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Distress rises in US CLO double Bs — but most have been in trouble for years
15 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 -
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 -
US CLO credit Air Methods Corporation files for bankruptcy
6 months ago
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities. -
CLO market observes SVB collapse with trepidation
1 year ago
CLO market participants observed the fallout from the collapse of Silicon Valley Bank with trepidation on Monday as fears over contagion in other parts of the financial landscape remained heighened -
Creditors look to block asset stripping in loan docs
1 year ago
Loan managers are using their increased negotiating leverage amid tighter credit conditions to push back on private equity sponsors’ ability to asset strip portfolio companies -
CLO debt prices imply default rate exceeding forecasts, says Orchard Global
1 year ago
Current pricing of CLO debt tranches implies a default rate that is "far in excess" of the most pessimistic forecasts, according to Orchard Global Asset Management -
Cineworld buys ticket for DIP facility with chapter 11 filing
1 year ago
Cineworld filed for Chapter 11 in the US Bankruptcy Court For The Southern District Of Texas on Wednesday, less than a month after the UK-based cinema operator announced Chapter 11 was among the options it was considering to “achieve its restructuring objectives” -
B- share of CLO portfolios rated by S&P hits all-time high after 30 downgrades in a month
1 year ago
The share of CLO portfolio assets rated B- by S&P hit an all-time high of 29% after 30 loans were downgraded in August -
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 -
Hidden loan tail risks and mounting single B exposure could pose problem for CLOs: Barclays
2 years ago
A solid rally for leveraged loans this week - against returning weakness in bonds - has put focus back on the market, which seemingly has little tail risk priced in. But short term support factors and a dwindling triple C bucket mask the quality skew, warn Barclays strategists in a note today - which could spell downgrades for single-B minus rated loans -
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 -
Fitch lowers US loan default rates for 2021 and 2022
3 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
S&P lowers default rate forecast for US loan index
3 years ago
S&P Global Ratings has revised down its leveraged loan default rate forecast for the end of the year, based on the S&P/LSTA Leveraged Loan Index, from 3.5% to 2.75% -
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 -
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 -
iQor files for chapter 11 with CLOs holding $260 millon
3 years ago
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today -
CLOs stuck with $100 million of bankrupt TNT Crane's debt
3 years ago
14 CLO managers hold $92.5 million debt of TNT Crane & Rigging, which filed for chapter 11 protection in the US Bankruptcy Court For The District Of Delaware yesterday -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years -
CLOs hold $600 million of bankrupt retailer Tailored Brands
3 years ago
Tailored Brands has become the latest US retailer to file for Chapter 11 as a result of the coronavirus-induced pandemic. 37 US CLO managers hold $588.9 million in term loans of the Houston-headquartered firm, -
Insurers' CLO triple A and double A investments can survive most severe stress tests, report finds
3 years ago
A stress test performed on US insurers' CLO investments, as of December, shows that even under the most severe coronavirus default and recovery assumptions, double A and triple A-rated tranches are protected against principal losses -
OC health check: second European 2.0 CLO reports junior OC breach
3 years ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
Dishware maker files for bankruptcy as CLOs hold $200 million
3 years ago
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus -
Scale of coronavirus-linked defaults divides credit market
3 years ago
As governments and central banks around the world plough money into the economy in response to the coronavirus pandemic, the loan and CLO markets are nevertheless bracing themselves for a corporate downgrade wave to turn into a default cycle
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