Property bonds trading on Wall Street point to grim outlook for embattled hotel chains

April 23, 2020

Traders circulated a list of five mezzanine mortgage bonds tied mostly to national, extended-stay hotel chains at price talk of about 63 cents to 72 cents on the dollar, according to bond data and tracking platform Empirasign. "Price talk" only reflects what Wall Street dealers think bonds could fetch on the open market, not actual trading levels, but they are widely used as a gauge of market sentiment. Four parcels, with a combined $23.5 million face value, ended up trading hands Thursday, leaving only an $8.4 million slug of BB-rated bonds out in the cold, according to Empirasign.


Why the commercial mortgage bond market looks dire right now

March 25, 2020

"Last week, most of the lists weren’t even getting bids," said Adam Murphy, founder of Empirasign, a platform that tracks bond-trading activity. He also said that some sellers this week instead are turning to "all-or-nothing" lists. "The reason for that can be twofold," he said. "Either you get a margin call and need to liquidate multiple positions simultaneously. Or it's people trying to find a more expedient method of transacting."


Securitized Credit Bid-List Volume Hits Highest Level Ever

March 18, 2020

Securitized credit markets have seen the highest volume ever of so-called Bids Wanted in Competition, or BWICs, for sale in the secondary market over the last two weeks, according to data from Empirasign Strategies. "We're seeing that the volumes are so high that a sizable portion of these BWICs are not even receiving bids," said Adam Murphy, founder and president of Empirasign, a firm that tracks capital markets trading. "There just seems to be a universal race for cash." This includes BWICs across ABS, CLOs, CMBS, and RMBS, Murphy told Bloomberg News. Last week saw 1,018 structured-finance BWICs up for sale, the highest number ever, according to Empirasign. Each BWIC is a bid list containing many different bonds, often from the same asset class. This week has already seen 711 BWICs attempting to trade in the secondary, "and it may be on pace to be the new No. 1," Murphy said.

Bloomberg News

Meltdown Spreads to Structured Finance

March 13, 2020

According to Empirasign, bid lists containing $4.5 billion of asset- and mortgage-backed bonds hit the market during the March 9-12 span, up from $455 million the previous week.

Asset-Backed Alert

CLOs Jump on Leveraged-Loan Rout

March 13, 2020

From March 9-11, $2.1 billion of bid lists went out for offers, up from 1.5 billion for the entire preceding week and $728.5 million the week before that, according to Empirasign.

Asset-Backed Alert

CLO Equity Trading Picks Up

December 20, 2019

Bids on nearly $77 million of equity from five CLOs flowed in on Dec. 18 and 19, according to Empirasign.

Asset-Backed Alert

Investors Return to Secondary Market

December 20, 2019

According to Empirasign, an average of 95 bid lists totaling $1.3 billion circulated in each of the last three full weeks (excluding Thanksgiving week), with nearly 95% of those bonds changing hands.

Commercial Mortgage Alert

Global CLO Roundup: Sizing up risks going into year-end

October 21, 2019

A handful of CLO equity tranches were offered in the secondary last week, according to data from Empirasign Strategies, including a control equity piece on a 2015 vintage CLO.

LCD News

CLO Secondary Trading On the Rise

October 18, 2019

CLO paper appeared on formal bid lists 131 times in the first half of the year, up from 123 times in the second half of last year and just 86 times in the 2018's first half, according to data provider Empirasign.

Commercial Mortgage Alert

CLO Holders Shrug Off RAIT Filing

September 13, 2019

According to data collected by Empirasign, trading in the CLOs has been light since the REIT started having problems in late 2017.

Commercial Mortgage Alert

Warning signs are flashing in funds that buy leveraged loans

August 27, 2019

Looking to catch a bid: Listings for CLOs with low ratings spike in 2019


Empirasign adds real time ABS 'canary'

August 16, 2019

Securitisation data provider Empirasign has added a new functionality which will use regulatory filings to give ABS traders a 'canary' for new issuance and repurchase events.

Alt Credit

Investors Shed Card-Bond Exposures

June 28, 2019

In all, 4.7 billion of credit-card bonds traded on the secondary market from May 13 to June 21, according to Empirasign.

Asset-Backed Alert

CLO Bid Lists Inundate Secondary Market

June 14, 2019

Investors offered $2.6 billion of CLO paper on the secondary market during the first eight business days of the month, spreading the supply across 79 bid lists encompassing 490 positions, according to Empirasign.

Asset-Backed Alert

CLO Trading Soars Amid Refinancing Pause

February 22, 2019

According to Empirasign, the weekly average supply of formal bid lists in the sector totaled $802.7 million from Jan. 1 to Feb. 15 — versus $525.9 million for all of 2018.

Asset-Backed Alert

Global CLO Roundup: Seeking a foothold in the primary

January 07, 2019

One $5 million 2015 vintage BB tranche on Thursday did exchange hands in the high 80s, while two small 2018 vintage BB tranches on Friday covered in the low 88 and 89 area, but most others have traded a few points higher or failed to trade all together, according to data from Empirasign Strategies.

LCD News

Global CLO Roundup: Mezz tranches widen as secondary bids evaporate

December 17, 2018

One $2.5 million BB tranche on a 2015 vintage CLO covered with a 90 handle on a Wednesday BWIC after it had last traded in July with talk in the 98 area, according to data from Empirasign Strategies.

LCD News

Global CLO Roundup: More in US delay deals; Europe closes shop

December 10, 2018

Lower in the capital stack, a number of 2013-2015 vintage BB tranches that exchanged hands were covered between 675-715 bps, according to data from Empirasign Strategies.

LCD News

UK student loan securitization steps forward despite MPs' scepticism

December 03, 2018

Data from Empirasign shows that the rated notes appear on ABS BWICs relatively rarely, with only two appearances from the A1 notes in the last year.


Global CLO Roundup: CLO related BWIC activity increases in US

November 05, 2018

More investors look to be selling their junior mezz tranches this week as one money manager has put out a $22.6 million BWIC of CLO BBs this afternoon on a number of 2014-2016 vintage CLOs, while one private equity investor has also put out an $87.6 million BWIC of CLO BBs that feature more recent 2017 and 2018 vintages, according to trading sources and data from Empirasign Strategies.

LCD News

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