Leveraged loan defaults head for the third-worst year in history as Federal Reserve rate hikes take a toll, according to Goldman Sachs.
Leveraged loan defaults are heading for the third-worst year in history as Federal Reserve interest rate hikes take a toll, according to Goldman Sachs.
The volume of defaults by riskier companies in the bulging leveraged loan market has risen in June, bringing the total amount of soured debt in the sector to $24.5 billion , according to a tally by Goldman Sachs analysts. The ugly backdrop for loan borrowers comes after the Fed has jacked up its policy rate to a 5%-5.25% range in the past 15 months from nearly zero. On Wednesday the central bank took a breather by skipping a June rate, but signaled two more rate increases could be in store yet this year.
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