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Update: Coronavirus-era RC drawdowns top $315B, via 834 US borrowers

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Europe’s Leveraged Loan Issuers Draw on Revolving Credits to Preserve Liquidity

Update: Coronavirus-era RC drawdowns top $315B, via 834 US borrowers

LCD last week captured roughly $3.7 billion in revolving credit drawdowns across 13 debt issues (see the table at end of the article for details). Roughly $315.5 billion across 834 U.S. borrowers has been captured since March 5.

Looking at broad industry sector, Consumer Discretionary accounts for roughly 40% of total RC drawdowns.

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Within Consumer Discretionary, much of the volume is from Automobile Manufacturers.

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Of the data so far, better-quality, BBB issuers account for roughly 40% of the overall volume by corporate credit rating. Riskier issuers, those rated single-B or lower, or which are unrated, account for a full 25%.

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The maturity wall for these revolving credit drawdowns for both the investment-grade and speculative-grade segments peaks in 2024.

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This data is sourced from available SEC filings. It is not an exhaustive list of all RC drawdown activity.

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