Avalanche of loans may launch before holiday
After issuance dampened during the presidential election week, corporate bonds and loans are expected to roll out amid a large trove of post-election earnings reports.
CLOs
S&P/LSTA index forecasts 8% loan-default rate into next year
Loan issuers in the hotel/leisure, oil and gas, retail and business equipment/services industries – which make up nearly a quarter of the S&P/LSTA Leveraged Loan Index – are expected to lead the default tally over the next 12 months, according to a report from S&P.
By
Glen Fest
Biden win would hammer distressed energy borrowers, FTI says
Bankruptcy filings hit a three-month high as investors brace for economic shifts from the U.S. election that could force more large corporations to seek protection from creditors.
CLO equity rebounds with strong October performance
Annualized returns have now exceeded double digits for the 10th straight year, despite early 2020 volatility related to the coronavirus pandemic.
By
Glen Fest
Weekly Wrap: Fixed income analysts eye shades of potential ‘blue wave’
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 23-29
By
Glen Fest
Bond defaults deliver 99% losses in new era of U.S. bankruptcies
Bankruptcy filings are surging due to the economic fallout of Covid-19, and many lenders are coming to the realization that their claims are almost completely worthless. Instead of recouping, say, 40 cents for every dollar owed, as has been the norm for years, unsecured creditors now face the unenviable prospect of walking away with just pennies – if that.
The sustainable debt market has become unsustainable
The European Union's first social bond sale, totaling 17 billion euros, was 14 times oversubscribed, meaning the EU could have sold 200 billion euros worth of bonds. That indicates a market that’s structurally underserved.
Opinion: Junk bonds won’t save everybody from going bust
investors need to remember that speculative-grade companies aren’t immune from going bust, no matter how wide open the debt markets might be.
Apollo board to examine Leon Black’s ties to Jeffrey Epstein
Apollo Global Management Inc. board members are investigating co-founder Leon Black’s ties to disgraced financier Jeffrey Epstein after more information emerged this month about their longtime business dealings.
Canyon Partners to double new fund for left-out securitized debt
Canyon Partners, the $24 billion hedge fund founded by Josh Friedman and Mitch Julis, is raising a new vehicle to make bets on securitized credit not directly targeted by central bank intervention, according to a person familiar with the matter.
Escalating debt brawls add to headache for distressed companies
As the pace of large U.S. company bankruptcies stabilizes, escalating tensions between distressed companies, private equity owners and creditors signal more bruising Chapter 11 filings to come.
Blackstone sponsoring first CRE CLO since January
Blackstone Group is sponsoring a $1 billion commercial real estate CLO transaction, backed by a portfolio of pari passu participations in commercial mortgages for primarily lower-grade office, mixed-use and hotel properties.
By
Glen Fest
Flatiron CLO reflects structural changes providing more flexibility
NYL Investors’ $400 million Flatiron CLO 20 incorporates increasingly common provisions giving it more flexibility in today’s uncertain credit environment.
By
John Hintze
PPM launches $350M CLO
PPM Loan Management Company's new CLO has an expected triple-A spread of 142 basis points.
By
John Hintze
Barings adjusts terms of second CLO since September
Barings LLC is back in the market with the $319 million Barings CLO 2020-II deal that provides higher credit enhancement on the top rated tranches than the Barings CLO 2020-I, its first CLO this year that was completed in September.
By
John Hintze
Leveraged lending has avoided pandemic hit. Will that last?
Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.
Oaktree deal crushed a leveraged loan and exposed market’s woes
Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
Weekly Wrap: Navient forbearance rates dip
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8
By
Glen Fest
Libor law is adrift in Albany and Wall Street is getting nervous
A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.
Oaktree deal crushed a leveraged loan and exposed market’s woes
Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
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