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Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
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Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default. -
Fitch Ratings said on Monday that it expects to issue unsolicited ratings more frequently on deals it has not been mandated to rate, as the agency looks to respond to more widespread late-cycle lending behaviour in securitization markets.
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Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed.
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S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.
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A jump in US Treasury yields at the end of last week sparked a bout of volatility in US equity markets and dented appetite for US high yield bonds, with investors pulling record volumes of cash from funds tracking the sector on two consecutive days this week.
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High yield spreads have widened by 25bp in the past week as the rise in Treasury yields dents fixed rate products, although the market remains at historically tight levels.
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WeWork’s sole high yield bond rose by three points in secondary trading on Wednesday after reports that Japan’s SoftBank Group was in talks to buy a majority stake in the shared workspace provider.
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S&P Global Ratings said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.
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Corporate and structured credit specialist CIFC is building out of its European operation, hiring Dan Robinson from Apollo Global Management as CIO.
