Yields on institutional term loans have tightened in 2Q15. The average yield assuming a three-year term to repayment on first-lien institutional loans is at 5.01 percent so far in 2Q15, down from 5.71 percent in 1Q15, and down over 100bp from 4Q14’s level…. Login to Read More...
After declining dramatically for two consecutive quarters due to fears of being penalized by the regulators, LBO leverage is back on the rise this quarter. Debt to EBITDA on large corporate and institutional middle market buyout deals has risen to 6.27 times and 5.50… Login to Read More...
U.S. CLO assets under management (AUM) topped $400 billion in April on the back of continued CLO issuance. This represents a roughly $31 billion jump so far this year and an $86 billion increase in the last year. U.S. CLO issuance has gotten off to a strong start in 2015 and is even ahead… Login
The BDC industry has shown explosive growth over the last ten years and it has resulted in business development companies becoming a large force in middle market lending. BDCs’… Login to Read More...
Roughly one third of banks and non-banks polled at TRLPC’s 3rd Annual Middle Market Loan Conference last week reported that sponsored M&A deal flow will most likely not materialize over the next two months. The percentage grew to 36 percent of respondents expecting that deal… Login to Read More...
The average yield on first-lien institutional loans is in the 5.18 percent context so far in 2Q15, down from 5.78 percent in 1Q15. After widening above the 6 percent threshold in 4Q14, yields have declined this quarter as demand continues to outstrip supply in the leveraged loan market…. Login to Read More...
In 1Q15, higher yields in the leveraged loan market were apparent in both the large corporate and institutional middle market. However, data submitted to LPC from middle market lenders for smaller club sponsored deals indicated that pricing continued to… Login to Read More...
Yields on institutional term loans have inched higher so far in April, after dropping in March. The average yield, assuming a three-year term to repayment is 5.66 percent in April, up from 5.28 percent in March. Still April levels are below the 6 percent threshold,… Login to Read More...
It was not an auspicious start to the year for ABL lenders. At under$20 billion 1Q15 asset based loan volume was down 13 percent year over year. On a deal count basis, the news was oddly mixed – with 51 credits… Login to Read More...
CLO issuance hit a monthly record of $14.7 billion in March as managers overcame uncertainty around the onset of risk retention to finish the quarter in strong fashion. Issuance increased in each month of the… Login to Read More...