No summer slow down here. In August, we saw 65 BWICs and 94 OWICS on Octaura, garnering over 14,300 responses and driving total volume to surge by 227% year over year. This is followed by a similarly active July, with 6.4% of the secondary market trading on Octaura.¹ 

CLOs were the main driver of volume this month with two competing themes at play. 

1. High dollar prices seem to have motivated equity investors to call deals and managers found success managing those liquidation exercises on Octaura. 92% of that inquiry was in comp as managers stretched to make the return math work. 
2. On the flip side, with a record number of warehouses open², managers leaned on Octaura to facilitate ramps. Clients were more inclined to engage out of comp when buying, representing 52% of inquiry.

To visualize this, we overlayed cumulative WIC volume across July & August. It’s clear that liquidations outpaced buying, while the percentage of loans bid above par were steady, indicating that prices held up despite stronger selling.  

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1. Based on the LSTA’s published secondary trading volume for July 2025. 

2.  Source: Bloomberg: Record Open US CLO Warehouses Indicate Pickup in Deals: Barclays

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