New issue, refinancing CLOs steady; pre-holiday securitized secondary trading volume light

By Cristal Cody

Tupelo, Miss., Sept. 1 – Looking to the rest of the year, new issue and reset CLO volume is expected to remain steady, according to market sources.

Year to date, $62 billion of new CLOs have priced along with another $117 billion-plus of refinanced and reset vintage CLOs.

In the euro CLO market, about €10 billion of new CLOs have been issued, while more than €17 billion of CLOs have been refinanced or reset so far in 2017.

Secondary market volume has been light over the last week of August.

On Thursday, $40.89 million of high-grade CBO/CDO/CLO issues and $53.8 million of non-investment-grade securities were traded, according to Trace.

Wednesday’s session saw $35.26 million of investment-grade securities and $82.16 million of lower-rated issues trade.

Secondary market volume totaled $46.27 million in high-grade issues and $66.99 million in non-investment-grade securities on Tuesday.

On Monday, $47.32 million of investment-grade CBO/CDO/CLO securities and $20.35 million of lower-rated issues were traded.

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