Category: 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...

Categories Electronic Trading

03/11/2022

CLO Market Trends: February 2022 Edition

BWIC Volumes February total posted volumes continued to increase and rose to $5 Bn. This is the highest we have seen all year. However, with only $2.9 Bn traded, this is low compared to last February with $3.4 Bn. So,...

Categories CLO Market Trends/Electronic Trading

02/01/2022

New feature: CLO Issuance Monitor

We’re excited to announce KopenTech’s newest feature, the CLO Issuance Monitor. It’s a centralized portal for all primary activity: new issues, refis and resets. With this portal, our objective is to have a centralized location and standardized approach to collecting...

Categories Electronic Trading/Main Features

01/20/2022

CLO Secondary Market Trends: December 2021 Edition

BWIC Volumes December had a total of $2.59 billion listed on BWICs, lower than November’s $4.34 billion. While posted BWIC volumes were high relative to the rest of the year, only 1.61 billion actually traded via BWIC, consistent with our...

Categories CLO Market Trends/Electronic Trading

12/29/2021

KopenTech Year End CLO Review

Primary issuance skyrockets in 2021 2021 top ten Issuers and Arrangers New Issue AAA Spreads:Reinvestment end > 3 years TRACE volume of $140 Bn falls short of 2020 record Most liquid tranches: BBs with 17% and BBBs with 14% of...

Categories Electronic Trading

12/15/2021

Opal CLO Summit Takeaways

At the Opal CLO Summit, KopenTech participated in several panels. Here are our takeaways from the conference: Strong issuance is likely to continue Amid strong primary issuance, CLO volumes outstanding topped $1 trillion in 2021. After a two-year hiatus, the...

Categories Conferences/Electronic Trading

12/06/2021

CLO Secondary Market Trends: November 2021 Edition

BWIC Volumes November had a total of $4.3 billion listed on BWICs. This was the highest monthly volume for 2021, which brings the total 2021 YTD BWIC volume to $28.6 billion listed. The average volumes for the last 12 months...

Categories CLO Market Trends/Electronic Trading

11/16/2021

Second Largest AAA BWIC in 7 years

A listing of 21 AAA securities totaling $818 million is coming up on BWIC on Tuesday, November 16, 2021. This represents the second-largest AAA BWIC day in the last seven years. The highest was October 8, 2019, having seen over...

Categories Electronic Trading

10/29/2021

CLO Equity Liquidity Rises

While October started out slow, the second half of the month saw over $660 million of equity in for the bid bringing the total to $780 million. Half of the volume has been this week with $348.5MM of CLO equity...

Categories Electronic Trading

10/25/2021

CLO Equity is in for the Bid This Week

Investors are eyeing several sizeable CLO equity BWICs taking place over the next several days. Data from the KopenTech BWIC platform shows that over $100 million in CLO equity on Monday, October 25th, over $60 million on Tuesday, October 26th,...

Categories Electronic Trading