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Distress rises in US CLO double Bs — but most have been in trouble for years
18 days ago
Despite the limited impact of the Altice debacle on the European market (as explored in our cover story), stress is building in some older US CLOs. The robustness of the CLO 2.0 structure has carried the market through a variety of crises, but now a number of junior tranches in US BSL CLOs are either defaulted or impaired. -
Altice isn’t just a European CLO problem
1 month ago
The latest BofA research estimates that US CLO OC test breaches could jump to as high as 17% if all Altice entiites are downgraded -
Troubled European name reaches end-game
2 months ago
The long-running saga of French mass-market retail group Casino Guichard-Perrachon appears to be nearly over as the firm filed for Chapter 15 recognition in the US -
Electronic controls company Robertshaw is latest CLO name to default
2 months ago
Robertshaw, held by 134 CLOs with a total exposure of USD 151m, has filed for Chapter 11 bankruptcy -
Fitch notches up US lev loan and HY 2023 default rate forecasts
11 months ago
Fitch Ratings has raised its US corporate institutional high yield bond default 2023 forecasts from 3%-3.5% to 4.5%-5%, and its leveraged loan default forecast from 2.5%-3% to 4%-4.5% -
Ukraine auction settles CDS below expected recovery
1 year ago
An auction to settle sovereign CDS contracts referencing Ukraine produced a final price slightly below expectations, despite net buying demand for bonds to physically settle contracts -
Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
1 year ago
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings -
Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
1 year ago
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction -
Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
1 year ago
CLOs hold $596 million debt of lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
1 year ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Ukraine triggers restructuring credit event
1 year ago
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled -
Russia default claims resurface to shorten timeline to possible credit event
1 year ago
Russia is back in the spotlight amid renewed sovereign debt default claims, with the Credit Derivatives Determinations Committee asked once again to rule whether the country has triggered a failure-to-pay credit event -
Sovereign in scope as Russian Railways triggers first Ukraine-linked credit event
2 years ago
Russian Railways had triggered a failure-to-pay credit event, the Credit Derivatives Determinations Committee has ruled, making this the first sanctions-related credit event since Russia's invasion of Ukraine in February -
A fresh approach to loss distribution
2 years ago
Considering how cash balances change over time, loss distribution models can look very different to conventional thinking. So is your CLO’s pricing based on incorrect assumptions? -
Fitch cuts US leveraged loan default rate projection
2 years ago
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection -
Beneath the triple C: resurfacing credits surpass divers as tide turns for CLOs
3 years ago
Upgrades above triple C overtook downgrades to that rating or below in February. Moody's or Standard & Poor's cut six corporate debt issuers to triple C or below in February, out of which just four can be found in CLO portfolios -
Comment: Europcar auction dented short-sellers but not CDS
3 years ago
Far from showing the CDS market is not fit for purpose, last week's Europcar Mobility Group credit event auction was a lesson that speculative short selling is a dangerous ploy - especially when the trade is crowded -
Europcar CDS auction to include loan deliverables following challenge
3 years ago
An auction tomorrow to settle CDS contracts referencing Europcar Mobility Group will include a term loan facility agreement as a deliverable obligation, following a challenge to the initial list -
Europcar auction faces challenge with tight turnaround
3 years ago
The Emea Determinations Committee has little time to settle a challenge on Europcar Mobility Group deliverable obligations if an auction to settle CDS contracts referencing the defaulted French vehicle hire firm is to take place on time this week -
Selecta auction on course for mid-range CDS recovery
3 years ago
Selecta Group CDS contracts look set to generate a pay-out for protection buyers about midway in their range the months running up to today's credit event auction -
Selecta CDS auction date set with revised deliverables process
3 years ago
The Emea Determinations Committee has set a date later this month to settle Select Group CDS and has notified a change to its rules for choosing deliverable obligations -
Selecta splashes CLOs with bankruptcy credit event
3 years ago
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled -
Tranche traders smell the coffee as Crossover default percolates
3 years ago
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32 -
CLOs hold €250 million of defaulted French events organiser Comexposium
3 years ago
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday -
Garrett Motion stalls with CLOs holding $608 million of bankrupt firm's debt
3 years ago
Garrett Motion enters chapter 11 proceedings with a stalking horse offer from private equity firm KPS Capital Partners, which has agreed to buy substantially all of the firm’s assets for around $2.1 billion. CLOs hold around $680 million of Garrett's term loans
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