Glen Fest

An increased number of obligors assessed by Moody’s have worsening liquidity and interest-coverage cushions, as well as rising default rates, contributing to weakening loan-issuer credit profiles.

The previous full-year record was set in 2021.

Barclays strategists reported a record $1.2 billion in net inflows to the ETFs the week of Jan. 17.

The ETF, managed by State Street and sourced by Apollo, will hold up to 35% of its assets in private credit.

Managers and investors shrugged off recessionary worries to post one of the busiest first-quarter periods of new-deal issuance in market history.

Octaura is expanding from its syndicated loan platform that has operated since 2022.

First Brands ranks as the 61st-highest exposed name among CLO obligors, according to Deutsche Bank.

Moody's previously noted insurers' "continued shift in their investment portfolios toward less-liquid and privately rated investments."

The optimism around new issuance is being fueled by expectations of high demand from banks, insurers and fast-growing CLO exchange-traded funds.

Bank research points to better issuance conditions in the second half of the year, though new-deal volume is projected to fall short of last year's record $209 billion.