Debtwire

Debtwire Middle-Market – 7/25/2022

Jumbo loan buy-out financings remain prevelant amid choppy secondary market Source: Debtwire Par Leveraged loan and high-yield bond issuance backing buy-outs exploded in 2021, increasing 95% over the 2020 figure to set a new annual record of USD 240.3bn. Leveraged loans accounted for USD 212.7bn of issuance, up 98% from 2020, while HY bonds made…

Debtwire Middle-Market – 7/18/2022

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 – 7/11/2022

First lien loan pricing spikes in June in tandem with secondary market collapse Source: Markit, BofA US HY Index To open the year, loans were bid at an average price of 97.78, with approximately 20% of loans bid in the par-plus range. As inflation numbers started coming in hot, and as the war in Ukraine…

Debtwire Middle-Market – 7/4/2022

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 – 6/27/2022

Borrowing costs for high-yield issuers ease from May highs Source: Markit, BofA US HY Index As the market for high yield bonds briefly opened back up in June in tandem with a short-lived rally in the equity markets, pricing has in turn fallen from its recent highs. Primary market picing spiked in May, largely because…

Debtwire Middle-Market – 6/20/2022

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 – 6/13/2022

High-yield bond primary issuance returns in June after vanishing in May Source: Markit, BofA US HY Index As equity markets plunged into free-fall at the start of May, high-yield (HY) bond issuance came to a shuddering halt. The whirlwind of macroeconomic headwinds buffeting financial markets appeared set to remain, causing panic among investors. With inflation…

Debtwire Middle-Market – 6/6/2022

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 – 5/30/2022

Leveraged loans and HY bonds stage late-month comeback in secondary market Source: Markit, BofA US HY Index Secondary markets have been in for a rough ride year-to-date, with lleveraged oans and high yield bonds seeing significant slides in average bids on outstanding debt as macroeconomic pressures from high inflation, tightening monetary policy and supply chain…

Debtwire Middle-Market – 5/23/2022

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…