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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
11/15/2020

AMR in the Secondary Market

Applicable Margin Reset (AMR) is beginning to gain broad acceptance in the CLO market, especially since the coronavirus pandemic has led to widened spreads in the CLO primary pipeline. The feature, which is designed to make the refinancing process quicker...

Categories Online Refinancing (AMR)
11/13/2020

E-bidding Functionality for CLO BWICs

What E-bidding functionality offers: Submit bids with a single click Centralized bid management across all BWICs Real-time bidding synchronized across all users Complete log of historical bidding See E-bidding flow: Step 1:Request for E-Bidding Access– Client requests acceptance for electronic...

Categories Electronic Trading/Main Features
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
10/16/2020

CLO Refinancing: Applicable Margin Reset

Collateralized Loan Obligations (CLOs) are arbitrage vehicles. CLO equity has a residual claim to the portfolio’s principal and interest after all liabilities have been paid. A larger difference between what a CLO takes in and what it pays out means...

Categories Online Refinancing (AMR)
10/06/2020

CLO Secondary Market Trends: October 2020 Edition

BWIC Volumes: October is the first month since July to see a decrease in BWIC volumes. US CLO BWIC Trends, 2020: TRACE VolumesTRACE reports all CLO trades involving FINRA members, including those done outside of BWICs. TRACE data reports that...

Categories Monthly CLO Secondary Market Trends
09/25/2020

AMRs: Similar to BWICs?

The AMR auction process is in many ways similar to the secondary BWIC (“bids-wanted-in-competition”) trading process for structured products. Yet, AMR offers additional improvements, mainly around the certainty of execution, which, as a result, should bring in more participation from...

Categories Electronic Trading/Online Refinancing (AMR)
09/05/2020

CLO Secondary Market Trends: September 2020 Edition

BWIC Volumes: September had the third-largest monthly BWIC volume in 2020 with a steady increase from July’s lull. US CLO BWIC Trends, 2020: TRACE VolumesTRACE reports all CLO trades involving FINRA members, including those done outside of BWICs. TRACE data...

Categories Monthly CLO Secondary Market Trends
08/12/2020

CLO Secondary Market Trends: August 2020 Edition

BWIC Volumes: August had the third-largest monthly BWIC volume in 2020, 33% higher than July’s. US CLO BWIC Trends, 2020: TRACE Volumes: TRACE reports all CLO trades involving FINRA members, including those done outside of BWICs. TRACE data confirm August...

Categories Monthly CLO Secondary Market Trends
07/31/2020

CLO Secondary Market Trends: July 2020 Edition

BWIC Volumes: After three months of increased trading activity to begin the COVID era, BWIC volumes dropped to pre-pandemic levels: $2.34/2.87 Bn traded/posted. US CLO BWIC Trends, 2020: TRACE Volumes: TRACE reports show July having the lowest CLO/CDO volumes of...

Categories Monthly CLO Secondary Market Trends

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Recent Posts

  • New BWIC Selling Protocol – LiveBidding
  • CLO Secondary Market Trends: February 2021 Edition
  • CLO Secondary Market Trends: January 2021 Edition
  • New feature: CLO Issuance Monitor
  • AMR Refinancing Results: TCW CLO 2019-1

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