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Defaults rise yet fears of low recoveries hurt even more
1 year ago
Defaults and Chapter 11 filings are picking up this year amid tougher economic conditions for borrowers -
Lights go out for Heritage Power with 120 CLOs left in the dark
1 year ago
US based power plant operator Heritage Power filed for chapter 11 bankruptcy in the bankruptcy court of Texas on Tuesday night, impacting $124.45 million of assets held by 120 US CLOs. -
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. -
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 -
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 -
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 -
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. -
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 -
Beneath the triple C: CLOs take first knock since covid scrapes
1 year ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
Not all resets created equal as some managers opt to keep triple C exposure high
3 years ago
A split is emerging in the CLO market, with some managers choosing to keep triple C concentrations elevated following a refinancing or reset transaction. As part of the trend, which began this month, some deals even refinanced while being in breach of portfolio concentration limits, typically set at 7.5% by rating agencies -
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 -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
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 -
OC health check: US CLOs hit by new round of test failures
4 years ago
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i. -
CLO managers brace themselves for Acosta bankruptcy
4 years ago
CLOs hold $402.5 million exposure to Acosta, a sales and marketing agency that is looking likely to file for Chapter 11 bankruptcy soon. A total of $163.7 million of Acosta’s term loan left the hands of CLOs in 2019 -
CLO managers lick their wounds with Joerns bankruptcy
4 years ago
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday -
Payless bankruptcy steps on toes of CLOs
5 years ago
CLOs hold exposure to the debt of US retailer Payless ShoeSource, which filed for Chapter 11 bankruptcy earlier this week -
Black days ahead for CLOs as Seadrill warns of potential default
7 years ago
More than 80 CLOs look set to take a hit in the near future after oil driller Seadrill Partners warned about a possible default on its debt
19 results found Showing page 1 of 1
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