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US leveraged loan default rate hits 9-month high (LCD News)

December 18, 2019 | File Under: , , , ,

“Though the trailing default rate in leveraged loans has remained stubbornly below its 2.9% historical average, several indicators point to increasing pressure.” – by Rachelle Kakouris

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Cov-Lite Breaking Record (LCD News)

September 23, 2019 | File Under: , ,

A new record: 79.6% of the $1.8 trillion in US #leveragedloan outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B- — Leveraged Loans (@lcdnews) September 20, 2019

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Restructuring the next wave of cov-lite debt (JDSupra)

July 17, 2019 | File Under: , , ,

“89% of European HY bond deals in 2018 provided for cost savings and/or synergies to be included in EBITDA or pro-forma adjustments.” “85% of all leveraged loans in the UK were cov-lite by the end of 2018.” by White & Case

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A leveraged loan bust will hurt less than subprime mortgages (FT)

April 1, 2019 | File Under: , ,

“Expect investors rather than banks to be hardest hit by the next meltdown” – Anthony Carter

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Fate of Leveraged Loans Won’t Be Decided by ‘Cov-Lite’ Alone (Bloomberg)

February 22, 2019 | File Under: , , ,

“Recovery rates likely lower in Europe but widely dispersed. Focus on absence of maintenance tests is ‘simplistic’”  – by Ruth McGavin

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