Category: 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

08/05/2021

Is the Quarter-End DNT Spike Real?

Is the Quarter-End DNT spike real? KopenTech researchers investigated whether or not a spike in DNT’d CLO securities exists on quarter-end months as compared to non-quarter-end months. The investigation concluded that there is significant evidence of a persistent DNT Spike...

Categories Electronic Trading

03/25/2021

New BWIC Selling Protocol – KTX LiveBidding™

LiveBidding is an innovative method of selling CLO securities on KopenTech’s electronic trading platform KopenTech BWIC. The platform’s objective is to increase trading volumes and transparency, as well as improving the CLO market for investors and broker-dealers alike. Historically, CLO...

Categories Electronic Trading/Main Features

11/15/2020

When is the Best Day to Hold a CLO BWIC?

The standard BWIC process is inherently inefficient; it requires humans to communicate frequently during a narrow window of time and with limited price transparency. The more human involvement there is in any process, the more potential there is for biases...

Categories Electronic Trading

11/02/2020

Introducing Barometers of CLO Secondary Liquidity

Introducing Barometers of CLO Secondary Liquidity Global markets have been turbulent during 2020 and the CLO market was no exception. In fact, the fallout from the coronavirus pandemic has been compared to historic market downturns such as the Great Depression...

Categories Electronic Trading