Fitch warns again on leveraged loan refinancing wall

Fitch has warned once again that 2013 and 2014 will bring with them the European leveraged loan refinancing wall. The rating agency also warned that its effects may be compounded by a ‘funding cliff’, as €260bn of non-investment grade debt begins to mature from 2014, just as LTRO funding expires and refinancing options dry up.

  • 19 Dec 2012

Although the refinancing wall has been forecast regularly since the end of 2010, Fitch believes that 2013-2015 remains a dangerous period as €90bn of debt is set to expire, with much more coming soon after.

The breathing space that was provided by the ECB's LTROs and the CLO ...

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