Resilient secondary loans, light primary calendar carry repricing trade through October The share of institutional term loans trading above par averaged 33% in October, advancing atop 31% in August and 32% in September. And secondary loans have traded nowhere but up through the first two weeks of November, with par-plus loans now accounting for 43%…
October LBO financing conditions show strength, despite mixed pricing outcomes in bifurcated market With more than US$32bn of LBO term loan B issuance successfully placed in 3Q24, LBO financing activity has emerged similarly strong in 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
Total leverage on US LBO deals exhibited hints of bifurcation across EBITDA ranges In 3Q24, total leverage on US LBO deals exhibited hints of bifurcation across different EBITDA ranges…. Subscribe to Read MoreAlready a member? Log in here...
Leverage on middle market sponsored deals increased to 4.76x on average in 3Q24 Total leverage on sponsored middle market deals climbed to 4.76x on average in 3Q24 from 4.61x in 2Q24 and was the highest quarterly level recorded since 1Q22…. Subscribe to Read MoreAlready a member? Log in here...
US LBO Capital Structures: In world of high valuations, increased senior leverage and equity prevail in 3Q24 While pro forma leverage and equity contributions for US large cap LBO transactions have remained elevated, and continue to move higher and parallel with valuations despite higher rates, capital structures have evolved accordingly…. Subscribe to Read MoreAlready a
Record setting 1-3Q24 US sponsored loan volume tells mixed story US sponsor tapped lenders for nearly US$186bn in loan financing in 3Q24, pushing 1-3Q24 issuance levels to a record setting high of US$668bn. There were caveats to the strong results however…. Subscribe to Read MoreAlready a member? Log in here...
At US$110bn, 3Q24 M&A loan volume highest quarterly total in 2 years The US broadly syndicated loan market supported over US$110.5bn of acquisition financing in 3Q24, the strongest quarterly results in over two years, pushing 1-3Q24 totals to nearly US$266bn…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market Survey – Were you able to lend as much as you wanted to in 3Q24? Many middle market lenders found sufficient opportunities hard to come by in the most recent quarter, according to LSEG LPC’s 4Q24 Middle Market Outlook Survey…. Subscribe to Read MoreAlready a member? Log in here...
YTD 2024 US repricing volume at over US$300bn Nearly US$310bn of completed US loan volume represents repriced credits so far this year…. Subscribe to Read MoreAlready a member? Log in here...
Over US$2bn of loans added to BDC non-accrual status in 2Q24. non-accrual rate ticks up Over US$2bn of BDC loans were added to non-accrual status in the most recent quarter. In turn, the weighted average non-accrual rate for public and private BDCs combined ticked up to 1.66% in 2Q24…. Subscribe to Read MoreAlready a member?