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.
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.
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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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.
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.
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.
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.
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.