funds are selling their positions with a view to take early profits before the market widens further.  

ABS spreads hold up in spite of September issuance deluge, while CLOs soften
Trading activity in European ABS has slowed down, as the market absorbs one of the busiest months for issuance for years

Secondary CLO prices continued to rise across June
US BWIC secondary prices continued to rise in June, according to a report by KopenTech. 

European secondary ABS market rallies amid vibrant summer primary
After last week’s spread widening, triggered by a repricing of monetary policy expectations, sentiment in Europe’s structured finance market is on the upswing again.

Secondary activity ramps up as post-Barcelona rally continues
BWIC activity across European ABS and CLOs increased this week as investors and asset managers look to take some risk off heading into the summer  

CSAM and Five Arrows print Euro CLOs as bwic activity ramps up
Credit Suisse Asset Management and Five Arrows rounded off the week with two new issue European CLOs, while secondary bwic volumes increased week-on-week

Large CLO investor sells three post-reinvestment anchor equity positions
Three control equity positions were on sale on Thursday at 9am EST (2pm GMT) in the same list. The bwic listing was made up of three 2017 US CLOs, all of which are post-reinvestment and have not been reset in the years since

Primary US CLO triple As 40bp cheaper after secondary rally, says Barclays
A rally in the secondary market for CLO triple A paper last week has meant that primary spreads are cheaper on a relative value basis by around 40 basis points

Barclays shifts Euro CLO trading to ABS team with departure
A European CLO trader at Barclays, who took on more responsibility for trading following a keu figure departure, is understood to have parted ways with the bank late last year

CLO triple As face contest with "appealing" US treasuries: Barclays
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches

European CLO market weathers liability-driven investment crisis as just 4% of b-wics fail to trade
European CLO b-wic supply surged in September as liability-driven investment strategies sought to raise collateral via the floating rate CLO market.

Apollo scooped up $1.1 billion CLO paper amid UK LDI crisis, officials confirm
Apollo Global Management bought a whopping $1.1 billion of triple A and double A-rated CLO paper yielding over 8% in the three weeks of elevated bwic supply in October

CLOs underperform recovery as central bank tone shifts: Barclays
CLOs have lagged the recovery in risk assets over the last week and remain at near year-to-date wides, according to research from Barclays. Strategists add CLO triple Bs look cheap versus high yield corporate bonds

Private equity firms are becoming CLO converts: TwentyFour
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense"

Sofr away from me – basis puts new CLO triple As in dire straits
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business

Investors scoop up €228 million of senior European CLOs after record b-wic
Record European CLO secondary volume has been easily digested, with a large $228.2 million b-wic on Tuesday providing a prime example

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally

European CLOs emerge as gilt-y pleasure for US investors amid record b-wic volume
European CLO b-wics have flooded the market this week with sources indicating elevated supply on Wednesday and Thursday resulted in some of the busiest days on record. Officials at Bank of America say their weekly trading volume approached €1 billion  

Boston-based investor looks to sell entire equity tranche of 2020 PGIM CLO
An unusual equity position is on sale on the secondary market today at 9.30am EST (2.30pm London time) as the entire equity tranche of Dryden 83 has been listed