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
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
Primary issuance picks up the pace as loan deal flow rebounds Source: Debtwire Par Weekly primary market activity has reached its highest level since the onset of the pandemic as issuers continue to tap the leveraged debt markets to address financing needs. The most recent week of 17 June to 23 June saw roughly 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
Cost of borrowing rises across the leveraged debt markets in 2Q20 Source: Debtwire Par The cost of borrowing comes at a higher price in 2Q20 as risk is repriced in the leverage debt markets. Following several quarters of tightening spreads, the weighted average yield to maturity (YTM) of bonds issued so far in 2Q20 has
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
Secured issuance and higher pricing define current HY bond market Source: Debtwire Par The US high yield bond market has been printing paper at a rapid clip since reopening in April, which saw roughly USD 40.6bn in volume, the most active month this year to date, and a far cry from the USD 5.3bn seen