Debtwire Middle-Market – 5/17/2021

Sectors most impacted by pandemic outperform
in the loan secondary market year-to-date


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Source: Debtwire Par

Average bids on term loans have increased modestly this month, landing at 97.13 as of 18 May. Demand for loans has been strong in 2021, with average bids increasing 168bps from the 31 December figure, during which time 77% of loans traded higher. Additionally, 83% of loans currently trade at 98 or higher, with 16% of the figure trading above par. The pace of recovery has eased in recent months, however, as more of the market trades at elevated valuations. For instance, so far in May, average bids have ticked up only 10bps from the 30 April figure, which itself was only a 24bps increase over the March average.