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

  • 16 Dec 2021|Moody's Investors Service
    Recent market volatility doesn’t seem to have tempered enthusiasm for leveraged finance given overriding demand for yield in 2022. Issuers should continue to benefit, providing continued document flexibility and affordable debt service. In turn, investors will continue to rely on healthy credit conditions despite new COVID19 variants, supply chain constraints and inflation risks. 

    OUTLOOK
    10 Nov 2021|Moody's Investors Service
    We expect issuance volumes of high-yield bonds and leveraged loans to return to more normal levels next year after a record 2021, supported by continued strong M&A activity. Volumes will be lower in 2022 because of less need for refinancing transactions and a greater risk of interest rate rises.

    SECTOR IN-DEPTH
    07 Sep 2021|Moody's Investors Service
    This is the fifth report in our series summarizing the performance of private equity (PE)-owned firms.
    SECTOR IN-DEPTH
    27 Jul 2021|Moody's Investors Service
    As issuance surges, borrowers are gearing up for more leverage and top-heavy capital structures – raising questions about what awaits those yield-starved investors piling into new debt.
    US - KEY RISK INDICATORS
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    16 Dec 2021
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    SECTOR IN-DEPTH
    19 Jul 2021|Moody's Investors Service
    Our B3N Indicator ended Q2 of this year at 1.8 vs.2.5 at the end of March, ticking further into a benign territory, and calling for a significantly improved default outlook for B3N list in contrast to the last year.

    SECTOR IN-DEPTH
    08 Nov 2021|Moody's Investors Service
    Liquidity hits new record as issuance flows
    SECTOR IN-DEPTH
    18 May 2021|Moody's Investors Service
    Investors in US companies that defaulted between March and September 2020 – the .“COVID cohort” – saw sub-par recoveries.
    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 Jul 2021
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    SECTOR IN-DEPTH
    26 Jul 2021|Moody's Investors Service
    The ALSI has improved since the all-time weakest reading (38.6%) in May 2020, strengthening to levels last registered in early 2020, just prior to the COVID-19 outbreak.

    SECTOR IN-DEPTH
    26 Jul 2021|Moody's Investors Service
    Rated debt of around $8.0 billion in Q2; issuance remains healthy.
    SECTOR IN-DEPTH
    26 Jul 2021|Moody's Investors Service
    CQ scores for Asian bonds are the strongest globally Asian CQ scores continue weakening trend.
    LATAM - KEY RISK INDICATORS
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    29 Jul 2021
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    SECTOR IN-DEPTH
    29 Jul 2021|Moody's Investors Service
    LatAm high-yield issuance sets a first-half record of $16.6 billion in 2021; number of first-time issuers rises.

    SECTOR IN-DEPTH
    29 Jul 2021|Moody's Investors Service
    The LatAm LSI 12-month moving average started to decrease in Q2 2021.

    KEY CONTACTS
    Christina Padgett (NORAM)
    Associate Managing Director – Corporate Finance
    [email protected]
    Sandra Veseli (EMEA)
    Managing Director – Corporate Finance
    [email protected]
    Annalisa Di Chiara (APAC)
    Senior Vice President – Corporate Finance
    [email protected]
    Marcos Schmidt (LATAM)
    Associate Managing Director – Corporate Finance
    [email protected]