Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index
Institutional loan issuance shrinks as issuers ride out higher pricing environment Source: BofA US HY Index, Debtwire Par In the face of a host of macroeconomic headwinds, not limited to persistently high levels of inflation, rising interest rates, an ongoing war in Ukraine and supply-chain issues, and notwithstanding the emergence of the world economy from
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index
High Yield bond secondary prices tumble, sending yields to post-pandemic highs Source: BofA US HY Index, Debtwire Par Average prices for high yield bonds trading in the secondary market have taken a significant hit this year, falling from a high of 103.17 in January to just 92.31 on 4 May, according to the ICE BofA
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index
Amid slowdown in leveraged lending, buyouts prevail Source: Debtwire Par, Markit While issuance in the overall market has slowed amid record levels of inflation and elevated volatility stemming from the war in Ukraine, leveraged loan and high yield bond issuance backing buyouts continued along at a steady pace. Leveraged loan volume increased 2% from the
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index
More deals see pricing flex wide of talk since February Source: Debtwire Par, Markit Primary market pricing has jumped to its highest point since the coronavirus (COVID-19) pandemic sent shockwaves through the financial system in 2020, as inflation risks and ongoing uncertainty stemming from the war in Ukraine demand higher yields for investors willing to
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index
Sectors with exposure to oil & gas see prices fall in secondary market Source: Debtwire Par, Markit Since the Russian invasion of Ukraine started on 24 February, average bids on term loans have slumped more than 2 points, as high fuel costs paired with record inflation eat into the post-pandemic economic recovery. After reaching a