Refinitiv LPC

Leveraged Loan Insight & Analysis - 7/25/2016

The PE-backed LBO market continued to remain inflated and aggressive in 2Q16. The average purchase price multiple on large corporate LBO deals was elevated at 11.3 times while middle market deals also saw lofty valuations at 9.7 times. Historically middle market LBOs exhibited average purchase price multiples closer to… Login to Read More...

Leveraged Loan Insight & Analysis - 7/18/2016

The spectacular turnaround in sentiment in the leveraged market resulted in a 137% jump in refinancing activity in the second quarter, reaching US$112bn, up from US$47bn in the first quarter and the highest since 2Q15’s US$165bn. With cash build-up from repayments, investors who had been sitting on the sidelines in the early part of the…

Leveraged Loan Insight & Analysis - 7/11/2016

U.S. CLO assets under management (AUM) climbed to $434 billion in June on the back of further new deal flow. Issuance increased to $6.6 billion (15 deals) in June from $5.4 billion (13 deals) in May. This brought first half 2016 issuance to $26.2 billion (62 deals), which is down sharply from $60.4 billion (115…

Leveraged Loan Insight & Analysis - 7/4/2016

Improved market sentiment boost 2Q16 leveraged market; Opportunistic deals resurface  The market volatility that emerged at the tail end of 2015 and seeped into 1Q16, eased in 2Q – at least until the Brexit vote – allowing lenders to step back to assess their  pipelines against the back drop of a stronger high yield bond…

Leveraged Loan Insight & Analysis - 6/27/2016

Supported by solid technicals and a steady – if uninspired – pipeline of deals, the US loan market got a substantial boost in 2Q16 to push over US$550 billion in loan volume through the market and logging nearly US$905 billion of total issuance during the first six months of the year.  Coming off a slow…

Leveraged Loan Insight & Analysis - 6/20/2016

Survey: Where are we in the credit cycle?  Thirty-nine percent of buyside and sellside institutions in the room at Fitch Ratings and Thomson Reuters LPC’s Loan & CLO Conference  last Thursday felt that we are already headed into a correction and in the late stages of the credit cycle, up from just 4% in both…

Leveraged Loan Insight & Analysis - 6/13/2016

Secondary market oil and gas loan prices have continued to climb recently in tandem with higher oil prices. Oil and gas loans are now up over 16 points from their February low, though their average bid is still a relatively low 70 cents on the dollar. There is also a wide variation in prices across…

Leveraged Loan Insight & Analysis - 6/6/2016

Large arrangers have gained enough confidence to arrange and syndicate second lien facilities this quarter in the leveraged loan market. So far in 2Q16, US$2.4bn in second lien tranches have closed, a 60% improvement  from the US$1.52bn last quarter. And several second liens have even been used to finance dividend recaps – a testament to…

Leveraged Loan Insight & Analysis - 5/30/2016

According to Thomson Reuters LPC’s year-end survey, the majority of buyside and sellside institutions surveyed estimated that roughly 40% of managers had a Risk Retention solution in place. Maybe not quite put the structure and funding in place but as we approach December 24th, managers have not just been evaluating the various solutions out there,…

Leveraged Loan Insight & Analysis - 5/23/2016

Downward flexes continue at the forefront of flex activity so far in May. There have been three times more downward price flexes than upward price revisions this month. However, with nine downward flexes so far, May is trailing the 24 price cuts tracked in April. Terms continue to favor issuers this quarter, and at 33…