CLOs Uncovered

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...

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...

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 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.

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, w...

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...

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...