Debtwire

Debtwire Middle-Market – 7/12/2021

Loan buyout financings accelerate in 2Q21, with jumbo deals driving volume Source: Debtwire Par Leveraged loans backing buyouts nearly doubled in volume from the 1Q21 figure, landing at USD 62.3bn for the second quarter of 2021. This comes as welcome news for investors, as year-to-date issuance through June represents a 55% improvement over the year-ago…

Debtwire Middle-Market – 7/5/2021

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…

Debtwire Middle-Market – 6/28/2021

Green/ESG high yield bonds issued by US corporates trade up in secondary Source: Dealogic, Markit Green and environmental, social, and corporate governance-linked high yield bonds issued in US dollars have taken off in the first half of 2021 as more issuers opt to adhere to the Green Bond Principals in order to tap into a…

Debtwire Middle-Market – 6/21/2021

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…

Debtwire Middle-Market – 6/14/2021

Institutional loan & HY bond default landscape improves dramatically year-over-year Source: Fitch Ratings, Debtwire Par Defaults on institutional loan and high yield bond debt have subsided from elevated levels seen last year during the height of the coronavirus (COVID-19) pandemic, which shuttered many businesses under pressure to service debt agreements. Ending May at just 2.4%,…

Debtwire Middle-Market – 6/7/2021

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…

Debtwire Middle-Market – 5/31/2021

Quarterly M&A/LBO share of institutional loan issuance improves in 2Q21 to-date Source: Debtwire Par Institutional loans backing M&A and buyout activity have totalled USD 120.1bn this year to date, improving from just USD 78.7bn at this point last year as the coronavirus pandemic (COVID-19) largely kept the pipeline for buyout and acquisition financings closed. At…

Debtwire Middle-Market – 5/24/2021

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…

Debtwire Middle-Market – 5/17/2021

Sectors most impacted by pandemic outperform in the loan secondary market year-to-date Source: Debtwire Par Average bids on term loans have increased modestly this month, landing at 97.13 as of 18 May. Demand for loans has been strong in 2021, with average bids increasing 168bps from the 31 December figure, during which time 77% of…

Debtwire Middle-Market – 5/10/2021

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…