Market update: Continued reset activity, active secondary On the CLO primary, 1 new issue deal and 6 resets priced. YTD gross new issuance exceeds €38bn whilst reset/refi volume is above €44bn. On the secondary, CLO BWIC volume reached almost €580mn, with strong triple-A and double-B supply. Single-A to single-B spreads tightened a bit. European CLO Weekly Negative par build, increase in out-of-RP OC test breaches Accessible version Most CLOs have had negative par build YTD Around 80% and 82% of in-RP CLOs ...

Accessible version The pipeline is building up, suggesting a busy September. Secondary market: BWIC volume elevated thanks to CLOs BWIC volume (our only observable indicator of secondary market activity in Europe) was down by nearly 20% WoW but remained at an elevated level (c. EUR748mn). The level was driven by EUR CLOs, as usual (up nearly 30% WoW). The dominance of AAAs however may help ease the explanation: taking profit in preparation for new investment opportunities: supply surge (the pipeline buildup ...