The loan default rate in the US hit a five year high of 3.59% in October as $8 billion worth of loans to gaming and resort company Las Vegas Sands teetered on the brink of breaching their covenants. A covenant breach was only avoided when chief executive Sheldon Adelson injected $525 million of his own money into the struggling company. But it was not just Las Vegas Sands that had a narrow escape: its loans are referenced in a full 293 US CLOs – in some cases accounting for more than 3% of the entire portfolio.
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