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…
More deals see pricing flex wide of talk since February Source: Debtwire Par, Markit Primary market pricing has jumped to its highest point since the coronavirus (COVID-19) pandemic sent shockwaves through the financial system in 2020, as inflation risks and ongoing uncertainty stemming from the war in Ukraine demand higher yields for investors willing 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…
Sectors with exposure to oil & gas see prices fall in secondary market Source: Debtwire Par, Markit Since the Russian invasion of Ukraine started on 24 February, average bids on term loans have slumped more than 2 points, as high fuel costs paired with record inflation eat into the post-pandemic economic recovery. After reaching 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, and the Index…
Loan secondary pricing slumps amid Russia-Ukraine tensions Source: Debtwire Par, Markit Average bids on term loans in the US secondary market tumbled 156 basis points (bps) since hitting a high of 98.11 in January, as a combination of high inflation and escalating tensions between Russia and Ukraine sent jitters through financial markets. The downturn marks…
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 debt issuance slows from 2021 pace Source: Debtwire Par Leveraged lending kicked off the new year at a slower pace than seen in the prior two years, with institutional loan issuance of USD 48.3bn and high yield bond issuance of USD 16.9bn. While it is a month-over-month improvement from the December 2021 low, compared…
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 market activity cools in January as demand wanes Source: Debtwire Par The high-yield (HY) bond market has seen a muted start to the new year, with issuance of USD 16.9bn across 24 deals in January. While this represents an improvement over the December 2021 trough of only USD 9.3bn, the two-month span…