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Covenant-Lite Loan Issuance Hits New Record

IMG Auteur
Mish
Global Economic Analysis
Published : March 29th, 2018
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Category : Opinions and Analysis

Institutions in search of yield are gobbling up loans with little protection. This will not end well.

  • The share of outstanding leveraged loans that are covenant-lite crept to another record high in February, reaching 75.8%, according to LCD and the S&P/LSTA Loan Index.
  • At the end of February the amount of U.S. leveraged loans outstanding was $984 billion, meaning there is now $745 billion of covenant-lite loan debt held by institutional investors.
  • The share of outstanding cov-lite loans matches the rate that newly-issued loans are cov-lite, according to LCD. Of the nearly $92 billion of U.S. leveraged term debt issued so far this year, $69 billion is cov-lite, according to LCD.

Recklessness prevails, still.

Institutions buying junk bonds and other such garbage are about to get clobbered.
Source : www.themaven.net
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IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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