Excess Spread — CLO v SRT, sell to strength, Lone Star lags

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Excess Spread — CLO v SRT, sell to strength, Lone Star lags

Owen Sanderson's avatar
  1. Owen Sanderson
11 min read

Too late

We cover loans BWICs on 9fin when they come up, and sometimes they can illuminate market dynamics.

We’ve no specific knowledge about the seller of the €91m list that was in market on Thursday, but it does have the smell of a partially filled CLO warehouse — mostly round lots between €2m and €5m, recent primary printed in the tougher times of the summer (888 HoldingsAffideaLa Liga), heavy on the favoured tech/healthcare sectors, nothing distressed (Upfield has been trading at pretty stressed levels but knocked it out the park in its Q2 numbers, prompting its SUNs to trade up 10 points).

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