U.S. buyout activity keeps up the lively pace, boosting LBO issuance Leveraged buyout activity has been keeping up a lively pace this quarter helping to drive LBO loan issuance higher. So far this quarter there has been US$23.9bn in completed LBO issuance, on par with 1Q18’s total of US$24.7bn. This will be the seventh consecutive…
AT&T legal ruling bodes well for M&A deals; Loan market backs over US$200bn in 2Q18 The debt capital markets are feeling good about M&A and more specifically, the unabated surge in large transformative acquisition deals. Total M&A transactional volume so far is up 39% year over year through June 11 and the highest level since…
Market Survey: Will new issue CLOs reach US$140bn this year? Roughly one third of the CLO managers, arrangers, and investors across the stack surveyed by Thomson Reuters LPC said CLO issuance will be US$110bn this year, while another third said US$120bn and 10% said new issue CLOs will reach US$130bn, which would be a record…
At roughly US$360bn, YTD global M&A loan volume is outpacing year ago totals About US$360Bn of global M&A loan has worked its way through the retail markets so far this year, an increase of 5% over the same time last year. Roughly 76% of deal flow has originated in the Americas which have raised over…
Oil & gas loan prices climb in tandem with higher oil prices Secondary market oil and gas loan prices have climbed 137 bps so far this year in tandem with higher oil prices that surprised, jumping almost $11 this year to $71.3 a barrel. Oil and gas loans have rebounded from the lows hit in…
BDC share prices rebound, returns turn positive YTD After showing a declining trend over the last year, BDC share prices are back on the mend this earnings season. The average share price to net asset value per share saw a sharp uptick last week to 0.902 times, up from 0.86-0.87 times in April. As a…
Fed Survey: Nearly one fifth of banks report weaker loan demand The majority of banks reported lending standards remained unchanged in today’s release of the Federal Reserve Senior Loan Officer Opinion Survey. 13% reported easing and only one bank reported tightening on terms to large firms…. Subscribe to Read MoreAlready a member? Log in here...
U.S. middle market loan pipeline reaches a new height The latest U.S. middle market pipeline figure hit US$6.1bn marking the highest level it has reached since Thomson Reuters LPC started tracking mid-market pipeline stats last year. Lenders in the middle market have said they have kept busy and the pipeline number backs this up. Helping…
Unitranche volume dropped meaningfully in 1Q18 Thomson Reuters LPC’s newest unitranche league table provides insight into a very private, opaque market. After peaking at a robust $8.2B in 4Q17, unitranche volume fell off a dramatic 63% in 1Q18. What drove the fall off? Sponsors typically gravitate to the unitranche for ease of execution in M&A…
U.S. LBO issuance shows more bark than bite in 1Q18 There was a lot of noise around LBO activity last quarter, but in the end 1Q18 U.S. LBO loan issuance totals finished at a modest US$19bn, 17% behind 4Q17’s level of US$22.9bn and 24% behind 1Q17’s US$25.2bn. The good news is that a lot of…