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Hertz drives US leveraged loan default amount to 6-year high

May 28, 2020 - SNL Financial
Bankruptcy

As the coronavirus-related drag on global economies continues, leveraged loan defaults which were noticeably scarce over the long-running credit cycle are beginning to pile up.

The volume of defaults in the U.S. leveraged loan market has exceeded $10 billion in May, the busiest month for such activity since 2014, according to LCD.

Car rental concern Hertz Global Holdings Inc. on May 22 became the eighth issuer in the S&P/LSTA Loan Index to default on term debt this month, bringin...