M&A/Buyout deals outnumber refinancings, sending pricing higher
Source: Dealogic, Debtwire Par
With institutional issuance slowing to USD 43.6bn in August, its lowest level in the year to date (YTD), a steady flow of M&A and buyout related financings (USD 25.2bn or 58% of monthly issuance) and a slowdown in refinancing transactions (USD 12.2bn or 28% of issuance) contributed to an overall increase in loan pricing. Borrowers looking to finance acquisitions with debt have regularly had to pay a premium.