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CLO portfolios may need check-up as healthcare sector continues to deteriorate
3 months ago
Reimbursement challenges and high labour costs are expected to continue to drive restructuring activity among healthcare companies this year following a busy 2023. -
DebtDynamics North America: Likely-to-distress scores highlight struggling industries
9 months ago
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories -
Stress ticks up in CLOs as downgrades take triple C loans to over 5% of market
1 year ago
The percentage of the leveraged loan market rated triple C passed 5% in April and further expected downgrades are likely to push the figure over 7.5% in the coming months -
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. -
Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory -
Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
1 year ago
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month -
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 -
Sculptor CEO Levin refutes "personal issue" accusation by ex-chief Och
1 year ago
Sculptor Capital Management’s independent board and the company’s chief executive officer and chief investment officer Jimmy Levin have fired back at former CEO and founder Daniel Och after he cited a “personal issue” in reference to Levin’s past -
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 -
Nerves of steel needed for CLOs as Phoenix Services files for chapter 11
1 year ago
CLOs hold $341.54 million of steel service provider Phoenix Services Topco which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware yesterday -
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. -
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” -
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 -
CLO x-rays reveal chapter 11-diagnosed borrower
1 year ago
18 CLO managers hold $380.2 million debt of medical imaging and non-destructive testing product provider Carestream Health, which on Tuesday filed for chapter 11 bankruptcy protection in the US Court for the District of Delaware. The firm entered into a restructuring support agreement to slash its debt by around $470 million -
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 -
Russia credit event auction starts to firm up as DC mulls settlement options
1 year ago
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion -
Ukraine triggers restructuring credit event
1 year ago
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled -
Ukraine credit event question accepted by DC
1 year ago
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments -
Ukraine posed as credit event after country defers debt
1 year ago
Ukraine has been posed to the Credit Derivatives Determinations Committee as a restructuring credit event, following the country’s agreement last week to defer debt payments -
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. -
Europe vs US arb hits resistance as dislocation becomes more extreme
1 year ago
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
1 year ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
Russian credit event auction plans put on hold after US sanctions update
1 year ago
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction -
DC explains Russian credit event ruling - but not sole member opposition
1 year ago
Factors backing Russian Federation’s credit event trigger have been outlined by the Credit Derivatives Determinations Committee, but without giving any explanation for Citi’s decision to vote against the decision
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