Global credit funds & CLO's
February 2020
| Issue 220Published in London & New York.
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US loan repricing came to the fore in Q4, with higher quality credits hitting the market. The biggest was Refinitv, repricing at 325bp in December. Overall loan volumes fell 37% in 2019
1: High quality loans reprice
US double B names were getting repriced in Q4. But a glaring exception was the $6.5 billion single B-rated Refinitiv loan repricing at 325bp in December.
2: Medical sector issuance in rude health
In Europe, there was €20.8 billion of issuance in 2019.
3: Most sold loans
US CLOs dumped petrochemical firm McDermott two months before it filed for bankruptcy.
4&5: Volumes & pricing
US loan volumes dropped 37% in 2019. Spreads contracted — falling 113bp over the year.
1: US loan repricing vs share of loans rated BB- and above
2: Medical sector issuance ($bn)
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Source: CLO-i
€21bn
Total medical sector issuance in Europe in 2019
Repricing spike points to sharp spread compression
February 2020
|
Issue 220Analysis loans
research
Colm ‘CJ’ Doherty (Debtwire) & Michelle D’Souza
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