Pricing, OIDs also widen for double B issuers
in today’s market

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Pricing for double-B rated issuers has widened significantly this quarter. The average yield, assuming a three-year term to repayment, on first-lien institutional term loans for BB rated issuers is 6.19% so far this quarter, up from a much lower average of 3.94% in 1Q20. Spreads are up to 4.21% from 1Q20’s average of 2.19%.