Where does the White & Case Debt Explorer data come from?
Debtwire Par provides the data, drawing on its Primary ID database.
What is included in the White & Case Debt Explorer?
For North America and Southern and Western Europe, the White & Case Debt Explorer contains Debtwire Par’s primary issuance data related to leveraged loans and high yield bonds. Sponsor-backed facilities and leveraged corporate issuance are included. Leveraged corporate issuance is rated BB+ and below by S&P and Fitch, and/or Ba1 by Moody’s. Where ratings agencies differ, a facility will be included where two of the three main agencies rate it as BB+ or below, or equivalent.
For the Rest of the World (Asia-Pacific, Latin America/Caribbean and CEEMEA), the White & Case Debt Explorer contains Debtwire Par’s primary issuance data related to both leveraged and non-leveraged loans as well as high yield and non-high yield bonds (apart from APAC, where we do not track non-high yield bond activity). The same criteria used above is applied to identify leveraged and high yield bond activity within this region.
Debtwire Par reserves the right to determine whether a deal is classified as leveraged or high yield on a deal-by-deal basis, and will consider a number of factors such as: type of institutional investor, leverage, pricing/coupon/margin, ownership, location, borrowing history and any other considerations available to them.
How often is the tool updated with new data?
The White & Case Debt Explorer is updated with new data at the beginning of each quarter. For example, data for Q1 is imported at the beginning of Q2, as soon as all Q1 data is available.
Does the tool cover every region?
Data is available for the following regions:
- North America
- Western and Southern Europe
- Asia-Pacific (excl. Japan)
- Latin America and Caribbean
Individual countries within North America and Western and Southern Europe can be selected using the Location pop-up window. In addition, the Top Locations tab provides a snapshot of leveraged finance activity at a country level within these regions.
For the Rest of the World, individual sub-regions can be selected under Asia-Pacific and CEEMEA. As above, the Top Locations tab provides a snapshot of leveraged finance activity at a country level within all three regions.
Can I compare regions?
North America and Western and Southern Europe data can be compared, as can individual countries within these regions. Due to technical factors, geopolitical considerations, deal flow and market sizing of the areas being covered, data comparisons are not possible between the Asia-Pacific, Latin America/Caribbean and CEEMEA regions. Comparisons are also not possible between North America and Western and Southern Europe data and the rest of the world.
Does the tool cover every sector?
Data is available for every sector. Click here for a full list of sector classifications.
Can I compare activity across sectors?
Yes, within each separate region. For example, sector activity with North America and Western and Southern Europe data can be compared, and the same for the Rest of the World. However, sector activity cannot be compared between North America and Western and Southern Europe and the Rest of the World. The Top Sectors tab ranks sectors by value and volume, enabling comparisons by sector.
Which use of proceeds does the tool cover?
The main categories for use of proceeds are:
- M&A (excl. buyouts)
- Refinancing, repricing & amendments
- Recap (incl. dividend recap)
- Structured lending
- General corporate
For more information on financial terms visit http://us.debtwire.com/glossary.asp?page=1.
What are the different instrument types shown in the tool?
For North America and Southern and Western Europe, the tool displays high yield bonds and leveraged loans. You can select to view a combination of the two, or only one.
For the Rest of the World, the tool displays leveraged and non-leveraged loans as well as high yield and non-high yield bonds (apart from APAC, where we do not track non-high yield bond activity). As above, you can select to view different combinations of these as desired.
Can I view high yield bonds versus leveraged loans?
Yes, for North America and Southern and Western Europe. The Loans vs Bonds tab shows a breakdown of issuance by instrument type (i.e. high yield bonds and leveraged loans).
Can I view the leveraged loans data in terms of institutional and pro rata tranches?
Yes, for North America and Southern and Western Europe. The Loan Tranches tab displays a breakdown of loans according to institutional vs pro rata tranches. It is important to note that a single loan may contain several 'tranches', which can be either institutional or pro rata. Therefore, unlike the rest of the tool, the Loan Tranches tab displays the total number of tranches rather than the overall number of loans.
Can I view middle-market loans only?
Yes, for North America and Southern and Western Europe. Under Instrument Type in the main control panel, there is an option to filter by Mid-market loans only (middle-market is defined as financing sizes below US$150 million or equivalent).
Can I compare different primary use of proceeds?
Yes, for North America and Southern and Western Europe. The Top Use of Proceeds tab ranks the primary use of proceeds by value and volume, enabling comparisons. But, as with sectors, figures for selected primary use of proceeds are combined (summed) in all other charts. In the Rest of the World, comparisons are limited to each region. In other words, you can compare the use of proceeds within Asia-Pacific, Latin America/Caribbean and CEEMEA regions individually, but not with one another.
Can I download, share and embed charts?
Yes. Icons at the top-right corner of the chart tool enable you to download, share and embed the charts you create. Downloads are available in PNG or PDF format. Sharing is enabled for email as well as social media (Facebook, LinkedIn and Twitter). And an embed code is available so you can embed any White & Case Debt Explorer chart on your website. We request that you credit the White & Case Debt Explorer when you use Debt Explorer charts and data.