U.S. CLO And Leveraged Finance Quarterly Key Themes - Q3 2021
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U.S. CLO And Leveraged Finance
Quarterly Key Themes
Q3 2021 July 30, 2021
This report does not constitute a rating action.Where Are We Now?
Leveraged Finance Key Insights
– U.S. GDP 2021 forecast raised to 6.7% and risk of recession lowered to 10%-15%, based on economic recovery amid
continued vaccinations. Consumer demand and behavior remain important variables.
– The pace of U.S. economic activity remains high despite the pickup in COVID-19 cases tied to the Delta variant.
Recent consumer confidence data suggests that people are worried about another wave of COVID-19.
– Spec-grade universe remains skewed to ‘B-’ as positive actions increase, and upgrades far exceeded downgrades in
the first half of 2021. Risks inherent in lower ratings mix and high ‘CCC’ levels remain even as economy recovers.
– Recovery speed varies across sectors. Some sectors may take multiple years to recover. Others are bright spots amid
some signs of stability, with negative outlooks declining and positive outlooks rising.
– Supportive capital markets lead to higher debt, recaps, lower near-term maturities, and an influx of new issuers. New
‘B-’ issuers have returned in force.
– Our LTM March 2022 U.S. overall spec-grade default forecast has been lowered to 4%; loan default forecast to 1.75%.
– Recovery ratings continue to be largely stable: Generally modest decreases to recovery estimates in 2020 (due to
incremental debt and revised priorities) shift to slightly positive changes in 2021.
2The Rise Of ‘B-’ in Spec-Grade Rating Distribution
U.S. And Canada
U.S. And Canada Speculative Grade Corporate Ratings Distribution
Pre-Pandemic (1/1/20) “Trough” (5/1/20) Current (6/30/21)
450
CreditWatch Positive
Outlook Positive
400
CreditWatch Developing
350 Outlook Developing
Stable
300 CreditWatch Negative
(Number of credits)
Outlook Negative
250
200
150
100
50
0
BB+ BB BB- B+ B B- CCC+ CCC and BB+ BB BB- B+ B B- CCC+ CCC and BB+ BB BB- B+ B B- CCC+ CCC and
below below below
Source: S&P Global Ratings Research.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved
.
. 3Economic Recovery Greenlights Upgrades (U.S. and Canada)
Company performance and supportive capital markets boost spec-grade issuer ratings.
Speculative-Grade Upgrades And Downgrades Ratings Coming Into/Out Of ‘CCC’/‘CC’ Categories
Downgrade Upgrade Downgrade Upgrade
50 14
12
40
10
30
(No. of ratings)
(No. of ratings)
8
6
20
4
10
2
0 0
Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May 2021 Jun. 2021 Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May 2021 Jun. 2021
Source: S&P Global Ratings US and Canada ratings. Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved. Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
4Pent-Up Demand And Supply Shortages Further Improve
Recovery Prospects For Credit Quality
Time Frame Of Recovery Of (Run Rate) Credit Metrics To 2019 Levels – Higher leverage raises
North America importance of financial policy
decisions and emerging
Indicates sectors doing better than expected in Feb. 2021
changes in demand patterns
or acceleration of secular
trends.
– Homebuilders, building
materials, chemicals, and
metals and mining companies
are benefiting from a recovery
in demand that is outpacing
available supply, resulting in
positive revisions in many
regions.
– Pent-up consumer demand,
fueled by consumer savings
and optimism, is beginning to
thaw demand for leisure
activities and travel,
especially for domestic leisure
travel in areas where a greater
percentage of the population
Note: Green indicates sectors that we expect will recover sooner than initially indicated in our February publication. is vaccinated.
Source: COVID-19 Heat Map: Pent-Up Demand And Supply Shortages Further Improve Recovery Prospects For Credit Quality. June 8, 2021.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
5Capital Markets Open, Providing Spec-Grade Issuers
Access To Capital
Monthly U.S. Leveraged Finance Issuance Volumes
June 2018 - June 2021
$80.0B $1200.0B
Institutional Loans (Left Axis)
Bonds (Left Axis)
$70.0B
Institutional LL's (LTM)
$1000.0B
HY Bonds (LTM)
$60.0B Loans + Bonds (LTM)
$800.0B
$50.0B
$40.0B $600.0B
$30.0B
$400.0B
$20.0B
$200.0B
$10.0B
$0.0B $0.0B
Jun 2018 Oct 2018 Feb 2019 Jun 2019 Oct 2019 Feb 2020 Jun 2020 Oct 2020 Feb 2021 Jun 2021*
*MTD updated as of Jun. 25, 2021 Source: LCD, an offering of S&P Global Market Intelligence
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
6The ‘B-’ New Issuer Rating Is Back!
New Issuer Ratings (U.S. And Canadian Corporate Ratings By Count) – Financial sponsor
ownership of new issuers
All BB Rated B+ B B- All CCC Rated was 78% in Q4 2020, 69%
35 in Q1 2021, and 70% in Q2
2021.
30
– ‘B-’ stands out as the most
represented credit rating in
25
the spec-grade universe
today at 27%, reflecting
(No. of Ratings)
20 upgrades out of the ‘CCC’
category, as well as new ‘B-’
15 credits
10
5
0
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
7LTM U.S. Default Rates And Forecasts Fall Sharply,
Gap Widens Due To Measurement Differences
LTM U.S. Default Rates – Our overall spec-grade (SG) default rate is
calculated on an issuer count basis for all
Overall speculative default rate (issuer count, includes selective defaults). LLI Loan default rate (Issuer count) LLI Loan default rate ($) – bond
Higherandleverage raises importance
loan defaults, of
including selective
7.0%
6.6%
financial policy decisions and emerging
defaults.
6.3% 6.3% changes in demand patterns or acceleration
– Default rates for the S&P/LSTA Leveraged
6.0% of secular trends.
Loan Index exclude bond defaults and
5.3%
– selective
Homebuilders, building materials, chemicals,
defaults.
5.0% 4.6% 4.7% and metals and mining companies are
– Selective defaults are significant,
4.2% 4.2% benefiting from a recovery in demand that is
representing ~47% of all SG defaults in 2020
4.0% 3.7% 3.8% outpacing available supply, resulting in
3.6% and over 70% in 1H 2021.
3.1%
3.4%
3.2% 3.2%
positive revisions in many regions.
– After spiking in 2020, default rates are
3.0%
– Pent-up consumer demand, fueled by
declining rapidly.
2.0%
consumer savings and optimism, is
2.0%
1.6%
1.8% – S&P GlobaltoRatings’
beginning U.S. SGfor
thaw demand default forecast
leisure
1.4% 1.3% 1.3% (issuer count)
activities for Q1 2022
and travel, is 4.0%
especially for(base
domestic
1.0% case; range
leisure 2.5%-7.0%).
travel in areas where a greater
percentage
– Our forecastofofthe
thepopulation
S&P/LSTA is vaccinated.
Leveraged
0.0% Loan Index default rate (issuer count) for Q1
YE2019 1QE2020 2QE2020 3QE2020 YE2020 1QE2021 2QE2021
2022 is 1.75% (slightly above mid-year LTM
Sources: Default, Transition, and Recovery: Global Corporate Default articles. Measures of LLI defaults exclude non-loan defaults and selective defaults. levels).
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
8Future 1st Lien Recovery Expectations Remain Below Average
Average Corporate Recovery Estimate For U.S. And Canadian First-Lien Issue Loans
– Historical recoveries on first-lien
New Issue vs Outstanding
loans have averaged 75%-80% over
72%
Outstanding Average the past 35 years.
New Issue
– Estimated recoveries since Q1 2017
70%
(from our recovery ratings) are
generally 10%-15% lower than
68%
historical averages.
– Higher total debt leverage, higher
first-lien debt leverage, and reduced
66%
junior debt cushions are
fundamental drivers of the decline.
64% – Lower recovery expectations on
covenant-lite term loans also
contribute to lower recovery
62%
expectations.
60%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021
Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.Recovery Ratings By Debt Type: Relative Priority (Still) Matters!
LTM Default Rates – Even with future recovery rates on defaulted first-
lien debt expected to decline from historical
1 (90-100%) 2 (70-90%) 3 (50-70%) 4 (30-50%) 5 (10-30%) 6 (0-10%)
averages, relative priority still matters significantly
80% 77%
to recovery prospects!
– First-lien recovery expectations (as shown by our
70%
recovery ratings) remain substantially better than
for other debt classes. Average and median recovery
60%
55% expectations are pulled down by a high
concentration of companies rated ‘B+’ and lower.
50%
– Second-lien recovery prospects are low because
this debt is largely the junior-most debt class for
40%
highly leveraged firms with issuer credit ratings in
the ‘B’ (B+/B/B-) and ‘CCC’ (CCC+ and below)
30% 27% 26% categories.
20% 21% – Senior unsecured recovery expectations are boosted
20% 16% 15% by being issued mostly by less leveraged companies
14%
10%
in the ‘BB’ category (BB+/BB/BB-), where debt
10% 7% leverage tends to be lower and the level of higher-
1%
3%
2% 2% 2% priority debt is more limited.
1% 1%
0%
1st Lien Senior Secured* 2nd Lien Senior Secured* Senior Unsecured**
*Includes loan and notes as of July 1, 2021. **Includes notes, medium term notes, bonds, and debenture as of July 1, 2021.
Source: S&P Global Ratings Research.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
10CLO Key Insights
– U.S. broadly syndicated loan (BSL) CLO credit metrics continue to improve following positive momentum on the corporate ratings side, but still have a ways
to go before getting back to pre-pandemic levels (slide 12).
– Significant numbers of CLO ratings have been placed on CreditWatch positive in recent weeks; so far, these positive rating actions have mostly been the
result of post-reinvestment period CLOs paying down senior notes rather than improved collateral credit quality in the aftermath of the pandemic.
– In Q2 2021, we raised our ratings on 17 CLO tranches and lowered our ratings on seven CLO tranches; in July, we raised our ratings on 22 CLO tranches.
– The ratings composition of U.S. BSL CLO collateral pools (slide 13) has followed a trend over the past four years of increasing exposure to loans from obligors
rated ‘B-’; these now comprise more than 25% of total collateral, compared with 20% before the pandemic and less than 13% at year-end 2017. Obligors
rated ‘B-’ have historically shown a greater propensity for downgrade (by definition, into the ‘CCC’ range or lower) or default than obligors rated ‘B’ or higher.
– Recovery ratings show a similar trend (slide 14); loans with recovery ratings of ‘3(50%)’ and ‘3(55%)’ now comprise about 36.5% of total U.S. BSL CLO
collateral pools, compared to 30% pre-pandemic and 24% at year-end 2017.
– Despite the credit dislocation brought about by the pandemic, no CLO tranches defaulted in 2020; however, we currently have five CLO tranches rated ‘CCC-’
(indicating they are highly vulnerable to nonpayment) and another six rated ‘CC’ (indicating a near certainty of default). All were originally rated ‘BB’ or lower
(slide 15).
– Meanwhile, CLO issuance continues to be very robust (slide 16); through Q2 2021, CLO new issuance has totaled $82.35 billion (versus $91.76 billion for
full-year 2020), and CLO resets and refis have totaled $136.67 billion (compared to just $33.46 billion for full-year 2020).
11Credit Metrics Improving In 2021 For All BSL CLO Cohorts
BSL CLOs Issued in 2020 BSL CLOs Issued 2017-19 BSL CLOs Issued 2016 and Prior – CLO asset par has declined slightly
since the start of 2021, with pre-
Average Par Change YTD 2021 Average 'CCC' Category Exposure COVID CLOs losing more par than
0.0% 10.0% CLOs issued in 2020.
-0.1% – Most CLOs have experienced some
7.5% par build in Q2 2021; partially due to
-0.1%
sales of equity positions inherited
-0.2% 5.0% from restructurings.
-0.2% – ‘CCC’ buckets of pre-COVID CLOs
2.5%
-0.3%
remain high, but, on average, have
come down below the 7.5% mark by
-0.3% 0.0% Q2; ‘CCC’ buckets of post-COVID
1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021
CLOs have remained stable at a
much lower level.
Average Junior OC Cushion Average 'B-' Exposure
– OC cushions for pre-COVID CLOs
6.0% 26.0%
continue to recover as ‘CCC’ buckets
5.0% shrink and loan prices remain high;
25.0%
just about all reinvesting CLOs are
4.0% passing their OC tests by Q2; OC
cushions for post-COVID CLOs
3.0%
24.0% remain stable.
2.0% – ‘B-’ exposure remains stable; many
of the issuers upgraded out of the
1.0% 23.0%
1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 ‘CCC’ category wind up at ‘B-’.
Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
12BSL CLO Ratings Mix Shows
Increase In ‘B-’ Assets
Rating Distribution For Assets In Reinvesting U.S. BSL CLOs (2017-Q2 2021) – The upgrade-to-downgrade ratio among issuers
held within U.S. BSL CLO portfolios remain elevated
2017YE 2018YE 2019YE 2020YE end 1Q2021 end 2Q2021 in Q2, a significant improvement from 2020.
40%
– In Q2 2021, 21 issuers were raised out of the ‘CCC’
category after 15 issuers were raised in Q1; this
35% reduced the size of ‘CCC’ buckets in reinvesting U.S.
BSL CLOs.
30%
– As a result of these upgrades, OC ratios for pre-
25%
COVID CLOs continue to regain cushion lost in 2020
due to the credit impact of the pandemic and
related economic shutdowns.
20%
– The ratings mix of obligors in CLO portfolios
15% stabilized by the middle of 2020 and have been
trending positive since.
10%
– However, credit quality still isn’t back to where it
was pre-COVID-19; loans from issuers rated ‘B-’
5%
now comprise about 25% of CLO portfolios,
compared with about 20% prior to the pandemic.
0%
IG BB+ BB BB- B+ B B- CCC+ CCC CCC- non-perform
Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
13BSL CLO Recovery Ratings Mix
Increase In Lower Rated Loans
Recovery Ratings For Assets In Reinvesting U.S. BSL CLOs (2017 – Q2 2021)* – Recovery ratings tend to be more stable than
credit ratings, but exposures within CLO collateral
2017YE 2018YE 2019YE 2020YE end 1Q2021 end 2Q2021 pools can migrate over time due to new-issue
40%
loans being issued at higher or lower recovery
35% ratings, and sometimes due to recovery ratings on
existing loans being raised or lowered.
30%
– Over the past several years, there has been a
25%
significant increase in loans with a recovery rating
20% of ‘3’ and point estimates of either 50% or 55%
(i.e., the 3L category in the chart); they currently
15% make up about 37% of total CLO asset par,
compared with about 30% prior to the COVID-19
10%
pandemic.
5%
0%
1(90%/95%) 2(80%/85%) 2(70%/75%) 3(60%/65%) 3(50%/55%) 4(40%/45%) 4(30/35%) 5(20%/25%) 5(10%/15%) 6(0%/5%)
*NR not included.
Source: S&P Global Ratings.
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
Corporate Recovery Ratings And Point Estimates Mapped To CLO 'AAA' Recovery Assumptions
Recovery Rating 1+ 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6
Rounded Point Estimate 100% 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
CLO 'AAA' Recovery Assumption 75% 70% 65% 63% 60% 55% 50% 45% 40% 35% 30% 29% 27% 24% 20% 18% 15% 10% 5% 4% 2%
14U.S. CLOs Defaults: No CLO2.0 Defaults…..Yet
U.S. CLO Tranche Defaults By Original Rating
– S&P Global Ratings has rated more than 13,500 U.S.
CLO 1.0 (issued 1994 - 2009) CLO 2.0 (issued 2010 - present) Total (CLO 1.0 + CLO 2.0)
CLO tranches since rating our first CLOs in the mid-
Total Ratings Ratings Ratings
1990s. Our CLO ratings history spans three
Defaulted Tranches Defaulted Tranches Defaulted
Tranches Outstanding
(#) Rated
Outstanding
(#) Rated
Outstanding
(#)
recessionary periods: the dot.com bust of 2000-
Rated (2020 YE) (2020 YE) (2020 YE)
2001, the global financial crisis in 2008-2009, and
AAA 1,540 0 0 2,485 1,218 0 4,025 1,218 0 the recent Covid-19-driven downturn in 2020.
AA 616 1 1 2,013 1,059 0 2,629 1,060 1
Original Rating
– Over that period, 40 U.S. CLO tranches, all from CLO
A 790 5 5 1,661 909 0 2,451 914 5
1.0 transactions originated in 2009 or before, have
BBB 783 9 9 1,485 879 0 2,268 888 9
defaulted.
BB 565 27 22 1,254 746 0 1,819 773 22
– Given high prices of the underlying loans held in U.S.
B 28 3 3 326 179 0 354 182 3
BSL CLOs, we expect amortizing CLOs may consider
Total 4,322 45 40 9,224 4,990 0 13,546 5,035 40
making the call for an optional redemption. If so,
some of these tranches listed may be at risk of
Potential Future Defaults? CLO Tranches Rated ‘CCC-’ Or ‘CC’ (as of July 30th, 2021) default ahead of their legal final maturity (several
Issuer Name Class Vintage Original Rating Current Rating years out).
BNPP IP CLO 2014-1, Ltd. D 2014 BB CCC- – In addition to the 40 CLO tranches that have
Flagship VII LTD F 2014 B CCC-
defaulted over the past 25 years, there are currently
Hull Street CLO Ltd E 2014 BB CCC-
Mountain Hawk II CLO, Ltd. E 2013 BB CCC-
six U.S. CLO 2.0 tranches rated ‘CC’, indicating our
WhiteHorse VII, Ltd. B-3L 2013 B CCC- view that default is a virtual certainty (see bottom
Blue Ridge CLO Ltd. I E 2014 B CC table to right).
Blue Ridge CLO Ltd. II E 2014 B CC
BNPP IP CLO 2014-1, Ltd. E 2014 B CC – Additionally, five junior tranches from earlier vintage
Halcyon Loan Advisors Funding 2012-1 Ltd. D 2012 BB CC CLO 2.0 transactions are rated ‘CCC- (sf)’.
Halcyon Loan Advisors Funding 2013-1 Ltd. D 2013 BB CC
Hull Street CLO Ltd F 2014 B CC
15U.S. CLOs See A Surge Of New Issue And Refi/Reset Activity
CLO issuance nearly dried up in Q2 2020 after the arrival of the
pandemic, but then rebounded in the second half; new issue
CLOs finished the year at a respectable $90 billion, but issuance
Number Of U.S. CLOs Priced By Month, 2018 – Q2 2021 of CLO refis/resets were down due to wide CLO tranche spreads
during the year.
120 CLO issuance in 2021 (both new issue and refi/resets) has
Reset & Refi CLOs (#)
exceeded expectations and is setting records.
100 New Issue CLOs (#)
Reasons for record CLO new issue volume in 2021 YTD include:
80
– The CLO asset class coming through 2020/the pandemic
60
relatively unscathed; there are fewer CLO skeptics out there
now, and new investors have entered the space.
40 – Investor search for yield and relative value: CLO ‘AAA’ (and
other) tranches are perceived to offer attractive risk-
20
adjusted yields compared to comparable assets like CMBS
0
senior notes and investment-grade corporate bonds.
Apr-18
Apr-19
Apr-20
Apr-21
Dec-18
Aug-20
Dec-20
Jan-18
Jun-18
Aug-18
Feb-18
Mar-18
May-18
Jan-19
Jun-19
Aug-19
Dec-19
Jan-20
Jun-20
Jun-21
Jul-18
Oct-18
Feb-19
Mar-19
Feb-20
Mar-20
Nov-18
May-19
Jul-19
Oct-19
Nov-19
May-20
Jan-21
Jul-20
Oct-20
Feb-21
Mar-21
Nov-20
May-21
Sep-18
Sep-19
Sep-20
– Investor demand for floating-rate product in a (potentially)
rising rate environment.
Source: S&P Global Ratings. – CLO tranche spread tightening, which makes new CLO
Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved. issuance economics more appealing. CLO ‘AAA’ tranche
spreads now are tighter than they were pre-COVID.
U.S. CLO Issuance By Year, 2018 – Q2 2021 For CLO resets/refi demand, all of the above plus:
New Issue CLOs CLO Resets & Refis – The sheer overhang of supply, or CLO tranches with spreads
Year $ Bil. CLO Count $ Bil. CLO Count wider than current market levels (i.e., are “in the money”).
2018 128.865 241 155.032 314 – Pent up demand; relatively few refi/resets got done in 2020,
2019 118.317 246 43.168 92 so there’s a backlog of sorts.
2020 91.760 216 33.455 119 – Some of the new issue CLOs that got done in Q2 2020 were
Q1 2021 39.758 82 70.902 154 issued at breathtakingly wide spreads; these were issued
Q2 2021 42.597 87 65.768 146 with very short non-call periods which have now ended.
16Recent Topical CLO And Leveraged Finance Commentaries
Leveraged Finance Commentaries
– Economic Outlook U.S. Q3 2021: Sun, Sun, Sun, Here It Comes. Jun 24, 2021
– A Closer Look At How Uptier Priming Loan Exchanges Leave Excluded Lenders Behind. Jun 15, 2021
– The S&P/LSTA Leveraged Loan Index Default Rate Is Expected To Fall To 1.75% By March 2022. Jun 15, 2021
– Risky Credits: The 'CCC' Category Leads Speculative-Grade Net Upgrades. Jun 15, 2021
– The U.S. Speculative-Grade Corporate Default Rate Could Fall To 4% By March 2022. May 26, 2021
– Leveraged Finance: External Panel: Fed Support, Ample Liquidity, And High CLO Issuance On The Table. Feb 18, 2021
– Elevated EBITDA Addbacks Are A Continuing Trend. Nov 24, 2020
– Settling For Less: Covenant-Lite Loans Have Lower Recoveries, Higher Event And Pricing Risks. Oct 13, 2020
– From Crisis To Crisis: A Lookback At Actual Recoveries And Recovery Ratings From The Great Recession To The Pandemic. Oct 08, 2020
CLO Commentaries
– U.S. BSL CLO Top Obligors And Industries Report: Second-Quarter 2021. Jul 14, 2021
– Twenty-Two Ratings Raised, 24 Affirmed On Nine U.S. CLO Transactions. Jul 14, 2021
– SF Credit Brief: CLO Insights 2021 U.S. BSL Index: U.S. BSL CLO Scenario Analysis Published; Now Tracking ESG Loans In CLOs. Jun 28, 2021
– Scenario Analysis: How The Next Downturn Could Affect U.S. BSL CLO Ratings. Jun 17, 2021
– SF Credit Brief: CLO Insights 2021 MM Index: Middle Market CLO Issuance Continues While Credit Estimate Defaults Fall. Jun 9, 2021
17Analytical Contacts
Stephen Anderberg Daniel Hu
Sector Lead (U.S. CLOs) Director (U.S. CLO Team)
stephen.anderberg@spglobal.com daniel.hu@spglobal.com
212.438.8991 212.438.2206
Robert Schulz Steve Wilkinson
Sector Lead (Leveraged Finance) Sector Lead (Leveraged Finance & Recoveries)
robert.schulz@spglobal.com steve.wilkinson@spglobal.com
212.438.7808 212.438.5093
18Analytical Managers
Ramki Muthukrishnan Jimmy Kobylinski
Analytical Manager
Analytical Manager Of U.S. CLOs
And Head Of Leveraged Finance
ramki.muthukrishnan@spglobal.com jimmy.kobylinski@spglobal.com
212.438.1384 212.438.6314
19Copyright © 2021 by Standard & Poor’s Financial Services LLC. All rights reserved.
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