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Barclays raises 2024 US BSL CLO new issue forecast
3 days ago
Barclays has become the latest bank research desk to increase its 2024 US BSL CLO new issue forecast -
How many CLOs will be reset?
5 days ago
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs -
How many CLOs will be called this year?
5 days ago
Most CLOs are called when loan market prices are high. Distributions and equity NAV are also important, and they suggest that over 30 2017 and 2018 deals are now ripe for redemption -
European CLO equity distributions keep getting better, US keep getting worse
7 days ago
The latest distributions for post-reinvestment US CLOs show the impact of rapid prepayment rates, but post-reinvestment European CLOs are bucking that trend and seem to be improving with age. -
Ask the market where spreads are heading
1 month ago
Nothing brings the CLO market together like a good moan about the state of the arb. But according to our data, the arbitrage for new-issue US CLOs has remained in the same range for years. -
Fresh wave of CLO calls looms as US equity distributions drop
1 month ago
Equity distributions for US CLOs outside their reinvestment period continue to fall as prepayments cut into cashflows -
European CLO primary spreads still have a long way to go
1 month ago
Are European CLO spreads in the primary market cheap or expensive? Our latest research shows that while US managers can celebrate AAAs reaching the 150s, in Europe spreads still have a long way to go to reach historical norms. -
Covenants update: State of the US Loan Market 4Q23
1 month ago
Xtract Research has published its 4Q23 report into the state of the US loan market. Highlights from the report include the following. -
New report finds 2023 a record year for alternative credit M&A
2 months ago
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry -
DebtDynamics EMEA: Size matters
2 months ago
Direct lending margins widen on small deals, with an enlarging gap to other deals in the latest DebtDynamics EMEA research -
Credit PMs remain gloomy in latest IACPM survey
2 months ago
Survey participants in the latest IACPM Credit Outlook Survey believe the euphoria seen in global financial markets during the last few months of 2023 was overdone -
New research says that CLO arb is better than you think, but still not good enough
2 months ago
New research by Barclays’ Powell Eddins and Pranava Boyidapu suggests that CLO arbitrage is in a better place than many investors think, but that BBs are still more attractive -
Investor wades into debate on whether CLO BB notes are literally underrated
2 months ago
The latest piece of thought-provoking research from Flat Rock Global broaches the thorny topic of structured credit ratings, asking “Are CLO BB Notes Investment Grade?” -
November 2023 US Leveraged Highlights
3 months ago
Debtwire today releases the November 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets -
November 2023 European Leveraged Highlights
3 months ago
Debtwire today releases the November 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets -
Is direct lending on the rebound? - Debtwire Special Report
3 months ago
After a slow start in 2023, direct lending in both the US and Europe has been on the rise, with volumes in Q3 almost doubling compared to the previous quarter -
DebtDynamics EMEA | Right on time
4 months ago
Leveraged loan borrowers favouring shorter tenors pile maturities for 2028 -
State of the US Loan Market 3Q23 - Xtract Special Report
4 months ago
The US leveraged loan market continued to languish in 3Q23, but the average covenant score for large Sponsor loans bounced back somewhat from its precipitous decline in 2Q23 according to this special report -
DebtDynamics EMEA | Under pressure: likely-to-distress scores highlight struggling industries and regional woes
5 months ago
The European leveraged market has crossed the threshold of 100 companies at the stressed/distressed lifecycle stage, according to Debtwire data -
September 2023 US Leveraged Highlights
5 months ago
Refinancing continues to amplify leveraged debt volume in Debtwire's latest report featuring key trends in the leveraged loan and high-yield bond market -
Credit PMs predict global recession
5 months ago
Respondents to the latest IACPM credit outlook survey were feeling particularly gloomy, with a strong majority predicting recessions in both the US and Europe next year -
Loan Highlights 3Q23: Loan volumes remain significantly lower than historical averages
5 months ago
Capital markets loan activity continued to struggle in the third quarter of 2023, as issuers in the Americas and Europe held off from tapping markets -
European CLOs win out against US deals
5 months ago
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches. -
Testing the water: issuers gauge sterling HY bond demand following 10-year record low
5 months ago
Pure Gym, a UK-based fitness club, has become the second company in a week to test demand for sterling-denominated senior secured notes in the European high-yield market -
Do resets help CLOs perform better?
6 months ago
As the market for CLO resets opens, we look at the performance of deals that were previously reset, and find they soon deliver higher distributions than those deals that were not reset
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