Par for the Course Softness in market technicals has driven loan prices for new-issue leveraged loan paper below par for the first time in six months, perhaps signaling better times for investors. … Subscribe to Read MoreAlready a member? Log in here...
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
At ACG Intergrowth last week I spent a fair amount of time talking with private equity deal guys (and one gal…another topic) about the current market. The clearest trend everyone could agree on, and one that nobody was particularly excited about, was the increase in company valuation multiples over the last 12 to 18 months….
Positive earnings, strong economic data, low default rates and – most importantly – a favourable monetary policy environment continue to place downward pressure on spreads. The Markit CDX.NA.IG was trading at 64bps in nearly May, which would be the tightest level this year if the roll effect in March is excluded…. Subscribe to Read MoreAlready
CLO issuance remains strong thanks to a broadening and growing AAA investor base and a growing number of first time managers. So far this year, almost $41 billion of CLO paper has been issued,up from the $33 billion issued through at this time last year. Dealing with a softer secondary, the average bid on the…
This week we speak with Meredith Coffey, Executive VP of Research, Loan Sales and Trading Association (LSTA), the leading industry association for the loan market. TLL: Meredith, you and the LSTA have been in the forefront of trying to knock some sense into regulators on how CLOs are being negatively impacted. How’s that battle going? MC: (Laughing)…
A few days before last month’s running of the 140th Kentucky Derby, the WSJ published a piece detailing six reasons why California Chrome wouldn’t win. Of course, the California-bred colt, a 5-2 favorite, dominated the field and took home the $1.2 million first-prize. No word on whether the sports editor has been reassigned. Against all odds, the CLO…
Taper Vapor The Fed’s continued reluctance to predict rate increases anytime soon, leaves Treasury yields range-bound while fixed income investors party on… Subscribe to Read MoreAlready a member? Log in here...