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

11/14/2023

CLO Market Trends: October 2023 Edition

BWIC volumes drop, prices fall, but new issue keeps coming October Webinar Guest Speakers: Jim Stehli, Polen Capital BWIC Volumes US BWIC posted volumes fall from last month’s LTM highs, now at $3.9 BN. Traded volumes are at $2 BN,...

CLO Market Trends

10/13/2023

CLO Market Trends: September 2023 Edition

BWIC volumes drop, prices fall, but new issue keeps coming October Webinar Guest Speakers: Jim Stehli, Polen Capital BWIC Volumes US BWIC traded volumes fell in September to LTM averages but posted volumes were at their highest – $2.7 BN...

CLO Market Trends

09/19/2023

CLO Market Trends: August 2023 Edition

CLO markets show increased volumes both in primary and secondary, with secondary prices at LTM highs. August Webinar Guest Speakers: Palak S. Pathak & Drew Sweeney, TCW Group BWIC Volumes US BWIC volumes increased in August, with posted volumes ($5.7Bn)...

CLO Market Trends

08/14/2023

CLO Market Trends: July 2023 Edition

Primary volumes bounce back, new issue AAAs tighten to 175bps. Secondary prices are at LTM highs. June Webinar Guest Speaker: Amir Vardi, CSAM BWIC Volumes US BWIC traded volumes in July fall a touch from June values, but are still...

CLO Market Trends/Electronic Trading

06/14/2023

CLO Market Trends: May 2023 Edition

CLO New Issuance bounces back to LTM average, secondary trading levels fall March Webinar Guest Speaker: Scott D’Orsi, Putnam Investments BWIC Volumes US BWIC volumes fall by 22% from prior month, with both posted and traded volumes below LTM averages...

CLO Market Trends

06/05/2023

CLO Manager Profile

KopenTech is launching CLO Manager Profile feature on their KTX platform. It provides a comprehensive overview of the company’s profile and key indicators in a user-friendly format. It is a collection of qualitative, as well as quantitative data. Managers can...

CLO Market Trends/Electronic Trading/Main Features/Online Refinancing (AMR)/Uncategorized

05/17/2023

CLO Market Trends: April 2023 Edition

BWIC volumes are up 66%, while overall TRACE volumes are down. CLO prices are close to LTM highs. April Webinar Guest Speaker: Eddy Piedra, 40/86 Advisors BWIC Volumes US BWIC volumes rise above LTM averages in April, with 66% increase...

CLO Market Trends/Electronic Trading

04/20/2023

CLO Market Trends: March 2023 Edition

Volumes are down, prices are lower across the stack. March Webinar Guest Speaker: DJ Lucey, SLC Management BWIC Volumes Trading volumes in US BWICs continue to decrease, down 14% in posted (now $3.9BN) and 29% in traded (now $1.9BN), compared...

CLO Market Trends/Electronic Trading

03/20/2023

CLO Market Trends: February 2023 Edition

New issue volumes are at $15BN, the LTM highs. CLO prices rise across the stack. February Webinar Guest Speaker: Ed Trampolsky, Marathon Asset Management BWIC Volumes Trading volumes in US BWICs drop below LTM averages, down 21% in posted (now...

CLO Market Trends/Electronic Trading

03/09/2023

For International Women’s Day, we sat down with our founder, Olga Chernova, to discuss her idea behind KopenTech.

How did KopenTech get started and what inspired its creation? KopenTech was born out of my disappointment with the cumbersome and time-consuming process of refinancing CLOs. As a CLO equity investor, I saw the potential of this asset class but...

Electronic Trading/Online Refinancing (AMR)

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

07/14/2023

CLO Market Trends: June 2023 Edition

New issue at YTD lows, $5.1BN, while secondary BWICs stay at LTM average, $2.5BN June Webinar Guest Speaker: John Wu, Seix Advisors BWIC Volumes US BWIC volumes improve by 28% from prior month. Both posted and traded volumes are approaching...

CLO Market Trends/Electronic Trading