After a record-breaking 2Q14, there was a sharp pull-back in the HY bond market in July. In fact, a number of deals remain on the calendar because they didn’t make it into the market the last week of July due to adverse market conditions…. Login to Read More...
The middle market is quite a diverse market place and yields vary based on lender type and EBITDA size. In 2Q14, moving down market to lend TLBs to smaller private middle market issuers resulted in a nice 70bps premium for first lien deals over rated, public middle market institutional deals. However, while there is a premium…
Cumulative CLO assets under management (AUM) increased to $335 billion in July with CLO AUM reaching $65 billion for CLOs with 2014 vintage. This figure is quickly catching up to the $81 billion in assets under management for 2013 vintage… Login to Read More...
LBO volume is strong in 2014, already reaching $47 billion in 1H14 with a significant amount of deal volume in the pipeline. As private equity backed buyout activity accelerates, leverage levels have too…. Login to Read More...
At $244 billion, 2Q14 leveraged loan issuance was down 14 percent from 1Q14 levels and a much higher 31 percent year-over-year. And for 1H14, leveraged lending of $527 billion… Login to Read More...
High-yield bond issuance in Europe has outpaced leveraged loan issuance so far in 2014, inverting a trend that has stood firm in Europe for decades. High-yield bond issuance in Europe has hit $131.8 billion… Login to Read More...
At nearly $240 billion, 1H14 sponsored loan volume to date is on a steady upward trajectory, with a 21percent increase over 2H13 issuance (although still shy of 1H13 totals of $335 billion) with almost two weeks left in the quarter. … Login to Read More...
2014 CLO issuance sits well over $50 billion so far this year. With more than $10 billion in CLOs pricing in each of the last three months, analysts dialed up their expectations for issuance for the year. … Login to Read More...
Loans are appealing to investors because they offer a cash coupon, an interest rate hedge, security, seniority in the capital structure and covenants. Oh wait, did we say covenants? Our bad! Not only is covenant lite running rampant in the loan market, but covenanted deals are also providing investors with less protection today compared to the past. Based on leveraged deals with at least one covenant tracked by LPC via SEC filings, the amount of covenants in covenanted deals is at an all time low.
The long awaited pick-up in M&A-related lending is finally making a comeback this year. The second quarter has seen many deals coming to market and many others are in the works, bringing much coveted M&A loans into market…. Login to Read More...