International SF Weekly: Barcelona takeaway: Investing uneasily

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International SF Weekly: Barcelona takeaway: Investing uneasily

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International SF Weekly

Barcelona takeaway: Investing uneasily

The Global ABS conference in Barcelona last week changed the profile of market activity 15 June 2026

from doing deals on the primary or secondary markets to discussing the developments Structured Finance

on the primary and secondary markets. Only one new issue CLO and two CLO resets EMEA, APAC, LatAm

priced last week, and the BWIC volume dropped WoW by 80% for CLOs and by more ABS CMBS RMBS CLO

than 90% for ABS/MBS, with most of that activity taking place on the last day of the

week. Spreads were unchanged WoW, against a selective minor spread softening in the AlexanderInt'l Str. Fin.Batchvarov,Strategist CFA

corporate sector. See International SF Weekly Data Addendum: More talk than BofA Europe (Zurich)

+41 44 297 7469

action, dated 15 June 2026. alexander.batchvarov@bofa.com

In the last International SF Weekly dated 8 June 2026, we raised a number of questions AltynayInt'l MBS/Davletova,ABS StrategistCFA

to which we hoped to find answers at the Barcelona conference. In this Weekly report MLI (UK)

+44 20 7995 3968

we lay out our findings from the conference discussions, meetings and debates: altynay.davletova@bofa.com

If we have to summarise our findings about the markets’ mood in one word, MarkInt'l CMBS/ABSNichol Strategist

that word would be uneasy. If we have to elaborate on our findings, we would add: MLI (UK)

+44 20 7996 0965

mark.nichol@bofa.com

• Investors appeared full of cash, but lacking conviction. That could explain the buy-

Dustin Walpert, CFA

on-the-dip mentality coupled with a search for value away from the beaten path and European CLO Strategist

a bias towards shorter duration exposures. MLI (UK)