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Altice isn’t just a European CLO problem
17 hours ago
The latest BofA research estimates that US CLO OC test breaches could jump to as high as 17% if all Altice entiites are downgraded -
Global corporate defaults on fastest pace since 2009 according to S&P
13 days ago
The number of corporate defaults has risen dramatically year-to-date, according to S&P Global Ratings, driven by a doubling of the rate of defaults in Europe -
Electronic controls company Robertshaw is latest CLO name to default
1 month ago
Robertshaw, held by 134 CLOs with a total exposure of USD 151m, has filed for Chapter 11 bankruptcy -
Lumen Technologies ad-hoc group preps competing proposal
4 months ago
The refinancing of Lumen Technologies, currently held by 1311 different CLOs with a combined principal balance of USD 3.8bn, took a new twist today as details of a competing proposal emerged -
US CLO credit Air Methods Corporation files for bankruptcy
5 months ago
Air Methods Corporation, a widely held name in the US CLO market, filed for Chapter 11 this morning reporting USD 1bn to USD 10bn in liabilities. -
Envision Healthcare draws lawsuit from fourth out lenders
7 months ago
A group of “fourth out” lenders to Envision Healthcare have lodged an adversary complaint over its 2022 drop-down recapitalization and subsequent ‘uptier’ exchange -
Fitch notches up US lev loan and HY 2023 default rate forecasts
9 months ago
Fitch Ratings has raised its US corporate institutional high yield bond default 2023 forecasts from 3%-3.5% to 4.5%-5%, and its leveraged loan default forecast from 2.5%-3% to 4%-4.5% -
CLO market observes SVB collapse with trepidation
1 year ago
CLO market participants observed the fallout from the collapse of Silicon Valley Bank with trepidation on Monday as fears over contagion in other parts of the financial landscape remained heighened -
US private credit default rate rose to 2.06% in Q4, Proskauer reveals
1 year ago
That’s up from 1.56% in Q3 and reverses the trend of declining default rates from the 8.1% peak in Q2 2020. -
US private credit default rate rose to 1.56% in Q3, Proskauer index reveals
1 year ago
US private credit default rates rose from 1.18% to 1.56% in the third quarter, according to Proskauer’s private credit default index -
Creditors look to block asset stripping in loan docs
1 year ago
Loan managers are using their increased negotiating leverage amid tighter credit conditions to push back on private equity sponsors’ ability to asset strip portfolio companies -
CLO debt prices imply default rate exceeding forecasts, says Orchard Global
1 year ago
Current pricing of CLO debt tranches implies a default rate that is "far in excess" of the most pessimistic forecasts, according to Orchard Global Asset Management -
Cineworld buys ticket for DIP facility with chapter 11 filing
1 year ago
Cineworld filed for Chapter 11 in the US Bankruptcy Court For The Southern District Of Texas on Wednesday, less than a month after the UK-based cinema operator announced Chapter 11 was among the options it was considering to “achieve its restructuring objectives” -
B- share of CLO portfolios rated by S&P hits all-time high after 30 downgrades in a month
1 year ago
The share of CLO portfolio assets rated B- by S&P hit an all-time high of 29% after 30 loans were downgraded in August -
Russia and Ukraine debt recovery outlooks diverge as DC publishes auction lists
1 year ago
The credit event auction to settle Russian sovereign CDS will have eight bonds deliverable, while 15 bonds have made it onto a preliminary list for Ukraine’s auction -
Lumileds trips chapter 11 fuse, causing CLOs to suffer another default
1 year ago
CLOs hold $596 million debt of lighting manufacturer Lumileds, which filed for Chapter 11 protection in the United States Bankruptcy Court Southern District Of New York on Monday -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
1 year ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Russia credit event auction starts to firm up as DC mulls settlement options
1 year ago
Russian Federation sovereign CDS will be settled in the first half of September, the Credit Derivatives Determinations Committee has said. But settlement restrictions still require further discussion -
Ukraine triggers restructuring credit event
1 year ago
Ukraine has triggered a restructuring credit event, the Credit Derivatives Determinations Committee has ruled -
Ukraine credit event question accepted by DC
1 year ago
The Credit Derivatives Determinations Committee has accepted a request to rule on whether Ukraine has triggered a restructuring credit event, following the country’s agreement last week to defer debt payments -
Russian Federation auction list features eight bonds
1 year ago
The lengthening endeavour to organise a Russian Federation credit event auction has taken another step forward, with the publication of a preliminary list of deliverable obligations -
Russia CDS auction deliverables list takes shape after sanctions licence
1 year ago
Russian Federation bonds cleared by Euroclear may be the only deliverable obligations to settle sovereign CDS contracts referencing the country, the Emea Determinations Committee has said, although it is also considering Clearstream listed bonds as it moves forward with preparations for a credit event auction -
Russia CDS settlement receives boost from US sanctions update
1 year ago
The long wait to settle CDS contracts referencing the Russia Federation could soon be over, with previous uncertainty over how US sanctions would impact a credit event auction apparently having been addressed -
Internet company triggers restructuring credit event at third time of asking
1 year ago
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event -
Russian credit event auction plans put on hold after US sanctions update
1 year ago
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction
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