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Division 03
DCM Research
Live analysis of debt capital markets activity — bond issuances, leveraged loans, and credit structures across investment grade and high yield. We track pricing, spread movements, and deal dynamics to understand how corporates and governments raise debt financing.
Three Lenses of Coverage
Lens 01
The Bond Issuance Analysis
A research note on a live or recent bond deal — analysing the issuer's credit profile, the pricing rationale, and how the deal was absorbed by the market.
What It Covers
- Issuer credit profile — leverage, interest coverage, and ratings
- Coupon, maturity, call structure, and covenant package
- Yield at issuance vs. secondary market spread movement
- Orderbook demand and new issue concession analysis
- Relative value vs. comparable issuers in the sector
Lens 02
Leveraged Finance & Loan Markets
An analysis of leveraged buyout financing, syndicated loans, or CLO activity — understanding how sponsors structure debt packages and how the leveraged loan market prices risk.
What It Covers
- LBO debt structure — TLB, RCF, senior secured vs. subordinated
- Leverage multiples and interest coverage at entry
- Spread pricing and OID in the leveraged loan market
- CLO demand and its impact on leveraged loan spreads
- Refinancing risk and maturity wall analysis
Lens 03
DCM Market Activity Report
A periodic overview of debt capital markets activity — mapping issuance volumes, sector flows, spread trends, and the macro backdrop driving DCM conditions.
What It Covers
- Investment-grade vs. high-yield issuance volumes and trends
- Average new issue concessions and pricing vs. secondary
- Sector breakdown of corporate debt capital raises
- Central bank policy and its impact on credit spreads