In this episode of The Upgrade podcast we discuss big picture topics: leverage and rating action trends, views from market participants, default forecasts, CLO performance, and new issue volumes this year.

In today’s episode, Hina and Sandeep are joined by Marta Stojanova, Director in Corporate Ratings, to discuss her recent publication European Leveraged Finance Recovery in the fourth quarter of 2020 titled “Leverage Increases, Recovery Slips”. Listen in as we discuss how trends in new issue and outstanding average recovery rates, how they vary across industries and why leverage is increasing.

In today’s episode, Hina and Sandeep are joined by Paul Watters, Head of Credit Research for EMEA, to discuss a recent publication he co-authored titled “EU Could Meet 70% Vaccination Target By Late July If Production Steps Up”. Listen in as we discuss the key findings of the article, what it means for various sectors within Corporates including the impact of delays in vaccine distributions, risks of new variants and the progress of global immunization programs.

In this episode of The Upgrade podcast, we discuss the big U.S. airlines - American, Delta and United. Topics include timing of the recovery in travel, liquidity, recovery ratings and how CLOs have increased their airline exposure during the pandemic.

In this episode, Hina and Sandeep are joined by corporate ratings analyst Solene Van Eetvelde, to discuss the French childcare provider Babar Bidco, a popular new issue credit exposed to European CLO portfolios. Listen in as we discuss the ratings and recovery ratings assigned to the credit and its outlook.

In this episode of The Upgrade podcast, we discuss credit fundamentals for GameStop and AMC Entertainment including CLO exposures. Guests are analysts from S&P’s U.S. Corporate Ratings Retail, Media and Entertainment and CLO teams.

In this episode, Hina and SaIn this episode, Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings. Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings.

For our inaugural 2021 episode, Hina and Sandeep are joined by David Gillmor, Sector Lead for Leveraged Finance, to discuss his recent publication titled “European Corporate Defaults: Owners Step Up To Mend Pandemic-Hit Capital Structures”. Listen in as we discuss how owners and management teams are actively restructuring their financial obligations and how CLOs are addressing this.

In this episode of The Upgrade podcast, we discuss Sotera and Parexel; how they have fared in the pandemic and what would be required for an upgrade. We also discuss where they rank in the Top 250 and how their respective debt pricing may be viewed by CLO managers. Guests are analysts from S&P’s U.S. corporate ratings healthcare team and CLO team.

In this episode, Hina and Sandeep are joined by Rachel Gerrish, Senior Director in the Corporate Ratings group to discuss Swissport, the Switzerland-based global airport ground handler. Listen in as we discuss the acute challenges COVID-19 has brought for the sector, why we downgraded Swissport to SD and how CLOs have limited their exposure to the company’s downgrades this year.

Every fortnight, we aim 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.