Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
More articles
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The US CLO market has posted its busiest start to the year since the financial crisis, and the torrent of paper is now weighing on spreads which could narrow the arbitrage for deal managers. -
Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.
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Kroll Bond Rating Agency has hired staffers from S&P Global Ratings and Goldman Sachs to head a new foray into CLO ratings, as other agencies struggle to keep up with the record pace of issuance in the red hot asset class.
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The spending bill signed into law by President Trump on Friday contained a provision that allows business development companies to double their permitted leverage, a move that could heat up an increasingly aggressive lending environment in middle market corporate debt.
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Strong demand for European leveraged loans is driving ratings pressure on European CLO tranches, according to a statement from S&P Global Ratings at the end of last week.
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Uber blazed a trail in the leveraged finance market this week, brushing off a fatal car crash involving one of its self-driven cars to close a bigger than expected self-syndicated leveraged loan at a spread inside of the initial price range.
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Stephan Paras, the former European and US head of leveraged loans at Bank of America Merrill Lynch, has joined the investment committee at middle market lending firm Star Mountain Capital.
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US retail funds have been pouring cash into the floating rate leveraged loan market in the last month, ahead of Wednesday’s 25bp rate hike by the Federal Open Market Committee.
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Investor demand has been strong for Uber’s self-arranged second leveraged loan, allowing the ride hailing company to increase the size of the deal from $1.25bn to $1.5bn.
