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In This List

Video analysis: Record CLO issuance highlights 2019 European leveraged loan mart

Fed rally & default fears bring bifurcation back to leveraged loans

Industry-Specific Losses Stand Out In Leveraged Loan Market As COVID-19, Oil Fears Globalize

Loan Downgrades Are the Biggest Concern for the European CLO Market

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


Video analysis: Record CLO issuance highlights 2019 European leveraged loan mart

In the latest Capital Markets View video, LCD's Taron Wade and S&P Global's Chris Porter cover the main trends in the European leveraged finance market.

Discussed this month:

  • U.S. loan volume fell significantly in 2019 from 2018 on weaker M&A and an aversion to single-B credits.  
  • Demand in the secondary was strong in December. In Europe demand was spurred by the U.K. election and more clarity around Brexit. 
  • 2019 was another strong year for CLO issuance, with record new issuance in Europe. 
  • Cross-border loan volume was down significantly in 2019 from 2018. However, early signs in 2020 are positive for an increase in cross-border loan activity.
  • Distress ratios have generally risen in recent months, but default rates remain low. Risks are currently seen as idiosyncratic. 
  • Refinancings and repricings are likely in the first half of 2020 amid the low-rate environment.   

More S&P Global video and audio resources are available here.

Taron Wade heads up LCD’s European Research efforts. Chris Porter is Head of Loan Recovery & CLO Business Development, S&P Global.

Please feel free to contact Chris if you’d like a particular topic discussed in next month’s video.

LCD is an offering of S&P Global Market Intelligence. S&P Global Ratings is a separately managed division of S&P Global.

 

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LCD comps is an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.