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KBRA Releases Research - Structured Credit 2020 Outlook: Nearsighted VisionKroll Bond Rating Agency (KBRA) releases the Structured Credit 2020 Outlook, which highlights trends in collateralized loan obligation (CLO) spreads and issuance, other types of securitizations gaining traction, and factors that could influence structured credit issuance in 2020. The opening months of the new year may prove critical for overall structured credit issuance in 2020. For U.S. collateralized loan obligations, full-year (FY) 2019 issuance will close at around $115 billion, driven by a strong first half. In early 2020, increased bifurcation in the leveraged loan market, challenging deal economics, and a key pocket of CLO investors will impact supply and demand, as well as shape portfolio construction and liability structures. Key themes in structured credit heading into 2020 include the following:
The report also provides 2020 forecasts for new issue, CLO "re-dos", TruPS CDOs, and leveraged loans. KBRA also touches on leveraged loan fundamentals and specific corporate sector outlooks. To view the report, click here. Related Publications: (available at www.kbra.com)
CONNECT WITH KBRA About KBRA and KBRA Europe KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA. View source version on businesswire.com: https://www.businesswire.com/news/home/20191206005497/en/ |