...There was one default in October across both the European leveraged loan (LL) and high-yield (HY) markets, which pushed the October HY default rate to 2.3% from 2.2%. DEMIRE Deutsche Mittelstand Real Estate AG completed an amend and extend on its near-term bond debt that met the definition of a distressed debt exchange (DDE) under Fitch Ratings' corporate ratings criteria. The German real estate company had been challenged by ongoing weakness from high base rates and a shortage of available properties. The HY default rate is set to rise further in November following Fitch Ratings' downgrade of Intrum AB to `D' after its Chapter 11 filing. Meanwhile, a lack of loan defaults drove the TTM European leveraged loan default rate lower in October to 2.0% from 2.3% in September. Our European Top and Tier 2 Market Concern Bonds Lists remained stable in October and September, with the share of bonds on the lists as a percentage of the overall European high-yield universe amounting to 8.2% in October,...
