LIBOR floors shift lower in borrower friendly market
Source: Debtwire Par
The percentage of loans issued with a 1% LIBOR floor or greater has continued to decline, driven in no small part by the wave of repricings hitting the loan market this year – loan repricings have made up a whopping 49% of the USD 165.3bn institutional issuance year-to-date. Amid the deluge of repricings, many borrowers have sought to reduce their LIBOR floors, a reversal from last year when LIBOR floor levels climbed in conjunction with the plunge in three-month LIBOR figures