Three US BSL CLO BB tranches traded last Friday. One older deal saw a wide cover bid near 1,000 DM, weighed down by a low MVOC and negative clean equity NAV. Another tranche cleared around 900 DM, supported by an MVOC of about 101% and a slightly positive equity NAV. By contrast, a more recent tranche attracted an above-par cover bid, with DM-to-call and DM-to-maturity in the high 500–600 bps range.
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