Fri 03/15/2024 13:22 PM
Leveraged loans rated triple-C have rallied further and faster than the broader CS Index in the first two months of 2024. This trend is easing pressure on CLO managers’ overcollateralization tests in spite of large-scale downgrades to triple-C in 2023.
The portion of leveraged loans rated triple-C grew from 7.5% of the CS Index at the start of 2023 to 9.5% by the end of January this year. Despite managers reporting their portfolio companies posting strong free cash flows...
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