The larger the borrower size, the more time lenders allow companies to realize synergies, and the greater the Ebitda adjustments. Source: Covenant Review

US interest rate policy is captured in a feedback loop as Fed lets exogenous worries undermine future action. Source: BofA Merrill Lynch Global Research, The Daily Shot

Buy-and-hold middle market loans (“MM Club/Private TLB”) don’t typically trade among holders, so are less subject to abrupt price swings. Sources: Thomson Reuters LPC; represents all-in yield (3 years)

Leveraged loan issuers have maintained solid cash flow growth for the past four years, as the economy continues to muddle along. Source: LCD, an offering of S&P Global Market Intelligence

Almost two-thirds of all US CLO vehicles exit their reinvestment periods during 2017-19, leaving demand gap. US CLOs outstanding by reinvestment period ($Bns) Source: JP Morgan, US Fixed Income Markets Weekly

Middle market and large cap LBOs totaled thirteen so far this quarter; there were sixty for 2Q 2015. Source: Thomson Reuters LPC

With one month of the second quarter behind us, the forward calendar for all syndicated loans remains below last year’s levels. Source: Thomson Reuters LPC; represents all loans

First quarter activity in the non-syndicated middle market slowed, but less sharply than for syndicated deals. Club/Private Middle Market Issuance Source: Thomson Reuters LPC

Secondary loan prices have edged up since year-end, on increased investor confidence and lack of new supply. Leveraged Loan Bid Levels Source: S&P Capital IQ; data for selected flow names

With purchase price multiples high, sponsors have sold or taken public more than 2500 portfolio companies since 2014. Quarterly US PE Exit Activity Source: PitchBook