CLOs Uncovered

Diverging trends between benchmark rates and credit spreads in leveraged loan pricing in the majority of quarters over the past 15 years have kept loan funding costs in check, but the trend reversed in 2022. In this episode of The Upgrade podcast Ramki Muthukrishnan, Omkar Athalekar, and Minesh Patel discuss key highlights from our recently published article, "Leveraged Finance: Leveraged Loan Market Could Feel The Pinch Of Higher Benchmark Rates And Risk Premiums For A While".

Loan investors are becoming increasingly concerned about the risk of aggressive out-of-court restructurings, given weaker lender protections within credit documentation. In this episode of The Upgrade podcast Bek Sunnu, Steve Wilkinson, and Minesh Patel discuss key highlights from our recently published article, "Envision Healthcare Corp.'s Two Major Restructurings in 100 Days".

Related Articles:

• Credit FAQ: Envision Healthcare Corp.'s Two Major Restructurings In 100 Days, Sep 02, 2022
• EBITDA Addbacks Continue To Stack, Feb 08, 2022
• A Closer Look at How Uptier Loan Exchanges Leave Excluded Lenders Behind, June 15, 2021
• Default, Transition, and Recovery: Out-Of-Court Restructurings May Lead To Repeat Defaults Among Distressed U.S. And Canadian Corporates, May 11, 2021
• A Look At "J. Crew Blocker" Provisions In Loan Agreements, Sep. 23, 2019

Credit quality has proven resilient as some credit measures return to (or in some sectors are better than) pre-pandemic levels. Nevertheless, risks are weighted to the downside as profit growth momentum and macroeconomic activity slow. In this episode of The Upgrade podcast Hanna Zhang and Minesh Patel discuss key highlights from our recently published article titled "U.S. Leveraged Finance Q2 2022 Update: Corporate Borrowers Brace For Slow-Growth Recession".

Shifting markets has resulted in CLO structures and documents being reassessed. Listen in to this special episode where Hina & Sandeep are joined by Abhijit Pawar, Senior Analyst from our Structured Finance Team.

In this episode Hina & Sandeep are joined by Lukas Brockmann, analyst on Action. Listen how a value discounter in Benelux, with improving geographical diversification supports earnings resilience.

In this episode of The Upgrade podcast, Alessio Di Francesco, Steve Wilkinson, Daniel Hu, and Minesh Patel discuss Envision Healthcare Corp.'s recent distressed exchange, ongoing operational challenges, and rating drivers. Our latest research titled "Envision Healthcare Corp. Upgraded To 'CCC' From 'SD' And Placed On CreditWatch Negative Following Distressed Exchange" can be found here.

For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials

In this episode of The Upgrade podcast, Hanna Zhang and Minesh Patel discuss interest rate and cash flow pressures faced by our lowly rated 'B-' issuers, as well as key highlights from our recently published article titled "U.S. Leveraged Finance Q1 2022 Update: Free Operating Cash Flow Is Put To The Test As Headwinds Blow Harder."

For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials

In this episode we are joined by Pascal Seguier, primary analyst on Tarkett. Listen in on how elevated raw material prices and geopolitical tensions are altering its credit quality.

For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials

In this episode Hina & Sandeep are joined by Ruth Yang, Global Head of Thought Leadership as their guest. Listen to their discussion and hear about the current challenges to the credit markets.

Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.

For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials

In this episode Hina & Sandeep are joined by Simon Redmond, Sector Lead for Oil & Gas as their guest. Listen to their discussion and hear about the impact of the geopolitical crisis on Oil & Gas prices and whether it may delay the transition to cleaner fuel.

Related Articles:

• Europe's Exit From Russian Gas: 10 Questions On Utilities
• Extremely High And Volatile Gas Prices Signal A Structural Shift In Europe's Energy Market
• Russia-Ukraine Conflict. Implications For European Corporate And Infrastructure Sectors

For more Leveraged Finance and CLOs Insights visit: Leveraged Finance & CLOs Essentials