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The riskiest part of the corporate debt market is inching toward a historic danger signal

4 days ago   |   By Business Insider

The multiple of leveraged buyout debt to earnings has hit 5.8, the highest it has been since the financial crash, according to LCD/S&P.
A debt level of six times earnings has historically been regarded as high-risk territory.
"Covenant-lite" leveraged loans remain at an elevated level, too.
But private equity appears to be putting more of its own cash at stake in LBO deals, and the extreme end of the market has moderated. People are tapping the brakes, in other words.
The Trump administration is taking a relaxed approach to the whole thing.
A key indicator of danger at the risky end of the...
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