This week’s commentary – Heads and Tails – was inspired by the discovery of a two headed snake in the Pine Barrens of New Jersey. We’re not sure if this is a good omen or a bad one. But there’s evidence of both in the credit markets today. Public markets remain buoyed by the prospect […]
High yield bond issuance spikes in most recent week Source: Debtwire Par High yield bond issuance spiked last week (week ending September 13), with issuance reaching USD 13.4bn from 23 deals in a hectic week for the market. This week is also shaping up to be a busy one, with over USD 5bn set to…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
We recently joined a group of direct lenders for a round of golf. In between brilliant shotmaking we chatted about current trends in middle market leveraged loans. For one thing, it seems many of us experienced a remarkably busy August, with the competitive landscape equally challenging. Terms and structures have become as issuer-friendly as at […]
Primary leveraged yields decline slightly in 3Q19 Primary yields have tightened slightly across rating levels so far in 3Q19. The main driver behind the decline in yields are falling Libor rates. At its current level of 2.13%, the 3-month Libor rate has dropped 19bp from 2.32% at the end of 2Q19. For single B issuers,…
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…