DebtDynamics North America: Likely-to-distress scores highlight struggling industries
Out of a universe of more than 12,000 leveraged US companies, 180 are in the stressed/distressed lifecycle categories

Primary loan and bond markets shows signs of revival, but at a cost
Activity in the US junk debt market has picked up after the 4th of July and the momentum is expected to continue through 2H23, but at a cost for issuers.

Obra completes acquisition of KDP assets following bankruptcy filing
Obra Capital has acquired the assets of KDP Investment Advisors following the latter firm's chapter 11 bankruptcy filing in May of this year

Loan market breathes sigh of relief as SEC declines to comment on Kirschner case
The SEC decided not to intervene in an ongoing court case about whether US leveraged loans are securities last week in an important win for the loan market.

US sponsor-led loans show sharp deterioration in covenant quality
Credit underwriting standards in the US continued to fall in the second quarter of 2023, according to a new special report from Xtract Research.

Arini continues expansion with Credit Suisse hire

Credit hedge fund Arini taps former senior-level Credit Suisse executive. 

Diebold's DIP delivers partial payout
Another day, another divergent DIP outcome as Diebold Nixdorf has its reorganization plan approved in court.

Veteran lawyer moves from buyside to law firm

A seasoned private funds lawyer will join Gowling WLG's investment funds team in London.  

June 2023 US Leveraged Highlights
Debtwire has released the June 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Antares closes second senior loan fund with $6 billion
Private credit manager closes second round of senior loan fund with roughly $6 billions in commitments. 

ABL lending fund completes final close with $1.7 billion in commitments
Asset-based lending fund accepts $1.7 billion in capital commitments from a global set of institutional and retail investors. 

Wall Street veterans spin off credit fund to start their own firm
Two credit industry veterans spin off fund to start their own firm in New York. 

June loan rally signals asset class could see outsized returns as rates stay high
Leveraged loans enjoyed their second-best month of the year in June, with the asset class returning over 2% on the month as Creditflux goes to press. Loans have generated a return of 5.8% year-to-date, with only January’s 2.9% topping the numbers for June.

Bond-backed buyouts balloon as loan yields hit astronomical levels
Issuers tapping public syndication for leveraged buyouts have turned to the high-yield bond market in recent months, where levels of activity are impressive considering the current shortage of new money issuance.

Loan Highlights 2Q23: Running aground
The global loan market endured a bleak first half of the year, with the overall 1H23 volume falling 28% year-on-year (YoY) to $1.9 trillion, the lowest showing since 2012.

Capital Four adds three to US team
Capital Four's US team continues to expand, with the credit asset management firm hiring three new people in its New York office

May 2023 US Leveraged Highlights
Leveraged investors continue to favor bonds to loans, according to the Debtwire May 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

Carlyle names future CFO
Carlyle has named John Redett its new chief financial officer and head of corporate strategy, the company has said.

Credit funds at a glance
Fund raising and people moves

Credit hedge funds
Credit hedge fund returns

US loan default rates will peak near record levels, says Deutsche Bank
A new research paper from Deutsche Bank has forecast leveraged loan default rates rising to near all-time highs by the fourth quarter of 2024.

Infrastructure investor brings in senior team to launch new sustainable credit platform
Energy Capital Partners (ECP) has announced that a new team will merge into ECP’s dedicated credit investing business and launch a sustainable credit platform named ECP ForeStar

Fitch notches up US lev loan and HY 2023 default rate forecasts
Fitch Ratings has raised its US corporate institutional high yield bond default 2023 forecasts from 3%-3.5% to 4.5%-5%, and its leveraged loan default forecast from 2.5%-3% to 4%-4.5%

US lev fin co-head at Deutsche Bank set to join HSBC
HSBC has brought on former Deutsche Bank official as global head of leveraged and acquisition finance, following Ray Doody's retirement in March

Loan recoveries slump as investors bank on rebound
The average recovery rate for defaults in 2023 has declined considerably due to a combination of factors such as: cov-lite loans, priming activity in previous years, loan-only borrowers defaulting, and the sectors in which the defaults have been concentrated