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, 20237 min read
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, 20226 min read
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, 20226 min read
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, 20225 min read
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, 20219 min read
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, 20218 min read
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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