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 issuance down sharply, portfolio managers concerned about future supply Source: Debtwire Par In contrast to the high yield bond market, institutional loan issuance since the start of April is down sharply year-over-year, posting roughly a 50% decline. In turn, issuance has struggled to keep up with demand recently even though demand falls short 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
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 market off to a busy start in August Source: Debtwire Par Following a slowdown in July which saw high yield bond issuance slip to USD 26.4bn from the monthly issuance record of USD 64.3bn set in June, borrowers have piled back into the high yield primary market in August, recording over USD 25bn
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
Issuers from hard hit sectors like leisure and energy stay busy in HY market Source: Debtwire Par High yield bond deal flow has eased in July, with US companies issuing USD 18.25bn of high yield bonds, following a record setting month in June when volume topped USD 60bn in June. On a year-to-date basis, 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
Market shifts to 1% LIBOR floors as key rates remain near zero Source: Debtwire Par With the Federal Reserve cutting interest rates sharply in March, investors have preferred fixed-rate debt instruments in the last several months, as demonstrated by the recent proliferation of high yield bonds. High yield bond issuance soared in 2Q20, with June
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