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Capital Restructuring | Fourth Quarter 2018

February 2019 – At year-end 2018, Moody’s and S&P reported default rates of 2.8% and 2.4%, respectively. Moody’s forecasts that the default rate will fall to 2.6% by December 2019, with defaults expected to be highest in the media, retail and restaurants sectors. In Q4, the total of outstanding U.S. dollar leveraged loans hit $1.27 trillion, overtaking high-yield bonds to cement the status of leveraged loans as the go-to financing source for speculative-grade companies. Syndicated middle market loan volume was $10.7 billion in 2018, down 22% from 2017 (the three year high point) in part as a result of the late 4Q2018 capital markets new issuance shutdown, the impact of interest rate increases, and uncertainty regarding the Federal Reserve’s monetary policy.

(Please continue reading by downloading the full report.)

February 14, 2019