Leveraged Finance Zone

Leveraged Finance Zone LCD provides real-time leveraged loan, high yield bond and distressed debt news and analysis.

Leveraged loan volume, high yield bond volume, news and analysis. Investment grade, too.

It's tougher sledding in a dovish-Fed environment, but a busy final week of the month brings March US CLO issuance to $1...
04/02/2019

It's tougher sledding in a dovish-Fed environment, but a busy final week of the month brings March US CLO issuance to $11 billion, on pace with 2018.

US leveraged loan issuers and investors proceed deliberately in 2019's first quarter. There was $78 billion of higher-yi...
04/01/2019

US leveraged loan issuers and investors proceed deliberately in 2019's first quarter. There was $78 billion of higher-yielding institutional loans issued, up only slightly from the three-year low seen during a brutal fourth quarter of 2018.

Retail investors flock to US high yield market for second straight week ($1.8B  net inflow this time). YTD: +$10B
03/22/2019

Retail investors flock to US high yield market for second straight week ($1.8B net inflow this time). YTD: +$10B

With rates looking like they'll hold in 2019, debt issuers are undertaking high yield bonds to take out leveraged loans ...
03/20/2019

With rates looking like they'll hold in 2019, debt issuers are undertaking high yield bonds to take out leveraged loans https://buff.ly/2W9SMLh @JakemaLewis

After iHeart ages out of the sample, the US leveraged loan default rate sits at a 7-year low of 0.93%. The historical av...
03/12/2019

After iHeart ages out of the sample, the US leveraged loan default rate sits at a 7-year low of 0.93%. The historical avg: 3.1%.

After a month of putting cash into US high yield funds, retail investors beat a $1.9B retreat this week.
03/08/2019

After a month of putting cash into US high yield funds, retail investors beat a $1.9B retreat this week.

So much for that December rout. US leveraged loan debt is well atop where it was on Halloween. YTD the asset class is re...
03/07/2019

So much for that December rout. US leveraged loan debt is well atop where it was on Halloween. YTD the asset class is returning 4.21%,vs 9.57% for equities, 6.26% for high yield.

Another good month the European leveraged loan market, returning 0.67%. Year to date, that's +1.41%.
03/07/2019

Another good month the European leveraged loan market, returning 0.67%. Year to date, that's +1.41%.

A solid month for issuance of new US CLO vehicles, despite a rockier market. Refis and resets continue scarce.
03/05/2019

A solid month for issuance of new US CLO vehicles, despite a rockier market. Refis and resets continue scarce.

CLO issuance in Europe picked up in February despite a more difficult market. YTD: €4.79B of new vehicles, vs €4.19B...
03/05/2019

CLO issuance in Europe picked up in February despite a more difficult market. YTD: €4.79B of new vehicles, vs €4.19B YTD 2018.

Another good month for U.S. the leveraged loan asset class, returning 1.59%. This is the best start to a year for loans ...
03/04/2019
After Torrid January, US Leveraged Loans Return 1.59% in February - LeveragedLoan.com

Another good month for U.S. the leveraged loan asset class, returning 1.59%. This is the best start to a year for loans since 2009, just after the financial crisis.

U.S. leveraged loans returned 1.59% in February, their second straight strong performance after a dismal December, when the segment lost 2.54% amid a veritable risk-off rout of the asset class, according to LCD. Through the first two months of 2019 U.S. loans returned 4.18%, their best start to a ye...

After the grim December and slow January, issuance of high yield and #leveraged loan debt in Europe began to pick up las...
03/02/2019

After the grim December and slow January, issuance of high yield and #leveraged loan debt in Europe began to pick up last month.

Investors continue to put cash into US high yield funds (especially ETFs). Another $698 million this week, and a net $9 ...
02/28/2019

Investors continue to put cash into US high yield funds (especially ETFs). Another $698 million this week, and a net $9 billion YTD.

The US leveraged loan default rate increased to 1.62% this month, though that's still much lower than the historical ave...
02/28/2019

The US leveraged loan default rate increased to 1.62% this month, though that's still much lower than the historical average.

There's now some €148 billion of outstanding leveraged loan debt in Europe, twice the rate only three years ago
02/27/2019

There's now some €148 billion of outstanding leveraged loan debt in Europe, twice the rate only three years ago

Covenant-lite activity in the US leveraged loan market seems to have leveled off - for now, anyway - though there's stil...
02/20/2019

Covenant-lite activity in the US leveraged loan market seems to have leveled off - for now, anyway - though there's still some $922 billion of this debt outstanding, with the current. long-running credit cycle nearing an end, according to analysts.

Issuance of covenant-lite  leveraged loan deals is leveling off, though there remains a neat $922 billion of this debt o...
02/15/2019

Issuance of covenant-lite leveraged loan deals is leveling off, though there remains a neat $922 billion of this debt outstanding.

After Ditech filing yesterday, the US leveraged loan default rate stands at 1.44%,  well below the historical avg of~3%.
02/12/2019

After Ditech filing yesterday, the US leveraged loan default rate stands at 1.44%, well below the historical avg of~3%.

Issuance of US CLOs - they account for some 60% of the US leveraged loan market - is off to a slow start this year.
02/12/2019

Issuance of US CLOs - they account for some 60% of the US leveraged loan market - is off to a slow start this year.

Update: US leveraged loan stats: Issuance, yield, prices, defaults. Plus news/analysis from LCD. All free ...
02/11/2019

Update: US leveraged loan stats: Issuance, yield, prices, defaults. Plus news/analysis from LCD. All free ...

CLOs are the driving force behind the $1.17T U.S. leveraged loan market.
02/08/2019
Female CLO Managers Tend to Outperform Men

CLOs are the driving force behind the $1.17T U.S. leveraged loan market.

Collateralized loan obligations overseen by women deliver better returns on average than those run by men, according to Citigroup research. The finding sheds new light on the debate about the relative lack of women in the upper echelons of the alternative asset-management field.

After the leveraged loan market gyrations in December, the European CLO segment is proceeding deliberately, awaiting dea...
02/08/2019

After the leveraged loan market gyrations in December, the European CLO segment is proceeding deliberately, awaiting deals https://buff.ly/2RMPfjs

Retail investors have pulled cash from the US leveraged loan market for 12 weeks running, totaling close to $20B. Only a...
02/07/2019

Retail investors have pulled cash from the US leveraged loan market for 12 weeks running, totaling close to $20B. Only a slight outflow from ETFs this week fyi.

Retail investors pour $3.86B into US #highyield funds this week. That's $7.4B of net inflows YTD, after roughly $35B of ...
02/07/2019

Retail investors pour $3.86B into US #highyield funds this week. That's $7.4B of net inflows YTD, after roughly $35B of withdrawals in 2018.

Full analysis: Despite concern about the asset class, the U.S. leveraged loan default rate just hit a 17-month low.
02/07/2019

Full analysis: Despite concern about the asset class, the U.S. leveraged loan default rate just hit a 17-month low.

The US leveraged loan market continues to grow (even with the 4Q volatility). At end of January, outstandings totaled $1...
02/06/2019

The US leveraged loan market continues to grow (even with the 4Q volatility). At end of January, outstandings totaled $1.17 trillion, the most ever

The U.S. leveraged loan default cycle just hit a 17-month low.
02/05/2019

The U.S. leveraged loan default cycle just hit a 17-month low.

Crypto Exchange Says It Can't Repay $190 Million to Clients After Founder Dies With Only Password
02/04/2019
Crypto Exchange Says It Can't Repay $190 Million to Clients After Founder Dies With Only Password

Crypto Exchange Says It Can't Repay $190 Million to Clients After Founder Dies With Only Password

Canadian crypto exchange QuadrigaCX says it cannot repay most of $190 million in client holdings after its 30-year-old founder Gerald Cotten, the only person who knew the passwords to its “cold storage,” unexpectedly died in India in December 2018, Coindesk reported on Friday.

01/29/2019

We've updated our great free website buff.ly/2FAPih2 - weekly market stats plus breaking news and trend analysis. Check it out ...

Our full analysis of the dwindling US leveraged loan debt cushion - and why that's important - is available outside the ...
01/28/2019

Our full analysis of the dwindling US leveraged loan debt cushion - and why that's important - is available outside the subscription wall. Check it out.

01/23/2019
Leveraged Loan - LeveragedLoan.com

Updated: Weekly leveraged loan stats - issuance, yield, prices, defaults, plus real-time news/analysis. All free ...

A leveraged loan is a corporate debt instrument arranged by one or more investment banks and syndicated to a group of commercial banks and non-bank investors. Click here for the free, definitive, online Leveraged Loan Primer »

Unprecedented leveraged loan issuance over the past two years has eaten away at the debt cushion, which helps mitigate l...
01/23/2019

Unprecedented leveraged loan issuance over the past two years has eaten away at the debt cushion, which helps mitigate losses when defaults kick in.

Negative bias: Rretail/restaurants tops the list - and the segment's distress ratio is nearly 20% - followed by Consumer...
01/22/2019
Log In | S&P Capital IQ

Negative bias: Rretail/restaurants tops the list - and the segment's distress ratio is nearly 20% - followed by Consumer, Telecom, says S&P.

Covenant-lite/looser documentation over the past few years has dented recoveries on U.S. leveraged loans, but they've he...
01/18/2019

Covenant-lite/looser documentation over the past few years has dented recoveries on U.S. leveraged loans, but they've helped boost recoveries in the high yield bond segment (S&P GFIR).

Despite a rocky December, the European leveragedl oan asset class grew to a record size in 2018.
01/11/2019

Despite a rocky December, the European leveragedl oan asset class grew to a record size in 2018.

The leveraged loan asset class in Europe just stumbled through its worst month in 3 years (tho it outperformed loans in ...
01/09/2019

The leveraged loan asset class in Europe just stumbled through its worst month in 3 years (tho it outperformed loans in the US).

With the recent US leveraged loan market sell-off, trading prices no longer are universally sky-high. "A healthy reprici...
01/07/2019

With the recent US leveraged loan market sell-off, trading prices no longer are universally sky-high. "A healthy repricing of risk" one CLO manager says ...

The US high yield bond market keeps shrinking.
01/04/2019

The US high yield bond market keeps shrinking.

With last week's record $3.5 billion cash withdrawal from US leveraged loan funds, the full-year 2018 figure is a $3.1 b...
01/02/2019

With last week's record $3.5 billion cash withdrawal from US leveraged loan funds, the full-year 2018 figure is a $3.1 billion outflow. It was +$10 billion in mid-November. https://buff.ly/2R2I9fo

For the record, issuance of U.S. institutional  leveraged loans was $436B billion in 2018, down 13% from the record $503...
12/21/2018

For the record, issuance of U.S. institutional leveraged loans was $436B billion in 2018, down 13% from the record $503 billion in 2017. Street expectations have another 10% drop next year. https://buff.ly/2EEe0eL

This week's record $3.3 billion withdrawal of retail cash from US leveraged loan funds helps bring the YTD net number, w...
12/21/2018

This week's record $3.3 billion withdrawal of retail cash from US leveraged loan funds helps bring the YTD net number, which was +$10 billion in mid-Nov, to barely positive (with one more reading in 2018).

The Bulls Versus Bears Guide to the World Economy in 2019.
12/17/2018

The Bulls Versus Bears Guide to the World Economy in 2019.

Through the first 10 months of 2018 US leveraged loan funds took in a net $10.3 billion. Over the last four weeks invest...
12/14/2018

Through the first 10 months of 2018 US leveraged loan funds took in a net $10.3 billion. Over the last four weeks investors have taken $6.6 billion back.

Issuance of CLOs in the U.S. has topped $125 billion in 2018, the most ever.
12/12/2018

Issuance of CLOs in the U.S. has topped $125 billion in 2018, the most ever.

... although, leveraged loans are besting bond assets YTD (and at last look, equities were down 1.8% so far this year) h...
12/11/2018

... although, leveraged loans are besting bond assets YTD (and at last look, equities were down 1.8% so far this year) https://buff.ly/2Ec73Bv #highyield

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General information

LCD, a unit of S&P Global Market Intelligence, is the recognized authority on global leveraged finance, and is used by virtually every institution worldwide that actively invests, originates or trades leveraged/syndicated loans and high yield bonds. LCD News is a real-time news service publishing up 70 stories each day on the US and European loan, high yield bond and distressed debt markets. LCD Research offers a vast database covering trillions of dollars of loan and high yield bond terms; it also features market-leading research on the global leveraged finance markets. You can follow leveraged loan and high-yield bond news, trends and insights on Twitter: http://twitter.com/lcdnews Check out our US and European market analysis on YouTube http://www.lcdcomps.com/youtube Our leveraged loan group on LinkedIn now features nearly 5,000 contacts in leveraged finance markets worldwide. If you have an interest in leveraged loans, high yield bonds or distressed debt, please join us http://www.lcdcomps.com/linkedIn Disclaimer No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P's opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

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