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Leveraged Finance Commentary

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14 Mar 2022

At a crossroads: Europe’s auto sector borrowers face change and the effects of events in Ukraine

Vehicle sales rebounded strongly following lockdowns, but Europe’s automotive companies confront a period of significant change as governments phase out combustion engines, supply chain constraints bite and the impacts of events in Ukraine are felt

17 Feb 2022

Loan activity climbed to boost leveraged finance issuance in the Asia-Pacific region

Real estate sector headwinds stifled high yield markets in the Asia-Pacific region, but loan issuance went from strength to strength to post double-digit gains

14 Feb 2022

European leveraged finance: From surviving to thriving

Leveraged loan and high yield bond markets in Western and Southern Europe saw a major resurgence in the past 12 months, driven initially by refinancing, followed by almost unprecedented M&A and buyout issuance, and setting the stage for, on balance, a productive year ahead

11 Feb 2022

CLO activity skyrockets in the US

Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights

11 Feb 2022

Loan activity drives US leveraged finance to new heights while high yield bond issuance maintains lofty pace

Large double-digit gains in US loan issuance meant leveraged finance markets ended 2021 with a bang and set the stage for robust activity in 2022

10 Feb 2022

Islamic finance closes in on LIBOR transition

Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance

09 Feb 2022

Buy-and-build boom sees add-on debt surge

Issuers are tapping institutional loan markets for add-on debt at a rapid pace as private equity firms turn to buy-and-build strategies to lower entry multiples and accelerate deployment

07 Feb 2022

M&A drives issuance in busy healthcare space

Following a year of healthy activity, M&A deals in the pipeline are set to sustain leveraged finance issuance in the pharmaceutical, medical and biotech sector in the months ahead

14 Dec 2021

Investor appetite gives borrowers a boost

Investors eager to maintain high levels of capital deployment have kept terms and pricing highly flexible for bond and loan issuers, but that does not mean easy access for borrowers—lenders are still pushing back against credits that fall short of the quality bar

09 Dec 2021

Credit ratings rebound

Reopening economies have transformed the credit landscape with ratings upgrades rising sharply through the year, after 2020 recorded the highest number of downgrades in more than two decades

07 Dec 2021

Lenders zero in on the fine print as ESG issuance surges

As sustainability-linked debt issuance continues to rise, lenders are sharpening their focus on ESG KPIs to make sure borrower credentials stack up

02 Dec 2021

Debt financing gains traction as SPAC space matures

In a rapidly maturing SPAC market, sponsors are more frequently turning to debt financing tools to fund deals