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Rachelle Kakouris

Director, Quantitative Analysis

Rachelle covers the US leveraged finance markets with a focus on stressed and distressed credits. Before joining LCD, Rachelle was a reporter for Reuters and IFR on the US high-yield corporate bond market in New York. Prior to that, she covered sovereign and covered bonds as a markets reporter for IFR Magazine and IFR Markets in London during the height of the financial crisis.

Articles by Rachelle Kakouris

Altice France lifts US leveraged loan default rate to 1.11% in June

When including distressed LMEs that prompted a downgrade to ‘D’ or ‘SD’ last month, the combined rate with payment defaults climbed to 4.46% in June.
July 2, 2025

US Leveraged Finance Survey: Risk sentiment sours amid geopolitical wildcards

PitchBook LCD’s survey of buyside, sellside, and advisory professionals suggests a shift toward more defensive positioning.
June 30, 2025

Leveraged loan default rate holds steady; Software drives LME activity

The three-month rolling measure of downgrades to upgrades eased to 2.03x in May, from 2.73x in April.
June 4, 2025

Leveraged loan default rate dips to 0.73%, but LMEs send dual-track gauge higher

The landscape for managing unsustainable debt burdens has shifted away from conventional defaults to out-of-court LMEs.
May 2, 2025

Sponsored European loan issuance surges in Q1 despite modest buyout activity

A cross-border marquee deal from Opella enlivened an otherwise tepid start to the year for buyout funding in the European leveraged loan market.
April 24, 2025

Taking stock of the tariff turmoil: Loan market recap, what to watch

President Trump’s surprise 90-day pause on reciprocal tariffs eased fears of most retaliatory trade moves, but markets are bracing for prolonged uncertainty.
April 10, 2025

Leveraged loan default rate holds steady at 0.82% by amount, LMEs remain in focus

When including three distressed LMEs, the combined rate with payment defaults jumped to 4.31%, from 4.18% in February.
April 3, 2025

Leveraged loan payment defaults fall, but downgrade ratio climbs

Liability management exercises continue to outpace payment defaults and bankruptcies.
March 5, 2025

US leveraged loan Weakest Links count plateaus, but downgrades rise

The number of Weakest Link issuers tracked by LCD was 135 at the end of 2024. The post-pandemic high was 183 a year prior.
February 27, 2025

Data Dive: Leveraged loan default stats show rift in restructuring landscape

As liability management exercises (LMEs) proliferate, the payment default rate has fallen.
January 30, 2025