Capra Ibex
A Deep Dive on Par-Building and What It Means for CLO Equity in 2023-24
By Daniel Miller, Chief Credit Officer Summary During periods of elevated default rates, decreases in leveraged loan prices play an...
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Capra Ibex
- Jan 1
- 7 min
2023-2024 Leveraged Loan Default Forecast
By Daniel Miller, Chief Credit Officer. Our Forecast Forecast leveraged loan default rate of 3.8% in 2023 and 3.3% in 2024 (rates...
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Capra Ibex
- Mar 29, 2022
- 6 min
Health of the Leveraged Loan Issuer Part 3
By Jim Healy, Chief Executive Officer, & Daniel Miller, Chief Credit Officer. Identifying the Tipping Point for Leveraged Loan Issuers...
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Capra Ibex
- Feb 18, 2022
- 6 min
Health of the Leveraged Loan Issuer Part 2
by Daniel Miller, Chief Credit Officer. Impact of Higher Interest Rates on Leveraged Loan Issuers Key Takeaways: We assess the...
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Capra Ibex
- Feb 7, 2022
- 5 min
Key Takeaways from the National Bureau of Economic Research’s Working Paper on “CLO Performance"
by Jim Healy, CEO Capra Ibex Advisors. The first large-scale academic study of CLO equity performance was recently published by the...
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Capra Ibex
- Dec 1, 2021
- 9 min
Covenant Lite: The Time Bomb that Wasn’t
By Daniel Miller, Chief Credit Officer. The widespread adoption (85%) of cov-lite documentation in large, syndicated leveraged loans...
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Capra Ibex
- Sep 13, 2021
- 8 min
Health of the Leveraged Loan Issuer Part 1
By Daniel Miller, Chief Credit Officer. Why credit ratings for leveraged loan issuers have an overly conservative bias Introduction: The...
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