Market commentary and interactive data tool, offering insights into leveraged loan and high yield bond market trends.

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Leveraged Finance Commentary

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Global High yield bonds North America Western and Southern Europe Asia-Pacific (excl. Japan) 21 Oct 2020

High yield bond activity continues to climb

Although US high yield bond issuance cooled somewhat in Q3 2020, it still hit record highs, while European activity remained on an upward trend

Western and Southern Europe Regulation 14 Oct 2020

New German law introduces electronic securities

The law will make German financial markets more competitive, allowing issuers and investors to benefit from efficiencies and lower transaction costs

Regulation Covid 24 Sep 2020

CIGA: Super-scheme to the rescue?

The UK’s new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement

Leveraged loans Covid 10 Sep 2020

Lenders calm despite fallen angel risks

Although COVID-19 lockdowns have seen high-profile companies lose their investment grade status, lenders have continued to support these credits

Regulation Covid 04 Sep 2020

Lenders’ views on documentation diverge under lockdown

The decline in H1 2020 leveraged finance issuance has seen some lenders intensify their focus on pricing and borrower-friendly loan structures, but lender responses to the impact of COVID-19 have diverged across regions

Leveraged loans Covid 24 Aug 2020

Are rising default rates cause for concern?

Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic

Global High yield bonds North America Western and Southern Europe Asia-Pacific (excl. Japan) Covid 18 Aug 2020

High yield bond issuance rebounds

After COVID-19 concerns brought issuance to a near halt in March, Q2 high yield bond activity climbed in most markets as borrowers sought to boost balance sheets and cash reserves

Leveraged loans Latin America and Caribbean Covid 18 Aug 2020

Loan activity evolves in Latin America

Latin American loan issuance has felt the effects of COVID-19 disruptions, but lenders have remained open for business as borrowers turn to bilateral loan revolving credit facilities for liquidity

Covid 05 Aug 2020

Social bond issuance soars as COVID-19 recoveries begin

Growing investor appetite for financial products with a positive impact, coupled with a demand for recovery capital post-COVID-19, have lifted the market for social bonds

Regulation Covid 30 Jul 2020

Regulators determined to keep SOFR transition on track

The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021

Global North America Leveraged loans Western and Southern Europe Asia-Pacific (excl. Japan) Covid 30 Jul 2020

Loan markets show signs of life after COVID-19 shock

Investor sentiment has begun to recover, but ratings downgrades and higher pricing continue to keep loan markets on alert

Leveraged loans Energy 23 Jun 2020

Oil & gas industry feels financing squeeze

Low prices and excess supply have pushed oil & gas balance sheets to the brink, which means raising traditional debt will remain difficult and restructurings are expected