Leveraged Loans

Leveraged Loans


S&P Global Market Intelligence's LCD News is leveraged loan/high-yield bond, distressed debt news/analysis http://www.leveragedloan.com More: @spgmarketintel

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US #leveragedloan  default rate increases to 1.48% in November, highest it's been in 9 mos. Though - altogether now - it's still well below the historical average (2.9%)

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Thanks to M&A, and increased appetite for risk, #highyield  bond issuance in Europe has hit its highest quarterly volume in two years, at €23B @millarlr 

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YTD that's $303B in US #leveragedloan  issuance bought buy CLOs/institutional investors, down nearly 30% from 2018 pace. $27.3B of that activity in Nov, on par with YTD monthly avg

In Europe: YTD #leveragedloan  issuance totals €69B, down 11% from 2018 pace; #highyield  bond issuance = €70B YTD, up 11% from 2018 pace @millarlr 

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Credit market fears of downgrades have not materialised - on the investment-grade cusp, anyway @FT  @JARennison 

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The number of US #leveragedloan  issues trading in the secondary below 80 cents on the dollar - a common measure of distress in the asset class - continues to climb

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A new record: 79.6% of the $1.8 trillion in US #leveragedloan  outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B-

Purchase price multiples YTD on US LBOs now stands at 11.5x, topping pre-crisis levels. Private equity shops have been digging deeper for equity, however, keeping overall leverage on these deals relatively in check. Full analysis: #leveragedloan 

Nearly 77% of all outstanding US #leveragedloan  debt is covenant-lite. That's (yet another record)

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Ouch. Investors yank $3.3B from US #leveragedloan  funds over the past week. That's yet another record withdrawal. The past two weeks: -$5.8B

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Cov-lite now accounts for 77% of all US #leveragedloan  outstandings (in a $1T market, remember). That's yet another record

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1Q earnings growth for US loan issuers was negative; that hasn't happened since the recession (free)

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A new record: 79.6% of the $1.8 trillion in US #leveragedloan  outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B-

Covenant-lite share of US #leveragedloan  outstandings continue to hold at ~79%. That's roughly $950B of what's now a $1.2T market

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