US CLO credit Air Methods Corporation files for bankruptcy
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities.

September 2023 US Leveraged Highlights
Refinancing continues to amplify leveraged debt volume in Debtwire's latest report featuring key trends in the leveraged loan and high-yield bond market

Loan Highlights 3Q23: Loan volumes remain significantly lower than historical averages
Capital markets loan activity continued to struggle in the third quarter of 2023, as issuers in the Americas and Europe held off from tapping markets

US loan market rallies despite increasing stress and default rates
Casual observers of the US broadly syndicated loan market may be forgiven for feeling a little confused at the moment. Despite rising default rates and growing stress, loan prices continue to rally, and the primary pipeline is busy.

ICG taps Apollo partner as head of US liquid credit
The new head of US liquid credit has been tasked with helping grow ICG's US credit business

Fed members need to restore their credibility, which could translate into excessive tightening
Rising wages have boosted spending and GDP — but the party can’t last forever

US leveraged loan issuance drops 35% year on year
Debtwire 's new July 2023 US Leveraged Highlights report sees a striking 70% year-on-year decrease in new money institutional activity as lack of supply from the M&A market weighs on issuance

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.

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.

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.

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.

Should I worry about synthetic Libor?
The date on which the ICE Benchmark Administration (IBA) will cease publishing the remaining available tenors of Libor is fast approaching. But initially, publication of all tenors of Libor was supposed to cease on 31 December 2021. 

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.

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%

FCA greenlights synthetic Libor
The UK’s Financial Conduct Authority has given the go-ahead for ‘synthetic Libor’ as it creates a bridge for Libor contracts that do not have any hard-wired language referencing Sofr. 

Fitch raises low end of its default forecasts for US leveraged loans and high yield
Fitch Ratings has increased the low end of its US leveraged loan and high yield default forecast ranges to reflect growing macroeconomic headwinds

Fitch raises European default rate assumptions with loans in tougher spot than bonds
Analysts at Fitch Ratings have raised their base-case leveraged loan default rate for end-2023 in Europe to 4.5% from 3.5%, and their severe-case rate to 6%

Leveraged loan issuance unlikely to return in force until late 2023, conference hears
The leveraged loan primary issuance pipeline is headed for an elongated pause and primary loan activity is unlikely to return dramatically until late in 2023, attendees at IMN's ABS East conference in Miami heard on Monday

UniCredit wraps up three synthetic securitisations with EIB backing
UniCredit says it has produced three synthetic securitisations which will free ithe bank up to lend over €5 billion to small and mid-sized enterprises in Italy, Germany and Bulgaria.

Cineworld buys ticket for DIP facility with chapter 11 filing
Cineworld filed for Chapter 11 in the US Bankruptcy Court For The Southern District Of Texas on Wednesday, less than a month after the UK-based cinema operator announced Chapter 11 was among the options it was considering to “achieve its restructuring objectives”

Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings

We can cope with downgrades again

Alcentra co-CIO for liquid credit set to leave this month
A high profile figure in the US CLO business is leaving Alcentra

WTW to tackle lack of diversity across investment industry
Progress on diversity across the investment industry is “disappointingly slow”, according to research from Willis Towers Watson