Defaults on leveraged loans soar to highest in 4 years

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Financial Times 22h ago

Defaults on leveraged loans soar to highest in 4 years - Financial Times

Quick Summary:

In the US, default rates on junk loans have soared to decade highs, according to Moody’s data.

But others worry that distressed exchanges hint at underlying stresses and only put off problems until a later date.“[It’s] all well and good kicking the can down the road when that road goes downhill,” noted Duncan Sankey, head of credit research at Cheyne, referring to when conditions were more favourable for borrowers.

Despite the rise in defaults, spreads in the high-yield bond market are historically tight, the least since 2007 according to Ice BofA data, in a sign of investors’ appetite for yield.“Where the market is now, we are pricing in exuberance,” said Scott.