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Leveraged Finance Commentary

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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

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

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

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

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

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

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

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

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

17 Jun 2020

Technology sector shows resilience during lockdowns

Remote working, online shopping and telemedicine have shielded the technology sector from the worst effects of COVID-19 lockdowns

08 Jun 2020

Healthcare sector under pressure but the prognosis looks good

COVID-19 has pushed healthcare systems around the world to the limit, but depending on the vertical, certain companies have been less affected than those in other sectors—and the availability of credit to battle the pandemic has helped

03 Jun 2020

Appetite for change in the consumer food and beverage sector

Even though COVID-19 has taken a toll on consumer spending and supply chains, the food and beverage industry has shown resilience and continues to tap credit markets