After a slow start, flex activity reactivated in the institutional loan market last week. So far in January, upward priced flexes on first-lien institutional term… Subscribe to Read MoreAlready a member? Log in here...
First-lien institutional yields have widened so far in January to levels not seen since July 2012. The average first-lien term loan B yield is 6.39 percent so far this month, up from 6.11 percent in December. After… Subscribe to Read MoreAlready a member? Log in here...
At $940 billion, leveraged loan issuance fell 17 percent from 2013’s record, as opportunistic refinancings fell 38 percent to $547 billion on the back of periods of volatility and slowing retail demand. Although top line figures were dragged down by the decline in refinancing volume, the 21 percent jump in leveraged… Subscribe to Read MoreAlready a
At $2.1 trillion in 2014, overall U.S. syndicated lending was just shy of 2013’s $2.14 trillion record. M&A-related financings, at $457 billion, were up 27 percent from 2013 and approaching 2007’s $471 billion record. Including financings for Burger King and Community Health Systems, leveraged… Subscribe to Read MoreAlready a member? Log in here...
Leverage on large corporate LBO deals came down modestly in 4Q14 as market players are responding to regulators’ feedback around Leveraged Lending Guidance. The average debt to EBITDA in 4Q14 for large corporate LBO financings is currently 6.53 times, down from 6.96 times in 3Q14.And outlier TIBCO Software… Subscribe to Read MoreAlready a member? Log in
The trend toward higher leverage seen in the U.S. has been mirrored across the pond as private equity firms increasing their reliance on the debt markets to finance buyouts and dividend recaps. Average debt-to-EBITDA… Subscribe to Read MoreAlready a member? Log in here...
Following a spike in volatility in October, investors remained cautious in November. Stronger credits caught investors’ attention and issuers were able to lower costs during syndication, but… Subscribe to Read MoreAlready a member? Log in here...
Issuance conditions have been enticing, and with predictions of a rise in interest rates in mid-2015, opportunistic HY bond issuers have been streaming into the market lately to lock in relatively… Subscribe to Read MoreAlready a member? Log in here...
With just under $380 billion of loan issuance having been completed so far in 2014 and over $20 billion of additional volume in the pipeline, M&A issuance to date already exceeds full year 2013 totals, marking the third highest total on record (behind 2006 and 2007). Year to date,high grade M&A lending at over $142…
European secondary loan trading volume fell 11.5 percent to $18.27 billion during the third quarter from $20.64 billion in the second quarter. The number of trades also fell 14 percent to 3,005 from 3,528 in 2Q14. It is the same picture when comparing with… Subscribe to Read MoreAlready a member? Log in here...