Latest news
Latest news
State of New Hampshire's innovative bond gets Ba2 rating
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
Some managers are choosing loans conservatively to avoid losses, but they will struggle to improve returns
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Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level. -
The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.
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Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.
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On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.
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HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.
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Spire Partners has hired a senior credit analyst from Tikehau.
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US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers.
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US high yield spreads touched the tightest levels seen in over a decade this week, with the return of mutual and retail fund flows and sluggish supply creating attractive financing conditions for the few borrowers that emerged.
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US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans.
