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

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

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

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.

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.

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. 

Largarde snowballs puncture complacent calm and shocks spreads wider
Credit markets are ending the week on a big push wider, after European Central Bank chief Christine Lagarde delivered the surprise that had been missing from other central bank messaging

Major fund withdrawals undermine credit momentum
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money

Capex and real yields will split winners from losers in '23: BofA
Companies able to undertake capital expenditure will be the winners in 2023, while those historically most sensitive to rising real yields should inspire caution, say Bank of America strategists

Rebuke for optimism as US jobs send market bulls running for cover
Investors’ determination to maintain an optimistic outlook on US Federal Reserve policy hit a point of reckoning on Friday, with hot US jobs numbers adding weight to committee members’ message that there is still a lot more work for them to do

Powell outlook brings risk buyers out in droves, but reality check looks soon to follow
Comments by US Federal Reserve chairman Jerome Powell on Wednesday on the pace of future rate hikes have prompted a sharp rally across global financial markets, including credit. But dissenting voices have already begun to point out the enthusiasm is likely overdone

Public credit markets "most attractive for 15 years" says Wamco
The US Federal Reserve is helping to create the potential for the "most attractive opportunity in public credit markets in the last 15 years", according to a research note published by Western Asset Management

Credit Suisse tests investor nerves as market preps for Fed-focused week
Credit Suisse, which has been subjected to another week of intense scrutiny, is heading into the weekend with its credit spreads extending wider, after warning on losses and undertaking a capital hike

Swiss bank looks to plug holes but investors are hun-gruyere for risk
Credit Suisse is a rare, worrisome cloud in an otherwise brightening sky this week, as Europe extends its tightening trend in credit with the US standing at ease for the Thanksgiving holiday

Outsized corporate rally puts financials RV in focus
The week is ending with resumption of credit’s recent rally after a brief pause, and Europe once again taking the lead over the US