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If JPMorgan, Credit Suisse and Macquarie Group aren’t able to find enough takers of bonds and loans funding El Dorado Resorts' acquisition of Caesar's Entertainment, they may have little choice but to offer the debt at a steep discount.
Regulators are alarmed about banks' rising exposure to high-risk corporate credits and want more data on how they would perform in a recession.
Nearly $1.2 trillion in speculative-grade debt is now set to mature between 2020-2024, including $750 billion in leveraged loans.
The BSL CLO will have two-year noncall and five-year reinvestment periods, and brings Seix' total CLO AUM to $3.8 billion.
The company asserted in the statement that S&P’s action was driven more by the distressed trading levels of Serta’s loans in the secondary market rather than the company’s “financially solvent” status.
The board- and management-level handing of CRE concentration was the chief concern of FDIC examiners, making up more than 56% of all the supervisory recommendations regulators made in the two-year period.
Fitch’s list of loans with growing risks of downgrades reached $110 billion in December, up 53% year-to-date.
JPMorgan Chase & Co.’s asset management arm is extending a push into the $787 billion private credit market as cash pours into the asset class from yield-hungry investors.
TPG Sixth Street Partners' Alan Waxman warns investors are turning a blind eye to an epidemic of fake corporate earnings projections.
Shizuoka Bank Ltd. plans to step up its search for yield by buying more U.S. collateralized loan obligations, according to its top executive.
Investors have been demanding significantly higher yields to lend to junk-rated companies in recent weeks – so much so that spreads in an index of the riskiest tier of junk, known as CCC, just breached 1,000 basis points for the first time in more than three years.
Laredo Petroleum Inc. and Oasis Petroleum Inc. are among at least six producers whose ability to secure short-term loans against their oil and natural gas reserves have dropped by 10% or more.
Over 75% of loans reported mark-to-market declines in prices in the secondary market – or 4.7 loans for every loan price that advanced, according to the LSTA.
Lenders including Barclays and Deutsche Bank have been left holding at least $1.5 billion of leveraged loans that they've struggled to sell over the past several months, according to people with knowledge of the matter.
No investor wants to touch the riskiest high-yield debt. The bank’s asset manager says it’s cheap enough that there are opportunities.
S&P's review of leveraged-loan deals across multiple sectors found only 17% of lenders have provisions that would disallow borrowers from transferring collateral assets to unrestricted subsidiaries outside lender reach.
The $5 billion financing package may also include around $1 billion of secured debt that would be sold to investors, as well as about $1.7 billion in letters of credit that would be split among participating banks
Barely noticed in a corner of the financial markets, leveraged loans originally worth about $40 billion are staging their own private meltdown.
The increases are mostly at the junior debt levels of deals, according to the Refinitiv research unit.
Fresh data from the Fed, FDIC and Bank of England shows that, directly or indirectly, banks are taking on more leveraged loans. But whether this puts their loan and securities portfolios at risk remains open for debate.
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