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US loan volume nears record levels
5 days ago
In Q1 2024 quarterly institutional loan issuance reached its second highest level on record. The period also saw the lowest quarterly share of new money issuance, at just 13% of total activity -
IACPM survey finds credit PMs still gloomy, but less so than last quarter
11 days ago
Respondents to the latest IACPM Credit Outlook Survey are still negative about future credit conditions, but less so than in previous surveys -
Thirty years strong - new S&P report highlights resilience of CLO structures
21 days ago
If you’re feeling battered by the relentless Altice coverage, S&P Global Ratings has come out with a timely reminder that dealing with distress is something CLOs do exceptionally well -
Global Loan Highlights 1Q24: Don’t call it a comeback
26 days ago
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth -
February 2024 US Leveraged Highlights
29 days ago
Debtwire today releases the February 2024 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets. -
Barclays raises 2024 US BSL CLO new issue forecast
1 month 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?
1 month 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?
1 month 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
1 month 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
2 months 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
2 months 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
2 months 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
3 months 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
3 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 -
Credit PMs remain gloomy in latest IACPM survey
3 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
3 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
3 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
4 months ago
Debtwire today releases the November 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets -
Is direct lending on the rebound? - Debtwire Special Report
4 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 -
State of the US Loan Market 3Q23 - Xtract Special Report
5 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 -
September 2023 US Leveraged Highlights
6 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
6 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
6 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
6 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. -
Do resets help CLOs perform better?
7 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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