September 2023 US Leveraged Highlights
Refinancing continues to amplify leveraged debt volume in Debtwire's latest report featuring key trends in the leveraged loan and high-yield bond market

Spreads trace worryingly familiar arc as investors take good news as bad and bad new worse
Credit spreads are pushing ever closer towards the year’s peak levels, continuing Wednesday a sell off that began on Tuesday, with positive US economic data perversely sparking a bearish shift in financial assets that negative European data has since compounded

CLOs on lookout as Neiman recovery signals slump and DC confirms credit event
Five-year CDS referencing Neiman Marcus widened by four points to 95.25 points up front, according to IHS Markit, as the Americas Determinations Committee confirmed the US retailer has triggered a bankruptcy credit event

Credit traders’ kickstand: weaker mood, but primary drive strengthens
The primary market for high yield bonds is open again, after a pause around the US holiday on Monday, with issues in Europe today from the likes of SIlgan and Catalent striking a bullish tone and setting the scene for an expected flurry of deals next week. But this comes as credit generally weakens, with concerns about the spread and reappraisal of coronavirus cases causing spreads to push back from their recent tights

Sears CDS settles well above bonds on physical settlement squeeze
Predictions that credit default swaps referencing Sears Roebuck Acceptance Corp would recover at a high level have been borne out, with an auction to settle the contracts having returned a value of almost 80 cents on the dollar – nearly 30 points higher than where bonds of the bankrupt US retailer have been quoted

Seven deliverables valid for Sears CDS auction, as seven others split DC panel
There will be seven obligations deliverable into an auction on 14 November to settle credit default swaps referencing Sears Roebuck Acceptance Corp, the Americas Credit Derivatives Determinations Committee has decided. But members of the 15-strong DC were split over whether to include another seven potential deliverables that did not make the cut

Sears CDS deliverables to be decided Friday ahead of 14 November credit event auction
The Americas Credit Derivatives Determinations Committee will meet this Friday (26 October) to decide auction terms and deliverable obligations for credit default swaps referencing Sears Roebuck Acceptance Corp