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Leveraged Lending: Regs & Stats

The past week has brought two notable research pieces on the state of credit. First, last Friday, saw the release of the Shared National Credit (SNC) Review, which discusses risks in the syndicated loan market. Second, this week, Covenant Review compared the credit stats of the largest LBOs of 2007, 2017 and 2018. We dissect both reports below.

SNC Snapshot

Last Wednesday, the Shared National Credit (“SNC”) Review, which assesses credit risk trends in the syndicated loan market, was released. The headline was that riskiness has declined somewhat in the $4.3 trillion portfolio of loan and loan commitments. While that’s fine news, more interesting fare emerged from a deeper dive. To wit, the near-doubling of the leveraged loan portfolio and a warning about how post-close usage of incremental facilities could trigger non-pass originations.

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Mark-to-Market Monthly November Summary

Last month in this space we boldly wrote “there is a silver lining for loans: they appear to be oversold”. And sure enough, following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a four-month best 0.6% November return.

Demystifying the LSTA’s SOFR Concept Credit Agreement

Last week the LSTA hosted its Demystifying the LSTA’s SOFR Credit Agreement webcast presented by Jeffrey Nagle of Cadwalader, Wickersham & Taft LLP, the LSTA’s project counsel, and the LSTA’s Tess Virmani.

Semi-Annual Oil & Gas Industry Update Presentation

Energy finance practitioners from Haynes and Boone, LLP will discuss current energy finance topics, including the latest trends in oil and gas finance. The presentation was done by Eli Columbus, Partner, Bankruptcy Practice Group, Kraig Grahmann, Partner, Energy Finance Practice Group, Kim Mai, Associate, Commodities Trading & Finance Practice Group & Jeff Nichols, Co-Chair of […]

LIBOR: The Future of Forward Looking Term SOFR

The syndicated loan market would really like an IOSCO-compliant Forward Looking Term SOFR to develop. If such a rate developed, it would solve several problems inherent in SOFR.