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Global Leveraged Finance: Market View
This page offers Moody’s insights into leveraged loans and high yield bonds. It highlights proprietary indicators that assess current and projected credit risk and defaults, our view on spec-grade liquidity health, covenants and refunding risk.
  • Summary
  • Research
    • Podcast: Early warning signs of default accelerate for speculative-grade companies in EMEA
    13 Feb 2020|Moody's Investors Service
    Sandra Veseli and Richard Morawetz discuss risks to nonfinancial corporate credit quality in EMEA. Excessive leverage and exposure to a cyclical downturn are among the early warning signs of potential default.
    US - KEY RISK INDICATORS View All
    31 Jan 2020
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    COMPILATION
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    Moody's Investors Service
    Heat Map: Moody's Credit Cycle Gauge | US
    SECTOR IN-DEPTH
    B3N Indicator | US
    17 Jan 2020|Moody's Investors Service
    Score swings to a less favorable territory on deteriorating fundamentals, weaker intrinsic liquidity of the companies.
    SECTOR IN-DEPTH
    Liquidity Stress Indicator | US
    16 Jan 2020|Moody's Investors Service
    LSI ends 2019 slightly higher than where it started, but liquidity remains well supported.
    COMPILATION
    Spec-grade upgrade-downgrade | US
    27 Jan 2020|Moody's Investors Service
    Spec-grade downgrades continue to outpace upgrades.
    EMEA - KEY RISK INDICATORS View All
    22 Jan 2020
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    COMPILATION
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    Moody's Investors Service
    Total Loan Issuance | EMEA
    COMPILATION
    Downgrade/Upgrade ratio | EMEA
    22 Jan 2020|Moody's Investors Service
    Downgrades remained high in November and December.
    COMPILATION
    Speculative-Grade Liquidity | EMEA
    22 Jan 2020|Moody's Investors Service
    Our Liquidity Stress Indicator (LSI) for EMEA has been increasing since July 2018 and is likely to rise further in 2020.
    COMPILATION
    European Covenant Quality | EMEA
    19 Sep 2019|Moody's Investors Service
    E-CQI improved to 3.75 (weak) from its lowest level in the fourth quarter of 2018.
    APAC - KEY RISK INDICATORS View All
    30 Jan 2020
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    COMPILATION
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    Moody's Investors Service
    Asian High-Yield Market Trends | APAC
    COMPILATION
    Asian Liquidity Stress Indicator | APAC
    10 Jan 2020|Moody's Investors Service
    ALSI increased slightly in December for the second consecutive month, to 31.8%.
    COMPILATION
    Asia High Yield Bond Issuance | APAC
    30 Jan 2020|Moody's Investors Service
    Issuance from the Chinese property sector continued to shape the Asian high-yield market in 2019.
    COMPILATION
    Asia Covenant Quality | APAC
    30 Jan 2020|Moody's Investors Service
    Covenant protection for Asian bonds has been weakening since 2012 but remains stronger than in North America, EMEA and LATAM in five of the six risk areas.
    LATAM - KEY RISK INDICATORSView All
    COMPILATION
    Cumulative High-Yield Issuance 2011-2019 | LATAM
    27 Jan 2020|Moody's Investors Service
    Corporate issuance activity in Latin America picked up in 2019 as political uncertainty declined and companies took advantage of lower interest rates.
    COMPILATION
    Liquidity Stress Indicator | LATAM
    27 Jan 2020|Moody's Investors Service
    Our LatAm Liquidity Stress Indicator (LatAm LSI) stood at 6.4% in December, down from 10% a year earlier.
    RELATED TOPICS
    High Yield
    Find the latest ratings, reports, and analytics on high yield entities.
    Covenants
    Access all reports regarding covenants published by Moody's Investors Service.
    KEY CONTACTS
    Christina Padgett (AMERICAS)
    Associate Managing Director – Corporate Finance
    Christina.padgett@moodys.com
    Sandra Veseli (EMEA)
    Managing Director – Corporate Finance
    Sandra.veseli@moodys.com
    Laura Acres (APAC)
    Managing Director – Corporate Finance
    Laura.acres@moodys.com