Margin tightening drives institutional loan spreads lower Source: Debtwire Par So far in 2020, issuers have taken advantage of welcoming market conditions to gain attractive pricing on their loans. In the syndication phase, 28 deals totaling USD 33.4bn have seen margins tighten from initial talk, versus only three deals worth USD 4.7bn being forced to…
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…
New money share of institutional loan issuance dips to recent low Source: Debtwire Par The institutional leveraged loan market is off to a busy start in 2020, with USD 58bn of deals having priced and another USD 79bn in the pipeline. Notably, only USD 10bn, or roughly 17%, of loans issued this year have been…
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 repricing streak continues into 2020, spreads to single-B names Source: Debtwire Par Institutional loan repricings have continued their hot streak into 2020, with USD 17.9bn of repricings in the syndicated loan pipeline as of January 15. This represents roughly half of all institutional loans currently in the syndication phase. 2019 was a light year…
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 issuance climbs sharply in November,up 41% YoY Source: Debtwire Par High yield bond issuance continued its hot streak following a November which saw USD 37bn in volume including over USD 17bn in new money financings, and it was easily the largest amount of deal flow this year. Another USD 4bn of issuance…
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…
175bps margins dominate recent wave of loan repricings Source: Debtwire Par The recent jump in repricing activity has been marked by loans repricing to the 175bps margin area. This is in sharp contrast to last year when loan repricings were often at much higher price points. So far in 4Q19, a whopping 80% of loan…