穆迪-利率市场-抵押贷款利率-20170831-moody’s-clo interest

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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