穆迪-全球-证券市场-11月贷款抵押证券利息

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1、November2017FEATUREARTICLESShrinkingfirst-liencov-litedebtcushionsdrivemodestUS2KEYLINKSCLOportfoliorecoveryratedeclineLowerdebtcushionsforthecov-liteloansthatdominatetheleveragedmarket,particularlyloans»CLOGlobalMethodologywithoutsubordination,implylowerCLOco

2、llateralrecoveryratesahead.»SME&Mid-CapFocusUSCLOSectorUpdate–Q32017:CLOnewissuancemarches6AboutusonamidstmixedassetcreditmetricsMoody’sCLO/StructuredCreditGroupAnupdateofissuanceandperformancetrendsinthesector.istheleadingsourceforcreditratingsandresearchonco

3、llateralizedloanEuropeanCLOSectorUpdate–Q32017:CLOissuancestrong7obligations(CLOs)andtheentireasCLOmetricsdeteriorateslightlystructuredcreditmarket.TheCLO/Anupdateonissuanceandperformancetrendsinthesector.StructuredCreditGroupleveragesLeveragedLoanCovenants-No

4、rthAmerica:Credit8Moody’sdecadesofexperienceinagreementsprovideextraordinarydividendcapacityatloanbankloansandhighyieldaswellasinvestors'expenseourmarket-leadingdefaultstudiesWeakerrestrictedpaymentprotectionsaregivingborrowersgreaterleewaytopaydividendsandtop

5、roducethemostaccurateratingmakeotherpayoutstoequityholdersatatimewhendividendrecapsaremakingacomeback.methodologiesforthisassetclass.PERFORMANCE&SURVEILLANCEAugust2017MarketPulse:DefaultsdropwhileCaaexposures9upOctober2017SurveillanceUpdate:Deleveragingdrives1

6、5upgradesMOODYS.COMFEATUREARTICLESShrinkingfirst-liencov-litedebtcushionsdrivemodestUSCLOportfoliorecoveryratedeclineOriginallypublishedon17November2017Shrinkingleveragedloandebtcushions,exemplifiedbytheincreasedprevalenceofcovenant-lite(cov-lite)loanswithouts

7、ubordinateddebt,havecontributedtoamodestdeclineinourportfolioweightedaveragerecoveryrate(WARR)1assumptionsforcollateralizedloanobligations(CLOs).2SincetheemergenceofCLO2.0s,CLOs’cov-liteloanexposureshavegrown,alongwithanincreaseincov-lites'shareoftheleveragelo

8、anmarket,whichcomprised75%ofnewinstitutionalloanissuancein2016.3ThedeclineinportfolioWARRiscreditnegativeforCLOsbecause(1)lowerfuturerecoveryratesonunderlyingloandefaultsimplygreat