Leveraged Loans Profile Banner
Leveraged Loans Profile
Leveraged Loans

@lcdnews

Followers
22,239
Following
1,020
Media
5,656
Statuses
68,437

Part of PitchBook Data, LCD is news and analysis on leveraged loans/private credit, high-yield bonds, distressed debt. Check out free news & analysis below.

Seattle, London, NYC, SF, SG
Joined April 2009
Don't wanna be here? Send us removal request.
Explore trending content on Musk Viewer
@lcdnews
Leveraged Loans
2 years
Corporate defaults worldwide are emerging at their fastest pace since 2009, with 15 in February alone, S&P says. The Retail sector is the biggest culprit, accounting for more than 30% of the 2023 global default tally #leveragedloan #highyield
Tweet media one
4
73
154
@lcdnews
Leveraged Loans
5 years
The number of US #leveragedloan issues trading in the secondary below 80 cents on the dollar - a common measure of distress in the asset class - continues to climb
Tweet media one
2
49
101
@lcdnews
Leveraged Loans
4 years
A move into June allows pandemic-only look at US #leveragedloan mart. Those downgrades all are talking about? They've outnumbered upgrades by a surreal 43:1 over past 3 months. In Great Financial Crisis this metric topped out at 8.45:1 @Kakourisr
Tweet media one
4
52
87
@lcdnews
Leveraged Loans
5 years
About a month ago 60% of the $1.2T in outstanding US #leveragedloan debt was priced at 100 or better. A week ago it was 38%. After today just 10% of that debt is priced at par #COVID19US #economy
Tweet media one
4
37
86
@lcdnews
Leveraged Loans
2 years
"Bankruptcies among private companies with at least $10 million in assets had jumped to an average of 7.8 each week by late February, a stark increase from the pandemic peak of 4.5 in June 2020 ..." via BBG #defaults
4
24
83
@lcdnews
Leveraged Loans
7 years
Nearly 77% of all outstanding US #leveragedloan debt is covenant-lite. That's (yet another record)
Tweet media one
2
56
74
@lcdnews
Leveraged Loans
5 years
A new record: 79.6% of the $1.8 trillion in US #leveragedloan outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B-
Tweet media one
Tweet media two
2
45
73
@lcdnews
Leveraged Loans
11 months
Maturity wall update: The amount of #leveragedloan debt due in the next 2 years is larger than ever, and roughly half of that are riskier, B-minus rated credits (better-quality borrowers have refinanced already) @Kakourisr @PitchBook
3
25
71
@lcdnews
Leveraged Loans
5 years
Coranavirus fallout: $672B of $1.2T US #leveragedloan mart is now categorized as distressed debt. Easily the most ever by amount, but significantly less in share than in '08. "Distressed" here = trading market price of less than 80 cents on dollar
Tweet media one
2
60
68
@lcdnews
Leveraged Loans
1 year
More on debt coverage: Moody's says better than half of riskier, B3 (B-minus) rated corporates will have interest coverage of less than 1x in 2023-24. That's a ratio many analysts say indicates weak financial health #leveragedloan #highyield @PitchBook
Tweet media one
1
24
67
@lcdnews
Leveraged Loans
1 year
That's 18 bankruptcies among private equity portfolio companies so far in 2023, the fastest pace since 2020. One reason: The Fed has been raising rates (making debt more expensive), from near zero in March 2022 to 5.25% today @PitchBook #leveragedloan
Tweet media one
1
18
64
@lcdnews
Leveraged Loans
7 years
1Q earnings growth for US loan issuers was negative; that hasn't happened since the recession (free)
Tweet media one
3
55
66
@lcdnews
Leveraged Loans
4 years
27 US #leveragedloan defaults in 2Q20, totaling $23B, the most since 2009. Default rate now stands at 3.23%. That's a five-year high, and up from 1.84% at end of 1Q @Kakourisr
Tweet media one
Tweet media two
0
40
63
@lcdnews
Leveraged Loans
2 years
Banking Crisis Raises Concerns About Hidden Leverage in the System Via BBG #leveragedloan #highyield #PrivateCredit
Tweet media one
5
28
61
@lcdnews
Leveraged Loans
5 years
Covenant-lite share of US #leveragedloan outstandings continue to hold at ~79%. That's roughly $950B of what's now a $1.2T market
Tweet media one
2
34
57
@lcdnews
Leveraged Loans
5 years
S&P Global Ratings: US #highyield default rate expected to hit 10% over next 12 months (it was 3.1% at year-end 2019 #leveragedloan
Tweet media one
2
28
58
@lcdnews
Leveraged Loans
5 years
After record month of downgrades, riskier, triple-C rated debt accounts for 7.48% of US #leveragedloan market. That's an interesting number: Most CLOs have 7.5% threshold for CCC debt. Full analysis @millarlr
Tweet media one
0
21
56
@lcdnews
Leveraged Loans
5 years
What with soaring stock markets and bulging private equity coffers we'll note that purchase price multiples on US LBOs hit a record 11.51x in 2019. They were 10.6x the previous year and 9.68x in 2007 #leveragedloan #highyield
Tweet media one
2
27
53
@lcdnews
Leveraged Loans
5 years
You knew it would be bad, but this is something: US #leveragedloan debt slides 2.73% today, far and away the biggest daily loss since the Financial Crisis (and nearly the largest ever). YTD: -4.48%
Tweet media one
1
42
56
@lcdnews
Leveraged Loans
6 years
Cov-lite now accounts for 77% of all US #leveragedloan outstandings (in a $1T market, remember). That's yet another record
Tweet media one
7
44
51
@lcdnews
Leveraged Loans
2 years
The riskiest US #leveragedloan issuers (B-minus) now account for the largest share of the $1.425 trillion asset class, the first time that's ever been the case. Full analysis: @Kakourisr #highyield
Tweet media one
5
18
55
@lcdnews
Leveraged Loans
6 years
Ouch. Investors yank $3.3B from US #leveragedloan funds over the past week. That's yet another record withdrawal. The past two weeks: -$5.8B
Tweet media one
4
41
50
@lcdnews
Leveraged Loans
4 years
With seven US #leveragedloan defaults in May (so far), that's nearly $10B in defaulted debt, the most for a month since TXU/Energy Future Holdings' massive $20B event in 2014 @Kakourisr
Tweet media one
1
27
52
@lcdnews
Leveraged Loans
4 years
S&P expects US #highyield default rate to hit 12.5% by next March. That would mean 233 speculative-grade issuers would have defaulted. At the end of April the rate was 4.1%
Tweet media one
3
23
49
@lcdnews
Leveraged Loans
4 years
Retail investor cash flood into US #highyield funds (cont'd): +$5.7B over past week, +$41.3B since April 1. The US #leveragedloan market, which did not see meaningful Fed support: -$15.6B YTD $HYG $JNK $BKLN
Tweet media one
Tweet media two
3
16
53
@lcdnews
Leveraged Loans
5 years
Purchase price multiples YTD on US LBOs now stands at 11.5x, topping pre-crisis levels. Private equity shops have been digging deeper for equity, however, keeping overall leverage on these deals relatively in check. Full analysis: #leveragedloan
Tweet media one
Tweet media two
1
29
50
@lcdnews
Leveraged Loans
5 years
The number of "Weakest Links" - US #leveragedloan issuers rated B- or lower and on negative outlook per S&P Global - easily hit an all-time high in 4Q19. The biggest reason for the latest increase: Downgrades
Tweet media one
1
19
49
@lcdnews
Leveraged Loans
4 years
US banks held roughly $99B in CLOs at the end of 2020's first quarter, with JPM, Wells, Citi carrying the bulk of that amount #leveragedloan @ajsaeedy
Tweet media one
3
22
47
@lcdnews
Leveraged Loans
5 years
Coronavirus uncertainly has levels of distressed debt in Europe's #leveragedloan market at highest point since 2008. The rate of increase was record-breaking @IsabellWitt1
Tweet media one
0
28
48
@lcdnews
Leveraged Loans
4 years
Btw, the amount of outstanding US #leveragedloan paper rated triple-C topped $100B in April, thanks in large part to a torrent of credit downgrades. CLOs, of course, have limits on how much CCC debt they want to hold #Covid_19
Tweet media one
1
23
45
@lcdnews
Leveraged Loans
1 year
That's 18 bankruptcies among private equity portfolio companies so far in 2023, the fastest pace since 2020. One reason: The Fed has been raising rates (making debt more expensive), from near zero in March 2022 to 5.25% today @PitchBook #leveragedloan
Tweet media one
1
14
43
@lcdnews
Leveraged Loans
4 years
Some $37B in US #highyield issuance last month, one of the busiest Aprils ever, as Fed's safety net to catch fallen angels bolsters market sentiment
Tweet media one
1
30
42
@lcdnews
Leveraged Loans
1 year
S&P: Despite a relatively innocuous July the global corporate default tally has hit 91, more than double the amount at this point last year and well above the 10-year average. #leveragedloan
Tweet media one
1
18
43
@lcdnews
Leveraged Loans
4 years
Before the coronavirus, the probability of default for a US restaurant was 5%. Today, after lockdowns and a shuttered economy, it's nearly 25% per @SPGMarketIntel
Tweet media one
0
22
40
@lcdnews
Leveraged Loans
5 years
There were 11 defaults in US #leveragedloan market in April. That's the most ever. The default rate remains below historical norm, but with ongoing flood of credit downgrades and #COVID__19 , investors are buckling up $
Tweet media one
0
26
43
@lcdnews
Leveraged Loans
5 years
Today's 3.08% slide in US #leveragedloan asset class is largest ever, topping 2.9% loss in Oct. 2008. YTD: -7.76% #Covid_19
Tweet media one
0
21
43
@lcdnews
Leveraged Loans
7 years
Lower-rated deals (and covenant-lite transactions) are driving the loan market right now: (free)
Tweet media one
2
33
40
@lcdnews
Leveraged Loans
7 years
Nearly three out of every four US leveraged loans are 'covenant-lite' (that's a new record)
Tweet media one
5
37
40
@lcdnews
Leveraged Loans
5 years
Huge retail retreat from risk as US #highyield funds see $5.1B withdrawal (largest since 2/18, when market thought Fed might raise rates due to inflation); $2.3B redemption from US #leveragedloan funds (most since 1/2/19) $HYG $JNK $BKLN
Tweet media one
Tweet media two
1
23
41
@lcdnews
Leveraged Loans
5 years
A 3.65% loss for US #leveragedloan asset class today. That would be a record, if not for 3.74% slide yesterday. YTD: -17.9% $
Tweet media one
1
31
38
@lcdnews
Leveraged Loans
4 years
Recent-vintage #leveragedloan defaults are indeed seeing lower recovery levels, as market bears had suggested, what with the prominence of cov-lite and other borrower-friendly deal structures during recent credit cycle #highyield
Tweet media one
0
20
39
@lcdnews
Leveraged Loans
3 years
Another huge drop in US #leveragedloan returns yesterday (0.47%), contrary to surge in equities. YTD the loan asset class is down more than 2% (again, most of that decline is from this month). Triple-C debt continues to outperform, somewhat.
Tweet media one
2
15
38
@lcdnews
Leveraged Loans
2 years
Downgrade: Twitter, from BB+ to B-. S&P notes Twitter's leverage will spike due to acquisition and that advertising revenue is exposed to slowing economic environment and "modifications in content moderation" #highyield #leveragedloan
2
7
39
@lcdnews
Leveraged Loans
5 years
Lots of cov-light and EBITDA adjustment talk in US #leveragedloan mart but also of note is ever-shrinking debt cushion. A record 35% of loan issuers last year did so sans sub debt, helping bring debt cushion of all outstanding loans down to 20%. It was 29% in 2007.
Tweet media one
Tweet media two
0
20
40
@lcdnews
Leveraged Loans
5 years
S&P analysis: "When The Cycle Turns: The Continued Attack Of The EBITDA Add-Back" in front of paywall now. Check it out #leveragedloan #highyield
Tweet media one
Tweet media two
Tweet media three
Tweet media four
0
11
37
@lcdnews
Leveraged Loans
7 years
This year, covenant-lite loan issuance has exceeded high-yield activity by 41%, illustrating just how pervasive cov-lite has become: (free)
Tweet media one
1
34
39
@lcdnews
Leveraged Loans
5 years
The ever-expanding U.S. #leveragedloan universe has stopped expanding. In fact, it shrank by $10B in July, the biggest drop in 10 years. Institutional outstandings (loans sold to CLOs/other non-bank investors) now = $1.19T
Tweet media one
1
23
38
@lcdnews
Leveraged Loans
4 years
That's 223 corporate defaults globally YTD, led by US entities (143) and Oil & Gas concerns (50 worldwide, 35 in US). "If debt grows faster and income recovers more slowly than we expect, the surge in leverage would be harder to manage," says S&P Global
Tweet media one
1
13
37
@lcdnews
Leveraged Loans
4 years
Maturities in $1.2T US #leveragedloan market are relatively light until 2024, when some $264B of term debt will come due (unless it's refinanced, of course). Full analysis:
Tweet media one
0
9
34
@lcdnews
Leveraged Loans
2 years
How deep are U.S. #leveragedloan issuers having to dig to complete credits in a market that remains wary of risk? Very. Yields on single-B rated new-issue loans now top 10%, more than double what they were one year ago #highyield
Tweet media one
1
17
35
@lcdnews
Leveraged Loans
5 years
As investors/CLOs worry about downgrades, 58% of the $1.2 trillion in outstanding US #leveragedloan debt is now rated single-B or lower. That's the most ever. And over past 2 years the share rated B-minus has doubled, to 14.75% (another record)
Tweet media one
0
26
37
@lcdnews
Leveraged Loans
5 years
A Chapter 11 filing by McDermott Int'l sends US #leveragedloan default rate to 15-month high of 1.64% (from 1.39%). With $3.6B of sec'd debt outstanding McDermott is largest bankruptcy in loan mart since iHeart in 2018
Tweet media one
2
12
36
@lcdnews
Leveraged Loans
5 years
More from LCD's 'Weakest Links' analysis: With help of recent credit downgrades, the share of $1.2T US #leveragedloan market with riskier, B-minus issuer rating soared in March, to record levels (triple-C debt spiked, too)
Tweet media one
0
8
37
@lcdnews
Leveraged Loans
5 years
A new record: 79.6% of the $1.8 trillion in US #leveragedloan outstandings is cov-lite. That's about $940B. The bulk of that ls riskier debt, from issuers rated B and B-
Tweet media one
Tweet media two
5
26
36
@lcdnews
Leveraged Loans
4 years
With seven US #leveragedloan defaults in May (so far), that's nearly $10B in defaulted debt, the most for a month since TXU/Energy Future Holdings' massive $20B event in 2014
Tweet media one
0
13
35
@lcdnews
Leveraged Loans
7 years
With LIBOR rising, cos. with lots of floating-rate debt lag behind broader stock market #leveragedloan
Tweet media one
0
33
32
@lcdnews
Leveraged Loans
6 years
US corporate debt now totals close to 50% of GDP, per the Fed and Commerce Dept. That's a record. @WSJ @RachelEnsignWSJ
Tweet media one
2
27
33
@lcdnews
Leveraged Loans
5 years
With four defaults in January, US #leveragedloan default rate is now 1.83%. That's the highest it's been in 15 months. Again, the historical average is 2.9%, so ...
Tweet media one
1
19
33
@lcdnews
Leveraged Loans
6 years
Who owns most of the outstanding corporate credit? (Spoiler: It's not US banks). @SoberLook
Tweet media one
0
27
32
@lcdnews
Leveraged Loans
5 years
US #leveragedloan default rate increases to 1.48% in November, highest it's been in 9 mos. Though - altogether now - it's still well below the historical average (2.9%)
Tweet media one
2
14
33
@lcdnews
Leveraged Loans
4 years
Still riding #Fed tailwind, US #highyield bond market just wrapped its busiest May ever (and busiest month since 2013): $43.8B of issuance. YTD that's $153B, a tidy 48% increase from 2019 pace @JakemaLewis
Tweet media one
2
15
33
@lcdnews
Leveraged Loans
8 years
Commodities default rate, from S&P Global's 2Q European Corporate Credit Outlook
Tweet media one
0
33
33
@lcdnews
Leveraged Loans
5 years
The ranks of "Weakest Links" - lower-rated debt issuers with a negative outlook - has grown to largest level since 2009, says S&P $ #economy
Tweet media one
0
22
32
@lcdnews
Leveraged Loans
4 years
August is usually a sleepy month for the US #highyield bond market. Usually ... @JakemaLewis
Tweet media one
0
13
31
@lcdnews
Leveraged Loans
2 years
A grim 2Q US #leveragedloan market, in 6 Charts: 1) Worries over inflation, war in Ukraine has many investors fleeing risk, driving loan trading prices to lowest levels in nearly 2 years …
Tweet media one
3
10
31
@lcdnews
Leveraged Loans
5 years
US #leveragedloan default rate increases to 1.48% in November, highest it's been in 9 mos. Though - altogether now - it's still well below the historical average (2.9%)
Tweet media one
1
15
31
@lcdnews
Leveraged Loans
6 years
Retail investors withdraw $3.53B from US #leveragedloan funds. That's yet another record, and helps wipe out gains seen throughout the year (the final 2018 number: a $3.1B net outflow)
Tweet media one
0
19
30
@lcdnews
Leveraged Loans
4 years
There were 44 Potential Fallen Angels in January, per S&P Global Ratings. There are record 126 today. No surprise: The bulk of these entail "sectors most exposed to COVID-19-related social distancing measures." And oil & gas. $
Tweet media one
0
17
31
@lcdnews
Leveraged Loans
7 years
There are now $745B of US covenant-lite loans outstanding. That's a record #leveragedloan
Tweet media one
0
24
29
@lcdnews
Leveraged Loans
5 years
What with private credit cutting an increasingly wide swath in the US #leveragedloan space, the share of non-syndicated credits in BDC portfolios is surging. Most private credits are unrated, as opposed to broadly syndicated deals.
Tweet media one
1
12
28
@lcdnews
Leveraged Loans
6 years
Fallen angels could become a bigger problem this year @WSJ /Daily Shot @SoberLook #highyield
Tweet media one
2
20
30
@lcdnews
Leveraged Loans
7 years
The share of US LBOs leveraged at 6x - a magic number, per the Fed - just hit its highest level since the financial crisis
Tweet media one
0
25
30
@lcdnews
Leveraged Loans
2 years
The 4Q US #leveragedloan market, in six charts ... What was a frigid 3Q syndicated loan segment thawed enough to allow some opportunistic activity (refinancings in this case. Dividends still weren't a thing in 4Q) ... 1/6
Tweet media one
2
3
30
@lcdnews
Leveraged Loans
2 years
An eye-popping aspect of the recent US #leveragedloan market: New deals clearing market are doing so at serious discounts, sending borrowers' all-in rates soaring. Single-B new issues priced at an average of 92.75 in July, after plunging from 99.5 in January
Tweet media one
0
9
28
@lcdnews
Leveraged Loans
2 years
Leveraged loans backing LBOs dried up in 3Q as investor appetite for risk disappeared. Indeed, the cost of LBO financing skyrocketed in terms of interest rates ( #leveragedloans are floating rate) and re deep discounts on the debt. Much more: @PitchBook
Tweet media one
Tweet media two
Tweet media three
1
10
28
@lcdnews
Leveraged Loans
5 years
The Distress Level - the share of $1.2T in outstanding US #leveragedloan debt priced at less than 80 cents on dollar - has decreased to 20%, from high of 57% on March 23 $
Tweet media one
0
24
29
@lcdnews
Leveraged Loans
5 years
Here's the full analysis: #leveragedloan downgrades are mounting, and CLOs are keeping a watchful eye, as they are limited in how much triple-C paper they can hold @apark_
Tweet media one
1
16
28
@lcdnews
Leveraged Loans
2 years
The 3Q US #leveragedloan market, in six charts … In a risk-off market it was a new-issue desert, with volume plummeting, borrowing costs soaring and terms tightening 1/6
Tweet media one
1
8
30
@lcdnews
Leveraged Loans
1 year
The default rate among private credits continues to tick higher, reaching 4.5% in Q1, from 4.2% a quarter previous, says Lincoln. Defaulting most frequently: businesses in the Consumer segment #leveragedloan
1
12
29
@lcdnews
Leveraged Loans
6 years
So. Over the past 7 days, the US #leveragedloan market is down 1.1%. That's the steepest one-week drop since 2011 (per the S&P/LSTA Leveraged Loan Index)
3
19
28
@lcdnews
Leveraged Loans
5 years
Relax . . . CLOs are nothing like as menacing as CDOs @FT @BondHack #leveragedloan ... And for the record, we're at €27.8B of European issuance YTD, the most ever, per LCD
1
7
30
@lcdnews
Leveraged Loans
5 years
The #highyield segment of US leveraged finance market continues to see momentum, with investors pouring record $7.7B into funds/ETFs last week. YTD: +$238M $HYG
Tweet media one
1
21
29
@lcdnews
Leveraged Loans
5 years
One thing about the Fed's Main Street lending programs: Many issuers comprising the $1.2T US #leveragedloan market carry too much debt to qualify for it
Tweet media one
1
17
29
@lcdnews
Leveraged Loans
7 years
Cov-Lite Deals Account for Record High 85% of Single-B Issuance YTD: (free)
Tweet media one
0
27
27
@lcdnews
Leveraged Loans
5 years
Yesterday's 2.73% slide in US #leveragedloan market was epic indeed, far outpacing any loss since Financial Crisis, including during US sovereign debt downgrade/debt ceiling days #COVID ー19
Tweet media one
0
23
28
@lcdnews
Leveraged Loans
6 years
The $2.53B withdrawal from US #leveragedloan funds this week? The largest on record. YTD: +$3.7B
Tweet media one
2
30
28
@lcdnews
Leveraged Loans
5 years
For the record: The covenant-lite share of the $1.193 trillion US #leveragedloan market hit 80.8% in January, the most ever.
Tweet media one
0
15
29
@lcdnews
Leveraged Loans
5 years
The share of triple-C debt in $1.18T US #leveragedloan mart now stands at 7.34%, the most since May 2017. This is of key interest to CLO investor base, which historically has had limited capacity for CCC risk
Tweet media one
0
16
29
@lcdnews
Leveraged Loans
1 year
The US #leveragedloan default rate crept to 1.75% in July after Juice Plus and its lenders agreed to scrap principal amortization payments for 1 year and fruit grower Prima Wawona skipped interest payments. Over the past 12 months there has been $24.7B in loan defaults @kakourisr
Tweet media one
1
7
28
@lcdnews
Leveraged Loans
4 years
How hard has pandemic hit US #leveragedloan market? Through May roughly 1/3 of $1.2T in outstandings have been downgraded. That means lots, lots more triple-C debt. Full analysis: @Kakourisr
Tweet media one
Tweet media two
0
11
28
@lcdnews
Leveraged Loans
5 years
Retail investors pull $4.2B from US #highyield funds this week. Biggest redemption since Oct. 2018. YTD: $1.9B net withdrawal $HYG $JNK #COVID2019
Tweet media one
0
13
28
@lcdnews
Leveraged Loans
7 years
Covenant-lite issuance in US leveraged loan market hits (another) record high in 3Q 2017
Tweet media one
0
19
28
@lcdnews
Leveraged Loans
4 years
Btw, the amount of outstanding US #leveragedloan paper rated triple-C topped $100B in April, thanks in large part to a torrent of credit downgrades. CLOs, of course, have limits on how much CCC debt they want to hold #Covid_19
Tweet media one
0
18
26
@lcdnews
Leveraged Loans
5 years
Triple-B debt - the lowest rung of investment grade - now totals some $3T.2, more than 2.5x size of entire speculative-grade market, says S&P GFIR ($)
Tweet media one
1
22
26
@lcdnews
Leveraged Loans
6 years
Lots of attn on plunging US #leveragedloan market now, so some context (some will see these numbers as problem, others as opportunity) - Per the S&P/LSTA Index -Share of issues priced at 80 or lower (a common measure of 'distress') is ~2.27%
2
15
24
@lcdnews
Leveraged Loans
7 years
Triple-B issuers - which are loading up on debt - make up nearly half the investment grade bond market
Tweet media one
0
25
27
@lcdnews
Leveraged Loans
5 years
The distress level in US #leveragedloan market is easing. It's still elevated, but way down from 54% only two weeks ago $ Distress = loans priced at less than 80, per S&P/LSTA Loan Index @Kakourisr
Tweet media one
0
13
26
@lcdnews
Leveraged Loans
7 years
Another month, another record-high amount of covenant-lite loans in US leveraged market
Tweet media one
2
21
25
@lcdnews
Leveraged Loans
5 years
For the record: The covenant-lite share of the $1.2T US #leveragedloan market is holding at 79%. That's about $950B
Tweet media one
1
19
26
@lcdnews
Leveraged Loans
8 years
That's 133 global corporate defaults so far in 2016. There were 113 in all of 2015 (free)
Tweet media one
0
36
25