Collateralized loan obligation pricing was mixed last week, with AAAs ranging from LIBOR plus 165 basis points to 205 basis points.
The top tier repeat issuer, Credit Suisse Asset Management, priced its AAAs at the tightest level since the pandemic. In addition to CSAM, Western Asset Management Company and Benefit Street Partners priced deals.
According to JPMorgan, the CLO carry trade is moving toward tightening to AAAs to 150 bps and BBBs at 450 bps by year-end. CLOs have retraced 60% to 83% of COVID-related widening. For 2020 net CLO supply of $25 . . .
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