Second quarter activity in middle market sponsored loans tailed off slightly from the previous quarter, though at $16.2 billion was up from 2Q 2017.

Driven by China and commodities worries in August 2015, loan prices dipped in unison, then recovered, though cov-lite lags.

Despite growing cov-lite activity in the middle market, levels remain below those in early 2014.

Almost three of every four institutional leveraged loans lack a maintenance financial test.

The difference between reported and adjusted ebitda for all M&A related loans has expanded to over 30%.

While quarterly cov-lite volume is on the rise, it’s still a far cry from the heady days of 2014.

The share of cov-lite middle market leveraged loans is growing relative to larger loans; May’s number is over 60%.

The share of middle market buyouts leveraged over six times reached all-time high of 40%; large caps over 60%.

Despite worries about new middle market entrants, all-in yields are only 13 bps shy of their levels seven years ago.

The share of middle market club deals held by non-lenders remains just under 70% for the first quarter.