KopenTech Blog – Page 5 – Market-building trends and news to help you innovate and improve

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...

Electronic Trading/Main Features

03/05/2021

CLO Secondary Market Trends: February 2021 Edition

BWIC Volumes February BWIC volumes dropped slightly to $3.3 Bn vs $4.0 Bn in January However $2.8 Bn traded demonstrating continued demand for the asset class. TRACE Volumes The first two months of 2021 saw increased CLO trading volumes with...

CLO Market Trends

02/08/2021

CLO Secondary Market Trends: January 2021 Edition

BWIC Volumes January BWIC volumes were in line with 2020 averages and saw a modest increase from December with $4 Bn posted and $3.8 Bn traded. These figures point to continued demand for the asset class. US CLO BWIC Trends,...

CLO Market Trends

01/29/2021

AMR Refinancing Results: TCW CLO 2019-1

KopenTech is pleased to announce the successful refinancing of TCW CLO 2019-1 via an AMR auction. Classes A through C, $330 million in aggregate, cleared below the cap margins, the maximum acceptable spread level. Over $800 million in bids were...

Online Refinancing (AMR)

01/18/2021

AMR Refinancing Results: Mountain View CLO XIV

On January 14, 2021, KopenTech held an online refinancing AMR auction for Seix’s Mountain View CLO XIV. Classes A1 through D totaling $348 million all cleared below the cap margin. The maximum acceptable spread level. Over $1.3 billion in bids...

Online Refinancing (AMR)

01/12/2021

CLO Secondary Market Trends: December 2020 Edition

BWIC Volumes: December BWICs saw a slight rebound above the 2020 average traded volume, with 3.15 B traded. US CLO BWIC Trends, 2020: TRACE VolumesTRACE reports all CLO trades involving FINRA members, including those done outside of BWICs. December was...

CLO Market Trends

12/24/2020

AMR: First Auction Results

KopenTech conducted the first Applicable Margin Reset (AMR) refinancing auction on January 30, 2020 for TCW CLO 2019-1. The AMR procedure, a low-cost alternative to traditional refinancing through an arranging bank, consists of a secondary auction process in which broker-dealers...

Online Refinancing (AMR)

12/10/2020

CLO Secondary Market Trends: November 2020 Edition

BWIC Volumes: November was the 3rd slowest month of 2020 for BWIC trading as focus has shifted to primary. US CLO BWIC Trends, 2020: TRACE VolumesTRACE reports all CLO trades involving FINRA members, including those done outside of BWICs. TRACE...

CLO Market Trends

12/01/2020

AMR Investor Guide. Auction-based, multi-dealer electronic CLO refinancing: Applicable Margin Reset (AMR).

A More Efficient Process for Refinancing CLOs Updated December 2020 Applicable Margin Reset (AMR) was developed in 2015 by alternative asset manager Sancus Capital Management to find a solution to risk retention and to streamline CLO refinancing. AMR differs from...

Online Refinancing (AMR)

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...

Electronic Trading