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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 -
Lumen Technologies ad-hoc group preps competing proposal
5 months ago
The refinancing of Lumen Technologies, currently held by 1311 different CLOs with a combined principal balance of USD 3.8bn, took a new twist today as details of a competing proposal emerged -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
CLO engine sputters as loan recovery hits road block
1 year ago
US CLO issuance suffered a precipitous decline in August as firms struggled to adjust to the new pricing landscape -
Secondary CLOs stand firm as credit markets take a hit
1 year ago
Macro weakness is seeping into credit with CDS indices gapping wider and US loans suffering a setback after dropping below 95 points this week. Traders say the CLO secondary market has reflected this turn in sentiment, with did-not-trades racking up – although spreads have held up better than other parts of the credit market -
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 -
Quick! Avaya has ignited and $1 billion of CLO assets are at risk
1 year ago
Sparks are flying in the leveraged loan and high yield market after communications company Avaya Holdings slashed its forecasted earnings mere weeks after syndicating new debt. The rapid decline of Avaya's debt has left CLO managers little time to avoid the blaze -
Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
1 year ago
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B. -
You seem familiar
1 year ago
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator -
Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
1 year ago
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday -
Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
1 year ago
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely -
Fund performance: Credit bounces back from February blues
1 year ago
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month -
Ucits at a glance: Robus and Altana enter the final sprint neck and neck
2 years ago
A downward turn hit Ucits funds as 65% of them made positive returns in September, -
Still plenty more fish in the triple C
US CLO triple C buckets are lighter than a year ago thanks to the wave of loan upgrades from Moody’s and S&P. But 48% of downgraded paper is yet to return to a coveted single B rating2 years ago -
It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
2 years ago
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US -
It's all relative: CDX HY touches record tights but junior US CLO tranches leak wider
2 years ago
Credit spreads are marching tighter, but someone forgot to tell the CLO market. European and US CDS spreads have moved in step with each other for the most part with investment grade and high yield tightening 4-6% in the last week, whereas CLOs have been losing ground -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Sterling-heavy loan b-wic points to PGIM CLO
3 years ago
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018 -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
Beneath the triple C: cinemas get clipped but default picture improves
3 years ago
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month
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