KopenTech Blog – Market-building trends and news to help you innovate and improve

01/12/2023

KopenTech Year End CLO Review

With 2022 behind us, we review the CLO market major trends: CLO Secondary Trading Skyrockets42% increase YOY and 8% since 2020 Covid Spike. US BWIC volumes are driven by AAA tranchesAAA secondary trading is up 92% from 2021. Equity trading...

CLO Market Trends/Electronic Trading

12/15/2022

CLO Market Trends: November 2022 Edition

Prices are off the year’s lows in secondary, new issue AAAs remain at the year’s widest levels. Guest Speaker: Michelle Liu, KKR BWIC Volumes We have seen a continued increase in US BWIC trading since August, though we are still shy...

CLO Market Trends/Electronic Trading

11/15/2022

CLO Market Trends: October 2022 Edition

Volatility continues to drive higher trading volumes, new issue is close to 2022 lows. Guest Speaker: Dagmara Michalczuk, Tetragon Credit Partners BWIC Volumes A shaky US economy continues to drive price volatility and as a result, trading volumes continue to...

CLO Market Trends/Electronic Trading

10/17/2022

CLO Market Trends: September 2022 Edition

Price volatility drives higher trading volumes and primary is up from summer lows. Guest Speaker: Komal Shahzad, PineBridge Investments BWIC Volumes Price volatility accounted for higher BWIC volumes, especially in Europe, where we saw the largest posted volume in 3...

CLO Market Trends/Electronic Trading

09/14/2022

CLO Market Trends: August 2022 Edition

Guest Speaker: Olga Chernova, Sancus Capital Management BWIC Volumes August BWIC volumes are down slightly from last month which was not surprising for a typical summer slowdown. BWICs traded were $2.13BN with $3.86BN posted, year-to-date volume is still tracking 46% higher...

CLO Market Trends/Electronic Trading

08/16/2022

CLO Market Trends: July 2022 Edition

Guest Speaker: Allan Fan, Credit Suisse Asset Management BWIC Volumes July BWIC volumes are down from last month due to the SF Vegas conference which took market participants away for a week and a general summer slowdown. With $2.26BN trades/ $3.34BN posted,...

CLO Market Trends/Electronic Trading

07/15/2022

CLO Market Trends: June 2022 Edition

Prices fall across the stack and new issue spreads continue to widen BWIC Volumes June BWIC volumes remained unchanged vs. May, with $3BN traded/ $5.69BN posted. YTD secondary BWICs are tracking at $19.93BN, 39% YoY increase. BWICs continue to be...

CLO Market Trends/Electronic Trading

06/27/2022

KTX DirectBidding™ Quicktakes

What is KTX DirectBidding? KTX DirectBidding CLO electronic trading protocol taps into the liquidity of broker-dealers and buy-side investors at the same time. Buy-side investors can trade directly and anonymously while settling via independent settlement and clearing firms. Source: TRACE,...

Electronic Trading

06/23/2022

KopenTech Launches Revolutionary KTX DirectBidding™

LOS ANGELES (BUSINESS WIRE) – KopenTech, the online trading and analytics platform for structured products, announced today the launch of KTX DirectBidding™. DirectBidding™ is a trading protocol that allows buy-side investors to trade CLOs directly and anonymously with each other...

Electronic Trading/Main Features

06/10/2022

CLO Market Trends: May 2022 Edition

Guest Speaker: Michelle Manuel, Investec Bank BWIC Volumes May BWIC volumes declined 30% from the highs of March with $2.92BN trades/ $5.2BN posted. However, year to date volume of $16.93BN is up 139% versus 2021 of $12.20BN. TRACE Volumes TRACE volume is $18BN...

CLO Market Trends/Electronic Trading

05/17/2022

CLO Market Trends: April 2022 Edition

High Trading Volumes Continue, New Issue Volumes Recover April Webinar Guest Speaker: Dan Wohlberg, Eagle Point Credit Management BWIC Volumes April had close to a record in BWIC trading with 4.3BN trades/ $7.6BN posted. BWIC volume continues to be driven...

CLO Market Trends/Electronic Trading

04/19/2022

CLO Market Trends: March 2022 Edition

Secondary Trading Highest in 7 Years March Webinar Guest Speaker: Laila Kollmorgen, Portfolio Manager, PineBridge Investments BWIC Volumes Largest in 7 Years March was the strongest month in BWIC trading and the second largest posted in the last 7 years:...

CLO Market Trends/Electronic Trading

03/18/2022

Riskoff sentiment drives a flood of trading in CLO AAAs

Given their floating-rate nature, leveraged loans and CLO securities avoided turbulence seen in other fixed-income instruments and equities in early 2022. However, with the Russia-Ukraine war, the cracks have started to appear and a flood of trading in the senior...

Electronic Trading