The Price of Everything (Second of a Series)

Loan prices for the most liquid leveraged names continued to drift lower this week in the wake of continued volatility in the public markets.

This despite – or perhaps because of – a Goldilocks-flavored jobs report last Friday. Labor data showed 155k in new jobs for November. Not great, but enough to help ease worries that a hotted-up economy is in need of aggressive Fed hikes.

Still, overall loan tone is not a joyous one. Outflows from loan mutual funds continued; last week recorded just over $1 billion. That was the third consecutive week of $1 billion-plus exiting retail accounts, and the first time such a streak has occurred in four years. That brings cumulative outflows to $5.4 billion in the past six weeks.