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With LBOs scarce, leverage in syndicated US loan market sinks to 7-year low

April 28, 2023

Maturity wall looms large for Europe's riskiest leveraged loans

April 24, 2023

Bed Bath & Beyond files Chapter 11, will seek buyer or liquidate

April 24, 2023

With LBOs scarce, leverage in syndicated US loan market sinks to 7-year low
Leveraged Loans

With LBOs scarce, leverage in syndicated US loan market sinks to 7-year low

April 28, 2023

While US leveraged loans now entail less debt, interest coverage for these borrowers has dipped starkly as borrowing costs have skyrocketed, thanks to rising rates.
Maturity wall looms large for Europe's riskiest leveraged loans
Leveraged Loans

Maturity wall looms large for Europe's riskiest leveraged loans

April 24, 2023

Borrowers in Europe continue to face a significant debt maturity wall over the next two-to-three years, despite having addressed a number of looming maturities through refinancings and amend-to-extend exercises over the last six months. At the end of the first quarter, companies with loans outstanding in the Morningstar European Leveraged Loan Index (ELLI) faced nearly €72 billion of debt coming due within the next three years, and nearly €27 billion in the next two years —  the highest figures on both these measures for five years.  
Bed Bath & Beyond files Chapter 11, will seek buyer or liquidate
Leveraged Loans

Bed Bath & Beyond files Chapter 11, will seek buyer or liquidate

April 24, 2023

Big-box retailer Bed Bath & Beyond Inc. on April 23 filed for Chapter 11 in bankruptcy court in New Jersey, the company announced, saying it did so “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.” The company’s petition listed total assets of roughly $4.4 billion and total liabilities of $5.2 billion.

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Retail investors pour $3B into high yield bond funds amid rebound in demand
Leveraged Loans

Retail investors pour $3B into high yield bond funds amid rebound in demand

April 21, 2023

This is the second large net inflow in the last three weeks for the high yield asset class, and it trims YTD outflow to $9.9 billion. It was $17.6 billion at the end of March, according to Morningstar.
Leveraged loan fund AUM sinks anew in March as banking turmoil drives withdrawals
Leveraged Loans

Leveraged loan fund AUM sinks anew in March as banking turmoil drives withdrawals

April 20, 2023

The steep drop in leveraged loan fund AUM during March brings total assets under management for the sector to $107 billion, the lowest that number has been since April 2021.
Encina Private Credit makes hires in originations, capital markets
Leveraged Loans

Encina Private Credit makes hires in originations, capital markets

April 17, 2023

Encina Private Credit has announced two new hires. Ian Nalitt joins as managing director of originations, responsible for expanding the firm’s network of direct lenders, according to an April 17 press release. Brian White will join as senior vice president of capital markets.
Europe's private credit firms face fundraising challenge
Leveraged Loans

Europe's private credit firms face fundraising challenge

April 14, 2023

Direct lenders are suggesting more demand is not always a good thing, while some investors worry it might even lead to a slowdown of the European private credit market.
March high yield bond surge fizzles as investors return to risk-off mode
Leveraged Loans

March high yield bond surge fizzles as investors return to risk-off mode

April 11, 2023

A meek $5.6 billion of high yield bond issuance for the full month of March fell well short of Street estimates in the $10-20 billion range.
Cineworld files reorg plan that slashes debt by $4.5 billion, wipes out equity holders
Leveraged Loans

Cineworld files reorg plan that slashes debt by $4.5 billion, wipes out equity holders

April 11, 2023

The reorganization plan by movie theater chain Cineworld would repay a $2 billion debtor-in-possession loan in full and include $1.5 billion in new first-lien leveraged loan debt.