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
Loan pricing tightens amid record demand from CLOs and transition away from LIBOR Source: Debtwire Par With the transition from LIBOR to SOFR (Secured Overnight Financing Rate) beginning to play out towards the end of the year, pricing dynamics led to a sharp tightening in loan yields from previous years. While the average margin on
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 loans & high yield bonds log another strong month in November Source: Debtwire Par The leveraged debt capital markets remained strong through November, with leverage loan volume holding steady and high yield bond issuance seeing a month-over-month improvement. Leading up to the Thanksgiving holiday, the syndication pipeline was bursting, with approximately USD 51.5bn of
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
M&A transactions increasingly funded with add-on debt Source: Dealogic, Debtwire Par Issuers have been tapping the institutional loan market for add-on debt at a rapid pace, blowing past the previous five years in add-on volume with the month of December still to come. Record levels of add-on loan issuacne in September (USD 13.5bn) followed by
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 issuers rush into action following Fed announcement Source: Dealogic, Debtwire Par High-yield (HY) bond issuers are jumping back into action, as more clarity emerges from the Federal Reserve around the tapering of its monthly bond-purchasing program. The Fed announced on 3 November that it plans to slow monthly bond purchases by USD
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
Lower rated borrowers send high yield bond pricing higher in October Source: Debtwire Par High yield bond issuance slowed in October, falling to its lowest level this year at just USD 20.9bn – marking the lowest monthly issuance total for high yield paper since the onset of the coronavirus (COVID-19) pandemic last March. With the