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 loans & HY bonds post gains in secondary market to start 2023 Source: Debtwire Par The new year kicked off with positive news from the Bureau of Labor Statistics, reporting on 6 January that the unemployment rate had fallen to 3.5% during December, and that 223,000 jobs were added to the workforce. Loans and bonds…
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 loans & high yield bonds backing buyouts decline in 2022 Source: Debtwire Par New issuance in the leveraged loan and high yield bond markets took a dive from last year’s totals as the pressures besetting the market remained persistent. Institutional loan issuance declined 68% to USD 294.4bn, while high yield bond volume tumbled an…
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…
Mercurial year in loan secondary market driven by inflation fight Source: Debtwire Par It has been a mercurial year in the loan secondary market. The year started off strong with average bids ending the month of January at 97.72 and the share of loans trading at par or greater surpassed 15%, as optimism pulsed through…
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…
CLO refinancings fail to materialize in challenging market Source: Creditflux, Debtwire Par New CLO (collateralized loan obligation) issuance has held up well amid a backdrop of challenges in the leveraged loan market this year ranging from persistently high levels of inflation, to the ongoing war in Ukraine and rising interest rates. At USD 124.7bn through…
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 borrowers jump at the opportunity to access debt capital amid market upturn Source: Debtwire Par, Markit Investors in the leveraged loan and high-yield bond markets rejoiced following a better-than-expected inflation reading last week that sent equity markets soaring. On Thursday (10 November) the US Bureau of Labor Statistics reported that core inflation slowed to…