KBRA Releases Research – Structured Credit Trend Watch: Record Issuance and an Evolving Marketplace

Kroll Bond Rating Agency (KBRA) releases a report examining trends in the structured credit landscape, including issuance, spreads, notable structures, and document features. While issuance volumes for broadly syndicated loan (BSL) collateralized loan obligations (CLO) are poised to set historical records, KBRA has also observed several developing trends across the broader structured credit landscape. These include innovations in the U.S. middle market (MM) space, a renewed risk appetite in Europe, and a moderate decline in the issuance of trust preferred collateralized debt obligations (TruPS CDOs).

In addition to the sectors noted above, we discuss current developments surrounding the London Interbank Offered Rate (LIBOR) transition and provide a recap of KBRA’s rating and surveillance activity in 2021.

The report also includes the Structured Credit Publication Index, which contains links to recent KBRA reports within the structured credit sector.

Click here to view the report.

Related Publications

• Loss Mitigation Obligations: CLO Workout and Flex
• COVID-19: U.S. BSL CLO Sector Exposure Map

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

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