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
Share of cov-lite loans slips in 2019, but remains the market standard Source: Debtwire Par, Xtract Research After reaching a high in the 80% area in 2017 and 2018, the covenant-lite share of institutional loans has slipped this year to 72% as lenders have in some instances been able to push back against the lack
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
Tech firms see the most outstanding leveraged term loans in 2019 YTD Source: Markit, Debtwire Par Outstanding US leveraged term loans have totaled at USD 1.34tn so far in 2019. Of the total outstanding issuance, USD 474bn, or 35%, of term loans come from technology firms, professional and business service providers, and healthcare-related companies....
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
Covenant scores on large sponsored deals show relative improvement YTD Source: Xtract Research While loan covenant protections remain extremely weak by historical standards, some comfort for lenders is that they have shown relative improvement so far in 2019....
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
HY bonds post busiest quarter since 4Q17, loan issuance falls sharply in 1Q19 Source: Debtwire Par High yield bonds posted their busiest quarter since 4Q17, as issuance totaled USD 58.1bn in 1Q19. The bond market bounced back from the volatility seen in the latter part of 2018, posting figures of USD 19.3bn in January, 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
Leveraged loan buyers book healthy gains as secondary market shifts higher in 1Q19 Source: Debtwire Par, Markit The latter part of 2018 proved to be an attractive buying opportunity for those willing and able to pick up loan assets in the secondary market. Since then, prices have shifted noticeably higher....