Refinitiv LPC’s Lender Survey: Do you have better control of your downtime? When asked if they have better control of their downtime, 44% of large corporate buyside and sellside lenders surveyed by Refinitiv LPC said they take only one or two breaks per day. However, responses were widely dispersed with 33% reporting that they take…
US debtor-in-possession loan volume surpasses US$10bn so far this year Completed US debtor-in-possession (DIP) loan volume is on track to reaching the highest annual level since the Great Financial Crisis, as many companies have struggled during the Covid-19 pandemic. Already this year there has been over US$10bn in completed DIP volume across 23 deals, with…
U.S. Primary yields widen slightly to 7% so far in July After declining in May and June, primary US institutional yields have inched up in July. The average yield, assuming a three-year term to repayment on first-lien institutional term loans is 7.01% so far in July; up from 6.68% in June, but a lot lower…
Weighted average bids of US CLO portfolios continue to edge higher The value of loan assets in U.S. CLO portfolios has continued to trend higher over the last three months, clawing back some of the losses that battered markets at the end of March, according to analysis from LPC Collateral. Looking at the distribution of…
2Q20 US syndicated down 46% y-o-y; 1H20 off 33% Following the shock, fear and aggressive spread of the Covid-19 virus which brought the world to a standstill in 1Q20, the pandemic and its impact on the global psyche became a mainstay in 2Q20. Across the capital markets, virtual office environments were up and running far…
Refinitiv LPC’s Quarterly Lender Survey: One fifth of lenders have not heard any plans to return to the office When asked if plans are being announced for segmented re-opening of your office, 16% of lenders said no while 36% reported that plans had been announced to start after Labor Day. “We were given a questionnaire…
Bid/Ask spread finally narrows to 2 points but still historically high The average bid/ask spread in the overall US secondary market finally narrowed to 2.01 points yesterday after peaking at 3.52 points on March 27 and hovering above 2 points for 3 months. Previously, the bid/ask spread fell below 3-point mark on April 27 after hovering above 3 for a month and it’s been on a slow…
US CLO portfolios: average loan trades fell 7 to 13 points in March and April In the wake of the spread of COVID-19, as secondary loan prices plummeted, average US CLO portfolio trade prices fell between 7 and 13 points in March and April. By the end of April, sales prices were still declining, having…
Libor floors are back in the institutional market Investors are demanding Libor floors on institutional term loans as the Libor rate continues to drop. While 3-month Libor has been in a declining trend since 1Q19, it has plunged since the COVID-19 crisis hit. The average 3-month Libor rate has dropped to 0.67% so far this…
Middle market lenders weigh in on the percent of issuers that will miss P&I in June? Now that we are in June, middle market lenders are highly focused on how issuers will react at the June 30th principal and interest payment date. While making P&I payments at March was a very stressful experience for many,…