Investors steer clear of riskier assets
Source: Debtwire Par
Debt issued in the institutional leveraged loan market has shifted back towards the favor of double B facilities over single B rated tranches. So far in 2023, almost 40% of activity has been double B rated, marking the highest percentage in the last five years.
The bond market has followed a similar trend, with the share of debt issued as secured notes having remained at record levels of near 60% over the past three quarters. The historical average ranged between 25%-45% in the last decade, highlighting the current move towards safer assets.