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

  • SECTOR IN-DEPTH
    10 Dec 2019|Moody's Investors Service
    We address frequently asked questions about rising corporate leverage in the US and the credit implications for US collateralized loan obligations.
    US - KEY RISK INDICATORS View All
    02 Dec 2019
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    COMPILATION
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    Moody's Investors Service

    COMPILATION
    01 Nov 2019|Moody's Investors Service
    Our B3N Indicator finished the third quarter ticking slightly back to 2.0, from 2.1 three months ago, now staying on the border between benign and less favorable territories. While this may initially seem positive, this movement mainly stemmed from a decreased number of companies with the weak liquidity rating, SGL-4, on the B3N list.

    COMPILATION
    01 Nov 2019|Moody's Investors Service
    Growth of Cov lite points to lower debt recovery in next downturn.
    COMPILATION
    13 Nov 2019|Moody's Investors Service
    Prior spikes in the LSI and the B3N list preceded peaks in the spec-grade default rate.
    EMEA - KEY RISK INDICATORS View All
    22 Jan 2020
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    COMPILATION
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    Moody's Investors Service

    COMPILATION
    22 Jan 2020|Moody's Investors Service
    Downgrades remained high in November and December.

    COMPILATION
    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
    19 Sep 2019|Moody's Investors Service
    E-CQI improved to 3.75 (weak) from its lowest level in the fourth quarter of 2018.
    18 Nov 2019
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    COMPILATION
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    Moody's Investors Service

    COMPILATION
    08 Nov 2019|Moody's Investors Service
    ALSI decreased to 30.0% in October from 31.1% in September, the fifth consecutive month of improvement.

    COMPILATION
    16 Oct 2019|Moody's Investors Service
    Issuance drops to $8 billion in Q3, from record Q2.
    COMPILATION
    18 Nov 2019|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.

    KEY CONTACTS
    Christina Padgett (AMERICAS)
    Senior Vice President – 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