Chart of the Week – Off Year
Loan issuance of just under $30 billion for middle market leveraged transactions was at its lowest point since 2010. Annual Middle Market Institutional Loan Volume Source: Thomson Reuters LPC
Chart of the Week
Chart of the Week – Down Time
Leverage for all US corporate issuers is headed to levels where previous default cycles began. Source: The Daily Shot, Bloomberg Finance LP, Datastream, Deutsche Bank
Chart of the Week – Flex Time
Since August’s market volatility, more post-launch pricing changes have been investor-friendly.
Chart of the Week – Stall Speed
With risk retention rules on the horizon, monthly new CLO issuance has slowed considerably.
Chart of the Week – In Recovery
Counterintuitively, recent data from an S&P study show recoveries for first-lien term loans improved only modestly with additional debt capital below them.
Chart of the Week – Risk/Return Rising
Halfway through the 4Q, middle market deals are showing sharp increases in both leverage and yield. Source: Thomson Reuters LPC; based on cohort of middle market deals with both leverage and yield data.
Chart of the Week – More Demand, More Supply
After a strong September, new deal volume eased and demand jumped, creating better technicals in the broadly syndicated market. Source: S&P Capital IQ LCD
Chart of the Week – Slowing Vehicles
Middle market CLO volume $5.5 billion year to date; full year total may fall short of 2014. Source: Thomson Reuters LPC, Wells Fargo
Chart of the Week – Junior Miss
Issuance of private subordinated debt capital has steadily grown since the credit crisis, though last quarter was off the prior number. Source: Thomson Reuters LPC
Chart of the Week – On Watch
The number of risk rating downgrades in the corporate sector has hit a five year high – worst since the credit crisis. Source: The Daily Shot, @WSJ Markets