This is the 12th edition of Fitch’s  U.S. leveraged finance primer. It reflects Fitch Ratings’ coordinated effort across several U.S. rating groups and regions. It incorporates data and opinions from the Corporates, Financial Institutions, Structured Credit, and Fund and Asset Managers rating groups.

The Annual Manual seeks to quantify and summarize the major factors driving risk and opportunity for the various participants in the market, including corporate bond and loan underwriters and investors, CLO investors, corporate debt issuers, private equity sponsors, and regulators.

This report describes the continuous evolution of the market. New players are entering and transaction characteristics are changing as the landscape adapts to the needs of different capital providers and regulatory requirements. For context, we provide a historical perspective on structures, volume, and performance for different industries and instruments.

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The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…