The middle market yield premium on first-lien institutional term loans has dropped to just 66bp this quarter; its lowest level since 3Q09. The large corporate market has seen demand and supply re-balancing as more new money deals come to market while at the same time retail inflows reversed for a few weeks.  As a result, at…

CLO issuance remains strong thanks to a broadening and growing AAA investor base and a growing number of first time managers. So far this year, almost $41 billion of CLO paper has been issued,up from the $33 billion issued through at this time last year. Dealing with a softer secondary, the average bid on the…

The average large corporate LBO debt to EBITDA level was 6.24 times in 1Q14, up from the 6.21 average seen in 2013. In 1Q14, the average multiple increased to 9.7 times from 9.3 times last year while equity contributions averaged 33.3%.  Heading into 2Q14,… Login to Read More...