Testing the water: issuers gauge sterling HY bond demand following 10-year record low
Pure Gym, a UK-based fitness club, has become the second company in a week to test demand for sterling-denominated senior secured notes in the European high-yield market

Do resets help CLOs perform better?
As the market for CLO resets opens, we look at the performance of deals that were previously reset, and find they soon deliver higher distributions than those deals that were not reset

DebtDynamics North America: de-risking remains key focus for loan issuers and investors alike
Syndicated leveraged loan and high-yield (HY) bond markets have endured a challenging time during the past eight months but sentiment is far from rock-bottom

Manager tiering matters, but don’t rely on proxies like WAS or WARF
With manager tiering continuing to dominate CLO primary pricing levels we take a look at the 2021 vintage to see how much difference a manager really makes to deal performance

Single-name CDS volumes surge in the Americas, according to Barclays research
The net notional outstanding volume for Americas corporate (ex-LatAm) CDS increased 19% year on year to a new multi-year high according to new research from Barclays

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

Snooze - you’re extended! Can lenders in European SFAs sleep-walk into extended tranches? - Xtract Special Report
This Xtract Research special report asks whether lenders under European SFAs could find themselves re-designated into a later-maturing facility or tranche than originally documented without their explicit consent

Refinancing continues to dominate headline figures in latest European leveraged highlights
Debtwire has released its July 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets

1H23 European direct lender rankings
The volume of European direct lending facilities issued fell to just €8.5 billion in 2Q23. The same quarter last year was the largest on record at €51.3 billion, representing over an 80% drop year on year.

Retail maintains primacy as most distressed sector in Europe with €31 billion of debt restructuring commenced in 1H23
Newly commenced restructurings tracked by Debtwire in Europe during 1H 2023 show 114 mainly large-cap restructurings, compared to 89 tracked in 1H 2022, a 28% increase year-on-year

Last frontier: Common currency conquers non-Eurozone countries to dominate lev loan market
Our latest DebtDynamics EMEA research shows that the share of the European leveraged loan syndication market denominated in the EU common currency jumped from 80% in 2015 to levels closer to 95% since 2019  

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

Private credit default index shows surprise decrease in the second quarter
Proskauer’s Default Index of the US private credit market was 1.64% in the second quarter, a significant decrease from 2.15% in 1Q23.

Large CLO managers outperform their smaller peers
Size does matter according to our latest research that finds that larger US CLO managers have consistently outperformed their smaller counterparts.

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.

Secondary CLO prices continued to rise across June
US BWIC secondary prices continued to rise in June, according to a report by KopenTech. 

New IACPM survey points to a global recession
Respondents to the latest IACPM Credit Outlook Survey overwhelmingly expect global economies to fall into recession either later this year or sometime in 2024.

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.

High yield bond index offers opportunities for credit pickers
The global high yield bond market has become a skewed barbell offering benefits to credit pickers, according to a new research note from global asset manager Ninety One. 

Question your assumptions
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal.

Slow pace of loan prepayments increasing CLO tranche WAL, finds Barclays
Prepayment rates in the leveraged loan market have dropped to post-financial crisis lows, thereby increasing CLO debt tranches' weighted average life and slowing the pace of amortization for deals that have left reinvestment, according to new research published by Barclays

Do amend and extends now before big chunk of CLOs exit reinvestment, says BofA
Research analysts at Bank of America are recommending CLO managers complete amend and extend activity before a wave of transactions exit their reinvestment periods later in the year

34% of CLOs rated by Fitch out of reinvestment
34% of the CLOs rated by Fitch Ratings have left their reinvestment periods including six deals that exited in May, the rating agency said in a note to clients on Thursday

Student loans emerge as headwind for loan market, says BofA
American graduates are poised to resume student loan repayments in August, and new research from Bank of America suggests the change could be a headwind for the loan market due to weaker consumer demand.

More than 45% of Euro CLOs to be out of RP by Q1 2024, Fitch says
More than 45% of Fitch-rated reinvesting European CLOs are anticipated to be out of their reinvestment period by the end of Q1 2024, up from around a third as of April, which could lead to rating pressure for mezzanine tranches in those deals