Lower valuations and an increase in priority ranking debt for some issuers pushed down recoveries for first-lien creditors of several recent bankruptcy filers in the technology, media and telecom (TMT) sectors. ow.ly/pLkc50ThQLZ #Tech #Media #Telecom #Bankruptcy #LevFin

Fitch has published the latest European Default and Distressed Monitor. The report finds European leveraged loan and high-yield bond #default rates declined in July 2024. Learn more: ow.ly/xmbr50TcZkw #LevFin #LeveargedLoans #EMEA

The trailing 12-month (TTM) U.S. leveraged loan (LL) default rate remained above 4.0% in July. Learn more: ow.ly/Gm2l50T82l4 #LevFin #Default #Distress #Monitor

The 2Q24 leveraged loan (LL) market was characterized by record-setting deal activity, with $389.7 billion in volume, the highest on record since 1Q17. Learn more: ow.ly/tO7a50SXWnT #HighYield #LevLoan #LevFin #Default

Fitch has published the European Distressed and Default Monitor for July 2024. The European high-yield bond trailing-twelve-month rose in June as stressed issuers’ operating performance weakens. Learn more: ow.ly/XPa450SP32n #LevFin #LeveragedFinance #LeveragedLoans

Please join us at the SFA Research Symposium on Aug 7 at 9am ET as Lyuba Petrova, Head of North America Leveraged Finance at Fitch Ratings, will be speaking on the panel titled "1H Review, 2H Emerging Themes". Learn more: ow.ly/o21750SSqCN #LevFin #Event #Panel

The default rate in Fitch Ratings’ private monitored ratings (PMR) rose to 5% in 2Q24, up from 3.7% at the end of 2023. Learn more: ow.ly/5X9a50SPfNt #LevFin #Default #PMR #PrivateCredit #MiddleMarket

US leveraged loan (LL) and high yield (HY) bond #default rates both fell in June, according to the latest Fitch Ratings U.S. Distressed and Default Monitor. Learn more: ow.ly/juhO50SOgt8 #LevFin #LevLoan #HighYield

Gaming, leisure, lodging and restaurant (GLLR) issuers continue to be affected by the aftershocks of the pandemic. Learn more: ow.ly/fLJh50SNnIb #Bankruptcy #LevFin #gaming #lodging #restaurant

UK high-yield bond and leveraged loan issuers remain under pressure from stressed leverage and coverage ratios, leading to numerous downgrades within the ‘B’ category. Read more: ow.ly/u7Hf50SI2vz #LevFin #LeveragedCredit #HighYield

Want to know why the primary market is closed for CCCs? Well the avg CCC coupon would DOUBLE if they refi’d today (7% higher than current yields!) Relative spreads now at COVID/2002 recession levels vs. BB/Bs… #LFT #LevFin #HighYield

Euro high-yield bond investors doing the heavy lifting in Vodafonespain's €3.4bn #M&A refinancing. Is this a first? Those holding their ground at 6.75% got their way. #levfin #zegona #financing

#Default rates for high-yield (HY) and leveraged loan (LL) issuers in the U.S. fell slightly in May. ow.ly/5ytr50Sr8HH #LevFin #HighYield #LevLoan

Busy week for everybody involved in #hy #levfin finance this week, including reporters. Applus+ already out with a new €795mn 5nC2 secured bond, and Vodafone España also on the way. Read our weekly wrap were: v2.creditsights.com/articles/10426…

“I wouldn’t do this deal it doesn’t generate free cash flow… but up the spread 300bp and I think I’d play” 🤔 #levfin

Fitch has published the May 2024 #European Distressed and Default Monitor. Persistent higher cost of capital will continue to impact challenged speculative grade corporates. Learn more: ow.ly/SZau50SjQiL #LevFin #LeveragedFinance #Default #CorporateFinance

Current HY market conditions still highly favorable for new issuances - expect a robust week - HY index: 7.88% (-7bps w/w) - BBs: 6.57% (-8bps) - Bs: 7.64% (-7bps) - CCCs: 13.71% (-10bps) #LFT #LevFin

CLO machine still humming along with $11bn printed last week ($4.5bn new, $6.5bn refi/reset) YTD we’re at $94bn ex-refi, almost 2x the $51bn pace this time last year! #LevFin #GoldenAge

First-lien lenders to several recent #retail filers had below average recoveries, reflecting lower valuations across the industry. ow.ly/RQqO50SfLUe #Bankruptcy #LevFin