By 2002 the share of US leveraged loans by institutional investors had surpassed 60%; it took Europe twelve more years to reach the same point. Institutional Investors’ Share of the Primary Market Source: S&P Capital IQ; 2009 date not meaningful

While their share of European leveraged loans has steadily dropped to 31%, banks are still about where they were pre-crisis. Source: S&P Capital IQ; Primary Market by Broad Investor Type, 2009 date not meaningful

The volume of institutional leveraged loans in the US is over six times as large as that of Europe on average over the past fifteen years. Source: S&P Capital IQ; Annual institutional loan volume in US dollars

The pipeline for institutional middle market loans is off to a slower start compared to last year, as sellers take a “wait-and-see” attitude on deal appetite. Source: Thomson Reuters LPC

Purchase price multiples continue to march higher for middle market buyouts as competition remains keen among private equity buyers. Source: Thomson Reuters LPC

Investor confidence in publicly traded business development companies has eroded valuations markedly. Source: The Daily Shot

Leverage declined modestly, though almost two thirds of 4Q deals were 6x total leverage or higher. US Middle Market Leverage Multiples on Institutional Deals Source: Thomson Reuters LPC

CLO formation last year totaled $93 billion, off 2014’s record $124 billion, as managers wrestle with risk retention. US CLO Activity Source: S&P LCD

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

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