CLO Investors Brace for Credit Risk in Loans Next Year [BNN Bloomberg (Canada)]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: BNN Bloomberg
Loans are widely believed to face higher downgrades next year, and according to Amherst Pierpont Securities LLC, even assuming average levels of cuts, CLOs will probably get hurt. Most of the structures feature a guideline that can press them to cut off payments to holders of their riskiest bonds, and maybe even multiple groups of noteholders, if too many of their loans are cut to the CCC tier. The rising focus on credit risk marks a likely shift in 2023, after the Federal Reserve reset the field of play in financial markets with aggressive interest rate hikes to battle the worst inflation in 40 years. “If 2022 was a year of interest-rate risk and volatility, then 2023 will be a year of credit risk and fundamentals,” said Pratik Gupta, head of CLO research at Bank of America Corp. For much of this year, investors focused on the positives when it came to buying loans: interest rates were headed higher, which boosts yields on floating-rate debt, and corporate balance sheets were
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website