CLO issuance falls 48% as rush of loan downgrades threatens investor distributions [Reuters]
YRC WORLDWIDE (YRCW)
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Source: Reuters
CLO issuance falls 48% as rush of loan downgrades threatens investor distributions NEW YORK, April 17 (LPC) - Issuance of US Collateralized Loan Obligations (CLOs) fell 48% in the first quarter as the coronavirus pandemic shut down global economies leading to a rush of loan downgrades that could cut off distributions to the fund’s most junior investors. More than 140 companies, including 24 Hour Fitness and YRC Worldwide, have been downgraded to Caa1 or lower from Moody’s Investors Service or CCC+ or lower from S&P Global Ratings. The ratings dropped from a single B rating between February 20 and Wednesday, according to data compiled by Refinitiv LPC. A Caa1/CCC+ grade is just a few steps above default. Defaults and a significant number of loans rated CCC can trigger tests within the CLO and cut off distributions to equity holders. Analysts are saying payments could stop as soon as this month. The US$680bn US CLO market is the biggest buyer in the US$1.2trn US leveraged loan market, w
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