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ID:8227832
大小:1.46 MB
页数:48页
时间:2018-03-11
《穆迪-利率市场-抵押贷款利率-20170831-moody’s-clo interest》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、August2017FEATUREARTICLESStructuralfeatureslimitcreditimpactofcollateralquality2KEYLINKSdeteriorationamidstronggrowthinnewissuanceDespiteanissuer-friendlymarketCLOcollateralisstillwell-diversifiedandconsistsprimarilyof»CLO&StructuredCreditQuickCheckfirst-lienseni
2、orsecuredloans.»CLOGlobalMethodology»SME&Mid-CapFocusMoody'sCLOManagerLeagueTables:Topnamespersistamid8recordCLOactivityAboutUsTherewerefewchangeswithintheU.S.andEuropeantop10managerlistsinH12017.Moody’sCLO/StructuredCreditGroupistheleadingsourceforcreditratingsU
3、SSMECLOsmoreresistanttocollateralspreadtightening12andresearchoncollateralizedloanthanBSLCLOsobligations(CLOs),andtheentireBetweenJanuary2016andMarch2017,WASdecreasedlessforSMECLOsthanforBSLCLOs.structuredcreditmarket.TheCLO/StructuredCreditGroupleveragesSectorUp
4、date–Q22017:USCLOcollateralqualitymetrics15Moody’sdecadesofexperienceinmixedwhilenewissuancejumpedbankloansandhighyieldaswellasStrongdemandforCLOliabilitiesdrovenewissuanceandrefinancingofexistingdeals.ourmarket-leadingdefaultstudiestoproducethemostaccuraterating
5、SectorUpdate–Q22017:EuropeanCLOperformance16methodologiesforthisassetclass.remainedsolidQ22017EuropeanBSLCLOperformance,corporatecreditandmacroeconomicindicatorsremainedmainlypositive.Retailsectordisruptionposesrealbutnarrowrisksto17structuredfinancesectorsExpand
6、inge-commercesalesandchangingcustomerdemandsiscreditnegativeforcertainU.S.structuredfinanceassetclasses.PERFORMANCE&SURVEILLANCEMay2017MarketPulse:LoanrefinancingpushedCLO2.028WAStohistoricallowsJuly2017SurveillanceUpdate:Deleveragingdrivesupgrades34MOODYS.COMFEA
7、TUREARTICLESStructuralfeatureslimitcreditimpactofcollateralqualitydeteriorationamidstronggrowthinnewissuanceOriginallypublishedon25August2017SummaryAsrefinancingactivitywanesandresetandnewissuanceactivityincreases,collateralizedloanobligation1(CLO)marketparticipa
8、ntshavelargelyremaineddisciplined,issuingandinvestinginwell-diversifiedCLOswiththetime-testedstructuralfeaturesthathelpedpreventlossesonhighlyratedtranchesthro
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