Leveraged Loan Insight & Analysis – 7/16/2018

Middle market non-sponsored issuance jumps on the back of strong refi activity

Middle market non-sponsored issuance jumped to US$27.3bn in 2Q18. This was up 29% from 1Q18 and was flat year-over-year. More refinancings drove the increase in loan issuance in this market. At US$21.3bn, non-sponsored middle market refis reached their highest level in three and a half years. Corporate issuers took advantage of strong market conditions to push out maturities and in some cases reduce their costs.