Expected recovery rates for US lev loans fell in 2018

A study released by Fitch Ratings on Thursday showed that first-lien leverage ratios rose by a half-multiple between 2017 and 2018, a factor which the ratings agency said would reduce recovery rates in the event of a distress scenario.

  • By Alexander Saeedy
  • 11 Apr 2019
A study of 324 issuers rated B+ or below and which issued first lien-debt found a 4.8x median leverage ratio of first-lien debt to Ebitda in 2018, a figure that increased from last year’s measurement of 4.3x. Debt balances used to calculate leverage also assumed revolver utilization that ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%