CLOs Uncovered: Recent Episodes
S&P Global Ratings
Introducing Our CLO Podcasts
Leveraged Finance & CLOs Uncovered Podcast Everything you ever wanted to know about CLOs, Corporate Credits, Leveraged Finance and what they are. With the aim of providing market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, S&P Global Ratings is holding regular podcast episodes every fortnight, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
The Upgrade The U.S. Leveraged Finance and Recovery team is producing a monthly podcast series entitled “The Upgrade.” This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. In the time of Covid-19, other timely topics are also being discussed.
In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including:
- Nearly $250 billion in issuance in 2025
- Key trends in credit estimates
- Shifts in the average EBITDA size of issuers
- What these developments mean for mid-market CLOs going into 2026
Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we're seeing in corporate credits and sectors that CLOs are exposed to.
In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market.
Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to.
Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable
In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria.
Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to.
Related article: Presale: Capital Street Master Trust (Series 2025-1)
In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely.
Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
Related article: Colisee Group S.A.S. Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment
Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely.
Our goal is to equip market participants with deeper, forward-looking insight into multi-asset class -Corporate Credits, CLOs, Leveraged Finance Deals through our regular podcast series. Each episode explores key credit features, sector-specific risks, and evolving trends we’re seeing across the deals we cover.
Related Article:
Babilou Family SAS Downgraded To 'CCC+' On Operating Performance Deterioration And Strained Liquidity; Outlook Stable
Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup’s positive outlook.
Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup’s strong operating performance, our current outlook for the company, and the areas we are closely monitoring.
Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
Click here to view the related article.
Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring.
Leveraged Finance & CLOs Uncovered Podcast: How ASDA’s Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape.
Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
In our latest episode, Hina & Sandeep have a discussion with Alphee Roumens on how Merlin continued to access capital markets to finance further growth and focus on its evolution post covid era and the areas we closely monitor.
Hina & Sandeep discuss Altice France with Justine Miquee over an in-depth analysis of Altice France's recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring.
Series 6, Episode 1: Hina & Sandeep have a discussion with Raquel on credit fundamentals of Nord Anglia and despite raising $600 million term loan add-on, it is able to preserve its ratings, though reducing our recovery estimate for its senior secured debt.
In Episode 33, Scott Tan, Analytical Manager and Managing Director of U.S. Credit Estimates, along with Denis Rudnev, Director of Leveraged Finance at S&P Global Ratings, delved into critical insights from their discussion on "Testing Private Debt's Resilience Through The Credit Estimate Lens." They analyzed over 2,000 credit estimated (CE) issuers, totaling more than $400 billion in outstanding debt, to evaluate the resilience of middle-market issuers amidst the challenges posed by increasing interest rates and margin erosion.
Related Document Link: Scenario Analysis: Testing Private Debt's Resilience Through The Credit Estimate Lens| S&P Global Ratings (spglobal.com)
Series 5, Episode 5: Hina & Sandeep wrap up the year with Tia Zhang and discuss a workaround seen in loan documentation allowing borrowers to extend maturities more easily.
In Episode 32, Steve H Wilkinson, Managing Director of Leveraged Finance at S&P Global Ratings, discusses an interesting case study of Trinseo’s creative debt structuring that helped the firm procure new debt financing to address pending near-term maturities.
Related Document Link: Leveraged Finance: Creative Structuring Helps Trinseo PLC, Comes With Lowered Recovery Prospects And Higher Costs | S&P Global Ratings (spglobal.com)
In episode 31, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Daniel Pianki, the director of U.S. corporate ratings, discuss one of the most significant leveraged buyout transactions this year and Worldpay's credit rating rationale.
In Episode 27, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Hanna Zhang, the director of U.S. leveraged finance and recovery, discuss Hanna’s article titled: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion.
Key takeaways from the article include:
- Earnings pressures were evident in the quarter as the momentum in revenue growth decelerated. However, the lower-rated 'B' category exhibited solid year-over-year EBITDA growth. To some extent, these entities even outperformed higher-rated 'BB' peers, particularly those operating in subsectors most susceptible to interest rates (homebuilders and real estate), navigating secular headwinds (TV and radio), or facing challenging comparisons (energy and commodity, retail discretionary).
- As the impact of cumulative monetary tightening takes hold, smaller and lower-rated companies face the highest ratings pressure. We found that borrowers with the smallest scale show much worse interest coverage, exacerbated by persistent free operating cash flow deficits. Their particularly weak credit measures differentiate them from larger counterparts.
- About 21% of 'B-' rated borrowers had EBITDA interest coverage of less than 1x in the 12 months ended on March 31, 2023.
- First-lien loans with a 30% or more debt cushion hold a significant advantage over those with a negligible or nonexistent cushion (i.e., a first-lien-only debt structure). We calculated an average gap of about 30% in our first-lien lender recovery estimate between the two. However, having a priority claim ahead of the first lien will result in an average reduction of another 2.5%.
View related article:
U.S. Leveraged Finance Q2 2023 Update: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion
In episode 30, Minesh Patel, the U.S. sector lead of leveraged finance at S&P Global Ratings, and Hanna Zhang, the director of U.S. leveraged finance and recovery, discuss Hanna’s article titled: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion.
Key takeaways from the article include:
- Earnings pressures were evident in the quarter as the momentum in revenue growth decelerated. However, the lower-rated 'B' category exhibited solid year-over-year EBITDA growth. To some extent, these entities even outperformed higher-rated 'BB' peers, particularly those operating in subsectors most susceptible to interest rates (homebuilders and real estate), navigating secular headwinds (TV and radio), or facing challenging comparisons (energy and commodity, retail discretionary).
- As the impact of cumulative monetary tightening takes hold, smaller and lower-rated companies face the highest ratings pressure. We found that borrowers with the smallest scale show much worse interest coverage, exacerbated by persistent free operating cash flow deficits. Their particularly weak credit measures differentiate them from larger counterparts.
- About 21% of 'B-' rated borrowers had EBITDA interest coverage of less than 1x in the 12 months ended on March 31, 2023.
- First-lien loans with a 30% or more debt cushion hold a significant advantage over those with a negligible or nonexistent cushion (i.e., a first-lien-only debt structure). We calculated an average gap of about 30% in our first-lien lender recovery estimate between the two. However, having a priority claim ahead of the first lien will result in an average reduction of another 2.5%.
Link to the article discussed in the podcast:
U.S. Leveraged Finance Q2 2023 Update: Disparities Emerge By Sector, Rating, Company Size, And Debt Cushion: https://www.spglobal.com/ratings/en/research/articles/230727-leveraged-finance-u-s-leveraged-finance-q2-2023-update-disparities-emerge-by-sector-rating-company-size-12802865
In this latest episode of our Leveraged Finance & CLOs Uncovered Podcast is out. This time, we discuss how rising interest rates and decreasing consumer confidence led to a downgrade of building material maker LSF10 XL Investments S.a.r.l. (Xella).
In episode 29, Nishit Madlani, the U.S. sector lead for business services and autos at S&P Global Ratings and Ben Hirsch, an associate director within the S&P’s U.S. business services team, discuss their latest article titled: Cash Flow Drought, Refinancing Wall Heighten Rating Risks In Business And Technology Services; But Some Sectors Are An Oasis.
Key takeaways from the article include:
- Looming refinancing risks and weaker cash flow prospects amid tight credit conditions will weigh on the business and technology services sector through 2025.
- About 57% of U.S. issuers are projected to generate weaker free operating cash flow (FOCF) in 2023 due to higher interest costs, potentially complicating refinancing efforts.
- With a large majority of the sector coverage rated 'B' or below, we expect an increase in downgrades to the 'CCC' category as distressed exchanges and payment default scenarios intensify.
- Distributors, facilities maintenance providers, and software and information services providers are most vulnerable to downside risks, while providers of education and publishing services, security and safety services, and payment and insurance services remain relatively resilient.
Links to articles discussed in the podcast:
Cash Flow Drought, Refinancing Wall Heighten Rating Risks In Business And Technology Services; But Some Sectors Are An Oasis: https://www.spglobal.com/ratings/en/research/articles/230627-cash-flow-drought-refinancing-wall-heighten-rating-risks-in-business-and-technology-services-but-some-sector-12768327
What Rising Interest Rates Could Mean For U.S. Business And Technology Services Companies Rated 'B' And 'B-': https://www.spglobal.com/ratings/en/research/articles/230118-what-rising-interest-rates-could-mean-for-u-s-business-and-technology-services-companies-rated-b-and-b-12613219
In this discussion, Minesh Patel, the US sector lead of Leveraged Finance at S&P Global Ratings, teams up with the Director of Leveraged Finance, Hanna Zhang, to explore the key insights presented in Hanna's latest commentary, titled "U.S. Leveraged Finance Q1 2023 Update: Ch-Ch-Ch-Changes -- Material Shifts In Key Credit Stats Drove Downgrades To 'B-' And 'CCC', And Upgrades To 'B-'."
Key takeaways from the article include:
- Within 12 months leading to a rating action, higher debt service costs and slower profit growth were often the leading factors in downgrades to 'B-' and the 'CCC' category (CCC+/CCC/CCC-).
- Median leverage for companies downgraded to the 'CCC' category rose to 15.5x as EBITDA all but dried up. It was 8x for entities rated 'B-'.
- We estimate that roughly 37% of 'B' rated issuers employ interest rate hedges. Interest rate sensitivity for 'B-' rated companies is much higher, with roughly 19% employing hedges and 90% floating-rate debt exposure.
- Speculative-grade borrowers may be returning to cash preservation, but 2022 was loaded with shareholder rewards and heavy working capital investment for companies rated 'B+' and higher.
- Issues with recovery expectations within the 50%-70% range account for two-thirds of total new issuance in the first quarter of 2023, although average recovery expectations remain near the low end of the post-2017 average.
The commentary to the related article:
https://www.spglobal.com/ratings/en/research/articles/230504-leveraged-finance-u-s-leveraged-finance-q1-2023-update-ch-ch-ch-changes-material-shifts-in-key-credit-st-12711927
The hyperlink to the interactive dashboard.
https://www.spglobal.com/ratings/en/research-insights/sector-intelligence/interactives/us-leveraged-finance-q1-2023
In this episode Hina Shoeb & Sandeep Chana spoke with Lukas Brockmann about PortaVentura’s amend and extend deal and S&P Global Ratings’ rationale for considering it as opportunistic. The theme park operator International Park Holding (PortaVentura) extended maturity and upsized its deal while meeting ongoing leisure demands. This is S&P Global Ratings' only cross sector podcast, providing market participants with advanced analytical insights into Leveraged Finance deals overlaying CLOs. We highlight the key features we’re seeing in corporate credits, leveraged loans, and sectors that CLOs are most exposed to.
Related Research:
- International Park Holdings (PortAventura) Outook Revised To Stable On Term Loan Maturity Extension
- European Lodging Outlook 2023: A Window Is Opening
- Scenario Analysis: Can European Lodging Companies Sleep Easy About Rising Rates?
U.S. and Canadian companies have been raising prices over the past year or so in an effort to restore margins. A few fully done so, but many others' margins have eroded. In this episode of The Upgrade podcast Hanna Zhang, and Minesh Patel discuss key highlights from our recently published articles, "U.S. Leveraged Finance Q4 2022 Update: Inflation Pressures Hit Margins, Rate Rises To Hit Cash Flow". The report also tracks key credit trends such as profit growth, debt leverage, interest coverage, and free cash flow within our speculative-grade corporate rating universe.
We are happy to be back with a new series of the Leveraged Finance & CLOs Uncovered podcast. In this episode your regular hosts Hina Shoeb & Sandeep Chana talk with Raquel Delgado Galicia about Nord Anglia's (Bach Finance) refinancing on strong footing thanks to improved performance, reduced leverage, & expected organic growth and the credit factors behind the upgrade to 'B'.
On average, during the previous three recessions (2001, 2009, and 2020), about a quarter of 'B-' rated companies were downgraded to 'CCC', 'CC', or 'C' within the recession year, an indication of the vulnerability of the increasingly crowded 'B-' space. In this episode of The Upgrade podcast Hanna Zhang, Dan Hu, and Minesh Patel discuss key highlights from our recently published articles, "U.S. Leveraged Finance Q3 Update: 'CCC' Buckets Pick Up In CLOs As Cash Flow Generation Falls” and "U.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming?"
Diverging trends between benchmark rates and credit spreads in leveraged loan pricing in the majority of quarters over the past 15 years have kept loan funding costs in check, but the trend reversed in 2022. In this episode of The Upgrade podcast Ramki Muthukrishnan, Omkar Athalekar, and Minesh Patel discuss key highlights from our recently published article, "Leveraged Finance: Leveraged Loan Market Could Feel The Pinch Of Higher Benchmark Rates And Risk Premiums For A While".
Loan investors are becoming increasingly concerned about the risk of aggressive out-of-court restructurings, given weaker lender protections within credit documentation. In this episode of The Upgrade podcast Bek Sunnu, Steve Wilkinson, and Minesh Patel discuss key highlights from our recently published article, "Envision Healthcare Corp.'s Two Major Restructurings in 100 Days".
Related Articles:
- Credit FAQ: Envision Healthcare Corp.'s Two Major Restructurings In 100 Days, Sep 02, 2022
- EBITDA Addbacks Continue To Stack, Feb 08, 2022
- A Closer Look at How Uptier Loan Exchanges Leave Excluded Lenders Behind, June 15, 2021
- Default, Transition, and Recovery: Out-Of-Court Restructurings May Lead To Repeat Defaults Among Distressed U.S. And Canadian Corporates, May 11, 2021
- A Look At "J. Crew Blocker" Provisions In Loan Agreements, Sep. 23, 2019
Credit quality has proven resilient as some credit measures return to (or in some sectors are better than) pre-pandemic levels. Nevertheless, risks are weighted to the downside as profit growth momentum and macroeconomic activity slow. In this episode of The Upgrade podcast Hanna Zhang and Minesh Patel discuss key highlights from our recently published article titled “U.S. Leveraged Finance Q2 2022 Update: Corporate Borrowers Brace For Slow-Growth Recession”.
Credit quality has proven resilient as some credit measures return to (or in some sectors are better than) pre-pandemic levels. Nevertheless, risks are weighted to the downside as profit growth momentum and macroeconomic activity slow. In this episode of The Upgrade podcast Hanna Zhang and Minesh Patel discuss key highlights from our recently published article titled “U.S. Leveraged Finance Q2 2022 Update: Corporate Borrowers Brace For Slow-Growth Recession”.
Shifting markets has resulted in CLO structures and documents being reassessed. Listen in to this special episode where Hina & Sandeep are joined by Abhijit Pawar, Senior Analyst from our Structured Finance Team.
In this episode Hina & Sandeep are joined by Lukas Brockmann, analyst on Action. Listen how a value discounter in Benelux, with improving geographical diversification supports earnings resilience.
In this episode of The Upgrade podcast, Alessio Di Francesco, Steve Wilkinson, Daniel Hu, and Minesh Patel discuss Envision Healthcare Corp.'s recent distressed exchange, ongoing operational challenges, and rating drivers. Our latest research titled "Envision Healthcare Corp. Upgraded To 'CCC' From 'SD' And Placed On CreditWatch Negative Following Distressed Exchange" can be found here.
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
In this episode of The Upgrade podcast, Hanna Zhang and Minesh Patel discuss interest rate and cash flow pressures faced by our lowly rated ‘B-‘ issuers, as well as key highlights from our recently published article titled “U.S. Leveraged Finance Q1 2022 Update: Free Operating Cash Flow Is Put To The Test As Headwinds Blow Harder.”
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
In this episode we are joined by Pascal Seguier, primary analyst on Tarkett. Listen in on how elevated raw material prices and geopolitical tensions are altering its credit quality.
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
In this episode Hina & Sandeep are joined by Ruth Yang, Global Head of Thought Leadership as their guest. Listen to their discussion and hear about the current challenges to the credit markets.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
In this episode Hina & Sandeep are joined by Simon Redmond, Sector Lead for Oil & Gas as their guest. Listen to their discussion and hear about the impact of the geopolitical crisis on Oil & Gas prices and whether it may delay the transition to cleaner fuel.
Related Articles:
- Europe's Exit From Russian Gas: 10 Questions On Utilities
- Extremely High And Volatile Gas Prices Signal A Structural Shift In Europe's Energy Market
- Russia-Ukraine Conflict. Implications For European Corporate And Infrastructure Sectors
For more Leveraged Finance and CLOs Insights visit: Leveraged Finance & CLOs Essentials
Hina Shoeb & Sandeep Chana are joined by Winston Chang -Chief Analytical- Structured Finance practice where they discuss direct and indirect impact of the geopolitical crisis and how some sectors are more impacted than others.
Read the related article here >>
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
For our second episode of the year, Hina & Sandeep are joined by. Marta Stojanova from European Leveraged Finance team where we discuss how upgrades outpaced downgrades since the start of 2021, new issuer activity and a deep dive on default rates for 2021 and expectations on 2022.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
For more Leveraged Finance and CLOs Insights visit: Leveraged Finance & CLOs Essentials.
Please note this episode was recorded on 25th February 2022.
In this episode of The Upgrade podcast, Ramki Muthukrishan and Daniel Hu discuss the rapid growth of middle-market lending, as well as key highlights from our recently published article titled “A Credit-Cycle Turn Could Expose Vulnerabilities In The Middle Market”.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
For our first episode of the year, Hina & Sandeep are joined by Paul Watters, Head of Credit Research for EMEA, to discuss our house views on issues that could impact Corporates in 2022. Listen in and hear about inflationary pressures, evolving geopolitical landscape and default expectations for 2022.
Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
For more Leveraged Finance and CLOs Insights visit Leveraged Finance & CLOs Essentials
In this episode of The Upgrade podcast, we discuss S&P Global Ratings' fourth annual analysis of EBITDA addbacks. It finds most U.S. speculative-grade corporate issuers continue to be unable to achieve the earnings, debt, and leverage projections. We also discuss if EBITDA adjustments are an accurate picture of future earnings.
Related Article: EBITDA Addbacks Continue To Stack
In this episode of The Upgrade podcast, we discuss lender recoveries during the 2020 and 2021 default cycle, as well as key highlights from our recently published article Recovering From COVID-19: Why The Timing Of Bankruptcy and Emergence Matters For Debt Recovery.
In this episode of The Upgrade podcast we discuss research into dilution of First-Lien credit quality from weakening debt structures and loan terms, as well as takeaways from the recent OPAL conference - one of the first in-person CLO conferences since March 2020.
In this episode of The Upgrade podcast we discuss why the default rate is so low - and expected to remain so well into next year - even as the CCC ratings cohort is so large. We also talk about past and present CLO exposure to the CCC category.
In this episode of The Upgrade podcast we discuss the recent large LBO of healthcare sector company Medline. Topics include our views on the company’s business, financial and debt recovery prospects, as well as how Medline compares to existing CLO collateral. Guests include analysts from S&P’s corporate healthcare, recovery, and CLO teams.
In this episode of The Upgrade podcast we discuss recent research showing how quickly PE backed M&A returned, the higher leverage in PE deals, and which sectors have been most active with M&A. We also look what the proliferation of B- rated issuers, largely due to PE ownership, means for CLO portfolios.
In this episode of The Upgrade podcast we discuss what’s new with rising stars and fallen angels based on recent research, along with a detailed discussion of a recent rising star – Advanced Micro Devices.
In today’s episode, Hina and Sandeep are joined by Gaetan Michel to discuss Winterfell Financing, the Norther European building materials distributor. Here we discuss the key findings of the company’s recent performance and focus in on the ESG components against its €1.345 Bn TLB issue, which is popularly held in Euro CLOs and makes part of LCD’s ESG Leveraged Finance Tracker.
In today’s episode, Hina and Sandeep are joined by Patrick Janssen from the Corporate Ratings team to discuss Tipico (also know as Tackle S.a.r.l), the German sports betting operator. Listen in as we discuss key findings of the company’s recent performance, it’s current outlook status and the drivers behind its current recovery rating.
In this episode of The Upgrade podcast we discuss interesting research about the pace of speculative grade upgrades, default rates, and how often out-of-court restructurings are effective in avoiding an additional default or buying time to improve operations.
In this episode of The Upgrade podcast we discuss some interesting research about leverage, cash trends, recovery ratings and how we mine data from financial statements across our rated universe.
In today’s episode, Hina and Sandeep are joined by Fabio Manfredonia and Patrick Flynn from the Corporate Ratings team to discuss the U.K. based childcare services provides Busy Bees (also known as Eagle Midco). Listen in as we discuss key findings of the company’s recent refinancing, it’s current outlook status and the drivers behind its current recovery rating.
In this episode of The Upgrade podcast we discuss big picture topics: leverage and rating action trends, views from market participants, default forecasts, CLO performance, and new issue volumes this year.
In today’s episode, Hina and Sandeep are joined by Marta Stojanova, Director in Corporate Ratings, to discuss her recent publication European Leveraged Finance Recovery in the fourth quarter of 2020 titled “Leverage Increases, Recovery Slips”. Listen in as we discuss how trends in new issue and outstanding average recovery rates, how they vary across industries and why leverage is increasing.
In today’s episode, Hina and Sandeep are joined by Paul Watters, Head of Credit Research for EMEA, to discuss a recent publication he co-authored titled “EU Could Meet 70% Vaccination Target By Late July If Production Steps Up”. Listen in as we discuss the key findings of the article, what it means for various sectors within Corporates including the impact of delays in vaccine distributions, risks of new variants and the progress of global immunization programs.
In this episode of The Upgrade podcast, we discuss the big U.S. airlines - American, Delta and United. Topics include timing of the recovery in travel, liquidity, recovery ratings and how CLOs have increased their airline exposure during the pandemic.
In this episode, Hina and Sandeep are joined by corporate ratings analyst Solene Van Eetvelde, to discuss the French childcare provider Babar Bidco, a popular new issue credit exposed to European CLO portfolios. Listen in as we discuss the ratings and recovery ratings assigned to the credit and its outlook.
In this episode of The Upgrade podcast, we discuss credit fundamentals for GameStop and AMC Entertainment including CLO exposures. Guests are analysts from S&P’s U.S. Corporate Ratings Retail, Media and Entertainment and CLO teams.
In this episode, Hina and SaIn this episode, Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings. Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings.
In this episode of The Upgrade podcast, we discuss Sotera and Parexel; how they have fared in the pandemic and what would be required for an upgrade. We also discuss where they rank in the Top 250 and how their respective debt pricing may be viewed by CLO managers. Guests are analysts from S&P’s U.S. corporate ratings healthcare team and CLO team.
For our inaugural 2021 episode, Hina and Sandeep are joined by David Gillmor, Sector Lead for Leveraged Finance, to discuss his recent publication titled “European Corporate Defaults: Owners Step Up To Mend Pandemic-Hit Capital Structures”. Listen in as we discuss how owners and management teams are actively restructuring their financial obligations and how CLOs are addressing this.
In this episode, Hina and Sandeep are joined by Rachel Gerrish, Senior Director in the Corporate Ratings group to discuss Swissport, the Switzerland-based global airport ground handler. Listen in as we discuss the acute challenges COVID-19 has brought for the sector, why we downgraded Swissport to SD and how CLOs have limited their exposure to the company’s downgrades this year.
Every fortnight, we aim to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.
In this episode of The Upgrade podcast, we discuss how some lenders have been dislodged from their senior claims on collateral through the use of existing document provisions. We highlight some possible remedies being talked about among CLO market participants. Guests are analysts from S&P’s U.S. corporate ratings leveraged finance team.
Time flies when you’re having fun in podcasts. And in this episode, Hina and Sandeep are joined by Patrick Janssen, analyst in the corporate ratings group to discuss TUI, the Germany-based fully integrated tourism group. Listen in as we discuss how TUI has been affected during the downturn and how this has affected their ratings.
In this episode of The Upgrade podcast, we discuss monitoring S&P credit estimates on middle market entities during the pandemic and what this has meant for Middle Market loan-backed CLOs. Other topics include looking at how Middle Market differs from broadly syndicated transactions and the outlook for new transactions. Guests are analysts from the corporate rating team and the CLO team at S&P.
In episode 10, Hina and Sandeep are joined by Thibaud Lagache, analyst in the corporate ratings group to discuss Altice, telecom provider of pay television, broadband internet and mobile services. Listen in as we discuss the strengths and weaknesses of the credit, and the impact from its majority-owner decision to take it private.
Series 2, Episode 9: In episode 9, Hina and Sandeep are joined by Paulina Grabowiec, lead analyst in the corporate ratings group to discuss Root Bidco, the parent entity of the specialty crop nutrition, biocontrol, and crop protection products supplier Rovensa, and a common credit in European CLOs. Listen in as we discuss the strengths, weaknesses and risks to recovery ratings, including how it is performing during the downturn.
In episode 8, Hina and Sandeep are joined by Wen Li, analyst in the corporate ratings group at S&P to discuss Allnex, the Germany-headquartered chemicals company, and a popular credit in European CLOs. Listen in as we discuss the strengths and weaknesses of the credit, including how it is performing during the downturn.
In episode 4 of “The Upgrade”, we discuss the why and how of the capital restructuring of Serta Simmons and what that meant for CLOs that held the loans before and after the restructuring. Guests are analysts from the corporate rating team, the recovery team and the CLO team at S&P.
In episode 7, Hina and Sandeep are joined by Natalia Goncharova – a lead analyst in the corporate ratings team -- to discuss the key rating drivers behind AutoScout24, one of the leading car classified ad platforms. Listen in as we discuss the strengths and weaknesses of the credit and it’s related sector, and how European CLOs have been trading in the credit for their portfolios.
When did you last watch a film at the cinema? Well, in today’s episode, Hina and Sandeep are joined by Alexandra Balod – a senior analyst in the corporate ratings team for the Media and Entertainment sector -- to discuss the key rating drivers behind Vue International, the UK-based cinema operator. Listen in as we discuss the strengths and weaknesses of the credit and it’s related sector, and how European CLOs have been de-risking their exposure to Vue from their portfolios.
We’re back and we’ve upgraded! After an extended break since March, we’re back with our regular Lev Finance and CLO podcasts, and with our updated logo. Stay tuned for even greater insights into the world corporates and CLOs.
In episode 5, Hina and Sandeep are joined by Paul Watters, head of EMEA Research at S&P to discuss global macro-economic conditions since the start of the Covid pandemic. Listen in as we also discuss the shape of the economic recovery, the divergence in performance between corporate sectors and how recent trading by European CLO managers highlights a similar trend pattern.
The U.S. Leveraged Finance and Recovery team is producing a monthly podcast series entitled “The Upgrade.” This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. In the time of Covid-19, other timely topics are also being discussed.
In episode 3 of “The Upgrade”, we discuss why retailer BJ's Wholesale Club Holdings was upgraded in the midst of the sharp downturn from COVID-10 containment measures and prospects for further improvement. Also discussed is CLO investor exposure to BJ’s before and after the upgrade.
The U.S. Leveraged Finance and Recovery team is producing a monthly podcast series entitled “The Upgrade.” This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. In the time of Covid-19, other timely topics are also being discussed.
In episode 2 of “The Upgrade”, we discuss how CLO investors faced off with distressed investors in Acosta's bankruptcy and how CLO investors may leverage their holdings to limit the extent to which distressed investors tilt the process in their favor.
In continuing our broad analytical outreach to investors, Hina Shoeb from Corporate Ratings and Sandeep Chana from Structured Finance collaborate once again with S&P’s Financial Institutions team to discuss some of the most common baking and finance related corporate credits that CLOs are invested in.
In this episode, Sandeep and Hina explore what’s behind Arrow Global—the U.K. based debt servicing company—with William Edwards, the primary credit analyst on the credit.
The U.S. Leveraged Finance team have launched a monthly podcast series entitled “The Upgrade.” This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. Other timely topics will be also be discussed.
This episode explores how the outlook for Scientific Games Corp. has recently been revised to positive and the company subsequently completed a debt offering to refinance existing debt. Ariel Silverberg joins Robert Schulz and Daniel Hu to discuss the 16th widest held loan issuer and the competitive landscape for Scientific Games Corp going forward.
Did you know that CLOs also invest in financial corporates? In broadening our reach to listeners, for the first time, Hina Shoeb from Corporate Ratings and Sandeep Chana from Structured Finance have collaborated with S&P’s Financial Institutions team to discuss some of the most common banking and finance related corporate credits that CLOs are invested in. In this episode, Sandeep and Hina explore what’s behind the Lux-based holding company Garfunkelux, parent of Lowell Financial Services, with William Edwards, the primary credit analyst on the credit.
Hina Shoeb from Corporate Ratings, Sandeep Chana from Structured Finance, and Marta Stojanova, our expert from Lev Fin, predicts what 2020 would mean for the Leveraged Finance World.
With 2020 in full swing, Hina Shoeb from Corporate Ratings, Sandeep Chana from Structured Finance, and Paul Watters, who heads up Credit Research across EMEA, discuss S&P Global Ratings' Corporate Outlook for 2020.
CLOs Uncovered hosts Hina Shoeb, from Corporate Ratings, and Sandeep Chana, from Structured Finance, talk with Alexandra Balod, our Senior analyst on Kantar, and David Gillmor, our Sector lead for Leveraged Finance, to compare and contrast Galileo and Kantar ratings.
Hina Shoeb from Corporate Ratings and Sandeep Chana from Structured Finance discuss the latest transaction from Galileo Global Education and what are the drivers behind the rating.
On this episode, Hina Shoeb and Sandeep Chana have a guest speaker from LCD, part of S&P Global Market Intelligence. Taron Wade heads up LCD’s European Research efforts.
Hina Shoeb and Sandeep Chana take a deep dive on Kirk Beauty and discuss the credit story behind the German beauty product retailer.
CLOs Uncovered hosts Hina Shoeb and Sandeep Chana discuss the latest happenings in the world of CLOs.
Hina Shoeb and Sandeep Chana talk with Omri Stern, a Leisure and Gaming expert from the S&P Global Ratings Corporate Ratings Team.
In this episode, Hina Shoeb and Sandeep Chana talk with guest speaker Sabrine Boudella, who is our Corporate Analyst for Synlab.
Hina Shoeb and Sandeep Chana have a guest speaker, Mark Habib, who is our Sector Lead for European Telecom & Technology Sector. This episode also reviews the overlap of CLOs and Altice.
Guest speaker Paul Watters gives a flavour on the top risks that S&P Global Ratings and the U.S. Federal Reserve are monitoring: trade, Fed policy, China, and Brexit. Hosts Hina Shoeb and Sandeep Chana also discuss Picard’s Corporate Credit Ratings.
Hina Shoeb and Sandeep Chana focus on the highlights and themes that resonated from S&P’s Leveraged Finance Conference with a guest speaker, Ramki Muthukrishnan, who was also a panelist at the conference. We think that some of the key themes covered in this episode will dominate the theme at Global ABS. Listen in to this episode and find out more by visiting us at Global ABS.
Hina Shoeb and Sandeep Chana have a guest speaker, David Gillmor, who gives a flavour on when the cycle turns and how low the European Recovery Rates would go. They also discuss TelePizza’s preliminary rating of B with a stable outlook.
This is the launch of our inaugural series. For the first series, we would be taking a deep dive with UK and Europe based retailers and would extensively cover both food and non-food names, each episode will be released fortnightly on a Tuesday. In today’s inaugural podcast, Hina Shoeb and Sandeep Chana explore the need for a joint podcast across two different asset classes and discuss EG Group.