10.5 percent of domestic banks reported easing terms in the last three months to larger firms, roughly on par both with the July survey and the survey at this time last year, according to the latestFederal Reserve Senior Loan Officer Opinion Survey…. Login to Read More...
While new launches have resumed, the institutional loan market took a hit in mid-October as global volatility spiked and investors took a step back. In tune with the high-yield bond market, the institutional loan market slowed down significantly in mid-October…. Login to Read More...
Leverage levels continued to increase last quarter which brought year-to-date averages close to the levels last seen in 2007. This had some market participants throw up caution signs wondering if it was a bad case of déjà vu. But there are a few caveats to… Login to Read More...
At $976 billion year to date, leveraged loan and high yield bond issuance is down 13 percent from the same period last year. However, 2013 was a record year driven by refinancing activity and this year’s figure is already ahead of any other full year on record with… Login to Read More...
Banks appear to be getting a bit more comfortable with leverage on middle market sponsored deals post their SNC review this year. Every quarter, Thomson Reuters LPC asks banks what is their maximum leverage cap for middle market sponsored-backed deals…. Login to Read More...
Over $429 billion of syndicated loan volume worked its way through the market in 3Q14, to push 1-3Q14 totals north of $1.5 trillion. Although year to date issuance was down a relatively modest 5 percent year over year, 3Q14 lending alone was down 28 percent compared to 2Q14 and off 17 percent… Login to Read
Besides two weeks with modestly positive inflows, last week marked the 21st week of loan mutual fund outflows which began after the Fed stated interest rate increases would be pushed out…. Login to Read More...
The percentage of LBO deals with leverage levels greater than six times has returned to 2007 levels. So far in 2014, LPC tracked 46 LBO deals (where deal details were available) or 57% of the total with total leverage greater than the regulators’ benchmark 6… Login to Read More...
The average yield assuming a three year term to repayment, on first-lien institutional tranches is at 5.56 percent so far in 3Q14, up from 5.17 percent in 2Q14. Moreover, 30 percent of first-lien term loans have priced at a yield of 6 percent or above,… Login to Read More...
On the back of increasingly unsettling global headlines, the capital markets took a beating earlier this month. As the equity markets tumbled, the US high yield bond market likewise saw skittishness culminating in an outflow of over $7 billion during the week of August 6 alone,… Login to Read More...