Featured Articles

Forget Oil; BAML Says Leverage is a Bigger Problem

The debt load for corporate borrowers is exceeding earnings and leverage is nearing all-time high levels, according to Michael Contopoulos, high yield credit strategist at BAML.

Are Summertime Blues in Store for CLOs?

With history as a guide – as well as signs of slower issuance the remainder of the year – the CLO market may be in store for a somewhat bearish summer in terms of spreads.

What Goldman Could Do for Online Lending, and Vice Versa

Goldman Sachs has initiated plans to enter the online consumer lending business, making unsecured personal loans of $15,000 to $20,000 to individuals and potentially small businesses.

Round Two: BDCs Make a New Pitch for More Leverage

Business development companies (BDCs) are making another push at lifting restrictions on the amount of borrowed money they can put to work.

Slow Recovery Still Ahead for Oilfield Services

While oil prices have steadied in recent weeks, it may be up to another year for oilfield services firm to reap any benefits, according to Standard & Poor’s. In a report published this week, the ratings agency said it would maintain its overall negative outlook on oilfield services despite a return to $60-per-barrel oil prices in recent weeks.

Troubles Continue for Walter Energy

The coal producer is delaying an interest payment for the second time in two months.

Banks Drawn to Factoring, But Barrier to Entry Is Rising

More banks are looking at factoring, a form of asset-backed lending popular in the retail industry. Problem is, a lot of non-banks are looking, too.

Second-Lien Holders No Longer Second Class

Bank of America scored a legal victory this week for all holders of second liens when the Supreme Court ruled that bankruptcy courts cannot void a second mortgage because it exceeds the value of the home.

Manulife’s Addeo: ‘Lower for Longer’ Bodes Well for U.S. High Yield

The high yield bond market is less interest rate sensitive compared to other fixed-income and likely to withstand an increase from the Fed, according to John Addeo, a portfolio manager and managing director at Manulife Asset Management.

A $60B Debt Load? Charter Says 'Bring It On!'

Charter Communications' management is confident the $25 billion in secured debt issued to fund its takeover of Time Warner Cable will earn investment grade ratings; while that may be a stretch, the loans and/or secured bonds will surely be in high demand.

Loan Repricings on the Rise Again

Tightening spreads combined with above-par secondary trading prices on a majority of spec-grade loans have spurred a rebound in recently dormant repricing activity. Year-to-date, more than 35 issuers have returned to lenders seeking new terms on more than $40 billion in loans -- including some obtained as recently as February.

Meatpacker JBS USA Makes a Comeback

Just six months after pulling a deal amid broader contagion in Brazil, the company managed to upsize a high yield bond offering to $900 million from $600 million originally.

Weather Channel Feeling Heat on Debt Load

The parent company of The Weather Channel, saddled with long-term high debt levels and declining revenue, wants to extend loan terms and pay down some of its high debt burden. Relief may come at a steep cost, with the company reportedly agreeing to a 150 bps rate increase in proposed terms

Fitch: CLO Risk Retention Plans Aren’t ‘One Size Fits All’

US CLO managers are pretty evenly split on how to comply with an impending requirement to keep “skin in the game” of their deals.

Monroe Capital Prices its 1st Broadly Syndicated CLO

Like the middle market lender's previous deal, Monroe BSL CLO 2015-1 complies with European risk retention requirements.

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