穆迪-美股-信贷业-抵押贷款利息-20170921-moody’s-clo interest

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1、September2017FEATUREARTICLESCLOmanagersarenotresortingtosecondlienloanstooffset2KEYLINKSdecliningWASManagers'restrainttowardssecondliensiscreditpositivebecausesecondliens'spreadpick-up»CLOGlobalMethodologyoverfirstliensdoesnotsufficientlycompensatefortheirl

2、owerexpectedrecovery.»SME&Mid-CapFocusLinkstoLIBORaremeaningfulacrosssecuritizationsectors6AboutusincludingUSCLOs,UKRMBSandUSsubprimeRMBSMoody’sCLO/StructuredCreditGroupManysecuritizationsectorsgloballyhavesignificantlinkstoLIBORbenchmarksthattheFCAisisthel

3、eadingsourceforcreditratingsseekingtohavephasedoutby2021.andresearchoncollateralizedloanobligations(CLOs)andtheentireHeardfromtheMarket:2017Moody'sCLOandLeveraged9structuredcreditmarket.TheCLO/LoanConferenceStructuredCreditGroupleveragesKeyobservationsfromv

4、ariouspaneldiscussions.Moody’sdecadesofexperienceinUSLeveragedFinance2QTeleconferenceRound-Up:Markets11bankloansandhighyieldaswellasRemainAccommodating,EvenforRiskierCompaniesandLoanourmarket-leadingdefaultstudiesStructurestoproducethemostaccurateratingThis

5、reportoffersourperspectivesoncreditconditionsintheleveragedfinancemarket,excerptedmethodologiesforthisassetclass.fromour2017second-quarterleveragedfinanceteleconferencecall.NorthAmericanCovenantQualityIndex:Protectionnears12worsteverasallratingcategoriesent

6、erweakest-levelterritoryTheCQIworsenedbytwobasispointsto4.51(weakest)inAugust,onlyonebasispointoffitsrecord-worstof4.52setinAugust2015.PERFORMANCE&SURVEILLANCEJune2017MarketPulse:USCLO1.0WARFimprovesdespite13increaseddefaultexposureamiddeleveragingAugust201

7、7SurveillanceUpdate:Deleveragingdrives19upgradesMOODYS.COMFEATUREARTICLESCLOmanagersarenotresortingtosecondlienloanstooffsetdecliningWASOriginallypublishedon18September2017SummarySecondlienloanexposuresaredecreasingamongcollateralizedloanobligations(CLOs)we

8、rate,eventhoughsuchloanscouldhelpoffsetthedeclineofCLOportfolios'weightedaveragespreads(WAS).Thistrendiscreditpositivebecausethespreadpick-upthatsecondlienloansofferdoesnotsufficientlycompensateforther