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
  • REPORTS
  • ORGANIZATIONS
  • RATINGS & ASSESSMENTS
  • WEBINAR
    20 Apr 2021|Moody's Investors Service
    In turbulent times, when visibility is low, Moody's can help lift the fog through its unique, aggregate view of credit risk in the leveraged finance and CLO markets.
    SECTOR IN-DEPTH
    18 Mar 2021|Moody's Investors Service
    In this companion piece to our US Leveraged Finance Interest newsletter, we look at issuance, rating, default, liquidity and covenant trends in the Canadian high-yield loan and bond markets.
    US - KEY RISK INDICATORS
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    31 Mar 2021
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    COMPILATION
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    SECTOR IN-DEPTH
    21 Jan 2021|Moody's Investors Service
    Our B3N indicator finished the year at 3.0, moving further toward the low end of neutral territory, from 3.5 recorded at the end of Q3 2020. This also points to a moderating, but still higher than long-term average, default rate.

    SECTOR IN-DEPTH
    24 Feb 2021|Moody's Investors Service
    The LSI continues to improve as market liquidity continues to surge.
    COMPILATION
    31 Mar 2020|Moody's Investors Service
    Cov-lite 2.0 loans continue to dominate the leveraged loan market, with its structural deterioration at its worst since we started tracking it.
    EMEA - KEY RISK INDICATORS
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    18 Feb 2021
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    COMPILATION
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    COMPILATION
    18 Feb 2021|Moody's Investors Service
    Upgrades outpace downgrades in January 2021.

    COMPILATION
    18 Feb 2021|Moody's Investors Service
    Issuance level strong in January 2021.
    COMPILATION
    18 Feb 2021|Moody's Investors Service
    The European three-quarter covenant quality indicator fell 0.06 points in the fourth quarter of 2020, signalling a slight improvement.
    APAC - KEY RISK INDICATORS
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    26 Jan 2021
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    SECTOR IN-DEPTH
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    SECTOR IN-DEPTH
    13 Jan 2021|Moody's Investors Service
    Liquidity remains well above the ALSI’s long-term average of 25.5% with 45 companies having our weakest liquidity score.

    SECTOR IN-DEPTH
    26 Jan 2021|Moody's Investors Service
    Rated issuance slowed in Q4 to $6.7 billion from $12.9 billion in Q3.
    SECTOR IN-DEPTH
    26 Jan 2021|Moody's Investors Service
    The average covenant quality (CQ) score for Asian full package high-yield bonds in Q4 2020 weakened to 3.63, a new all-time weakest quarterly score, from 3.48 in Q3 2020.
    LATAM - KEY RISK INDICATORS
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    28 Jan 2021
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    SECTOR IN-DEPTH
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    SECTOR IN-DEPTH
    28 Jan 2021|Moody's Investors Service
    LatAm high-yield issuance rises to $5.5 billion in fourth quarter; 2020 issuance totals $22.6 billion, below $26.6 billion in 2019.

    SECTOR IN-DEPTH
    28 Jan 2021|Moody's Investors Service
    Our LatAm Liquidity Stress Indicator decreased to 16.3% in December from 17.5% in September after several months of constant growth. However, it remains well above the average for the last 12 months of 13.8%.

    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
    Annalisa Di Chiara (APAC)
    Senior Vice President – Corporate Finance
    Annalisa.dichiara@moodys.com