Featured Articles

High Court Takes a Second Look At Second Liens

A case that has made its way to the U.S. Supreme Court has justices reconsidering whether second lien debt should be stripped when the collateral is underwater.

Heinz-Kraft Likely To Be Investment Grade

Moody's and S&P expect to assign investment-grade ratings to a proposed merger between Kraft and H.J. Heinz, despite an excess of more than $33 billion in legacy and new debt.

Banks Cutting Credit Lines to Energy Companies

Even as their bonds sell off in the secondary market, exploration and production companies are issuing new, more expensive term debt in order to pay down their revolving lines of credit, whether by choice, necessity, or both.

Fed Grants Volcker Fix to Foreign Banks for CLOs

The central bank's clarification means that foreign banks don't have to sell their holdings of CLOs that don't comply with the rule, but the impact is likely to be minor, as U.S. banks will continue to divest or amend terms of such deals.

Settlement Times Improving, But Miles to Go

Prolonged trade settlement times are a thorn in the side of the leveraged loan market, and the problem has only worsened over the past several years, but there are some recent signs of improvement.

European CLO Managers' Lament: No Market for Sterling Tranches

Many would love to do more multi-currency deals, which would make it easier, and cheaper, to source collateral. But there’s not much demand for sterling tranches.

Shorter Tender Offers a Win-Win for Junk Bond Issuers

For high yield bond issuers, there are no drawbacks to SEC's new allowance for abbreviated tender offers, Stuart Morrissy, partner with law firm Milbank, Tweed, Hadley & McCloy, says.

Samson Resources Running Out of Time

Moody’s Investors Service on Monday downgraded the ratings of KKR-owned Samson Resources Corp. for the second time in four months on fears the oil and gas exploration and production company may be on the path to defaulting on its rated debt obligations totaling $3.25 billion.

Which Debt Will Windstream Retire? CFO Hints at Bonds

"Obviously we are going to look for the best opportunity upon the market conditions to get the best financial outcome,” CFO Bob Gunderman told analysts during a conference call.

Regulators Probing Potential Threats from Leveraged Lending

Regulators have been spooked by the possibility of default on large loans to highly leveraged businesses for the past few years, but they are now beginning to worry that such defaults could cause systemic shock waves through loan mutual and exchange-traded funds. Yet policymakers have also given signals to the market that any macroprudential concerns about leveraged lending are still mild.

SEC Levels Playing Field for HY Tender Offers

The Securities and Exchange Commission used to have a double standard when it came to tender offers: now speculative-grade issuers and investment grade issuers can hold tender offers as short as five days.

Moody’s: Peak Five-Year Maturity Wall Hits Speculative Grade Debt

Another wall of maturing speculative-grade corporate debt is in sight. In its annual report on refunding risk and needs for spec-grade corporations, Moody’s Investors Service tallied $791 billion of loans and bonds coming due through 2019. That is the largest amount of five-year debt maturity in six years.

Notwithstanding Oil Rout, No Retreat from Cov-Lite

Falling oil and gas prices have had a near-calamitous effect on high-yield bond prices and loan spreads, yet many below investment grade companies are still able to borrow money without promising to maintain certain financial metrics

Banks Wary of Syndicated Loan Performance, Fed Says

Lenders are concerned about the performance of syndicated leveraged commercial and industrial loans in 2015, a Fed survey said Monday, underlining regulators' worries that such loans may be a source of systemic risk.

Lev Loans, HY Bonds Off to a Slow Start

Year to date issuance for the high yield market is at its lowest point since 2009; similarly syndicated loan volumes are also off to its slowest start in eight years. Can the LBO pipeline, flush with blockbuster deals, help turn things around for leveraged finance?

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Scott Roberts

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Firm: Invesco Fixed Income

In the news: Banks Cutting Credit Lines to Energy Companies

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