M&A Deal Activity Amid the whiplash of “will they or won’t they” come into effect, talk of tariffs have contributed to the slowest start to the US M&A calendar in ten years…. Subscribe to Read MoreAlready a member? Log in here...
BDC portfolio marks move lower for majority of funds that have reported 4Q24 earnings BDC earnings season is underway, with 50 funds having filed their 4Q24 results as of February 28th. For this cohort of BDCs, portfolio loan valuations have moved lower for nearly 60% funds…. Subscribe to Read MoreAlready a member? Log in here...
As par-plus loans begin to drift lower, new repricing candidates prove no easier to find Regardless of where one points the blame – a slight downshift in technicals, cracks in broader market conditions, or the self-fulfilling dynamic that the vast majority of issuers that could reprice have already done so – the share of institutional…
Weighed by repricings, term loan B spreads begin to diverge between single-Bs and double-Bs, although relative value holds steady After new-issue clearing yields tightened for three consecutive months, averaging 7.3% in January and marking another fresh monthly low since May ’22, the institutional loan market may finally be showing signs of fatigue from repricings…. Subscribe
2025 syndicated middle market loan volume is expected to be in the US$150bn area Forecasts for 2025 syndicated middle market loan volume generally average around US$150bn, broadly similar to the 2024 total, according to LSEG LPC’s recent year-end 2024 Middle Market Outlook Survey…. Subscribe to Read MoreAlready a member? Log in here...
Daily Analytic: Unitranche spreads tighten sharply over the last year Unitranche pricing tightened significantly over the course of 2024, moving steadily lower in the first nine months of the year before edging higher in 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
Total leverage on sponsored MM deals inched down in 4Q24, driven by lower junior leverage Total leverage on sponsored middle market deals inched down to 4.70x on average in 4Q24, driven by lower junior leverage. First-lien leverage came in at 4.48x in 4Q24, up from 4.46x in 3Q24, while junior leverage declined to 0.22x from…
Leveraged Loan Survey Results: What do you expect for M&A/LBO deal flow in 2025 New year, new administration and improving US economic outlook have combined to bring a much needed boost to market psyche when it comes to hopes for new money deal flow in 2025…. Subscribe to Read MoreAlready a member? Log in here...
Nearly 83% of total 2024 US institutional loan volume represented refinanced credits Arrangers of leveraged loan debt kept busy in 2024, raising nearly US$1.7trn of issuance during the year…. Subscribe to Read MoreAlready a member? Log in here...
2024 US M&A loan volume up nearly 40% year over year off low 2023 base US lenders committed to US$337.5bn in M&A loan volume in 2024, an increase of 40% compared to the 13 year low marked by 2023 totals…. Subscribe to Read MoreAlready a member? Log in here...