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…. Subscribe to Read MoreAlready a

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,… Subscribe to Read

Leverage ticks higher in 1Q19 Source: Debtwire Par Adjusted leverage on new deals has edged higher so far in 1Q19 compared to 4Q18 and 2018 as a whole, averaging 5.1x, aided by a decline in the share of low levered deals and an uptick in the share of deals levered 6x to less than 7x….

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…

M&A/LBO activity dominates institutional loan issuance YTD Source: Debtwire Par Despite leveraged loan issuance posting a sharp decline year-over-year (YoY), the good news for buysiders is that M&A and LBO activity is driving deal flow so far in 2019. Institutional loans backing M&A (excluding LBOs) is at USD 19.5bn year-to-date, with LBO loan volume amounting…

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 bonds grab larger share of the market Source: Debtwire Par Since the high yield bond market reopened in January, issuance has been marked by a sharp jump in the share of secured bonds. So far, in 1Q19, USD 13bn of secured bonds have priced, representing 45% of overall high yield bond volume, up from…

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…

Volume of loans in syndication climbs as market finds footing Source: Debtwire Par The volume of institutional loans in syndication has climbed in recent weeks as the loan market has found its footing after a difficult end to 2018, when volatility spiked and several deals struggled before being pulled from market. The institutional loan calendar…

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…