Secondary trading levels were red hot as a number of names including Metro Goldwin Mayer and Novelis ticked up as new money flooded the market. Investors had cash to spend as five firms priced new collateralized loan obligations during a two week period including Highland Capital Management, Kingsland Capital and Apidos Capital. [Despite plenty of cash coming to market, with eight CLOs for about $4 billion coming to market the week of June 26, according to JPMorgan research, secondary levels are still off from a few months ago, as primary deals continue to be priced cheaply although spreads are slowly starting to widen. According to Markit, MGM was down slightly this week to 100.271-100.688; Novelis was down a bit from late June to 100.219-100.719.]
One Year Ago In The Credit Markets
