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Leveraged Loan Insight & Analysis - 11/4/2019

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Average US second-lien secondary bids at lowest levels since 2016 US second-lien loans have traded down considerably in the secondary market over the past few months. The last round of risk-off behavior by secondary market loan players sent second-lien bids as low as the 87.01 level on October 18th, over a five-point decline from the…

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Debtwire Middle-Market – 11/4/2019

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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

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Whitecaps in Large Caps

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Issuers in leveraged lending today are divided into three categories: the haves, the have-nots, and the wish-they-hads. As the 2019 loan calendar heads into its final six weeks of activity, the differences between the first two categories are becoming more pronounced. In the broadly syndicated market, as we covered last week, the combination of triple-C…

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Leveraged Loan Insight & Analysis - 10/28/2019

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Total leverage on large corporate US LBO loans remains high in 4Q19, but senior leverage declines At a time when investors have been pushing back on pricing and structure on riskier loans, total leverage on US LBO deals remains high. So far this quarter the average total debt to EBITDA level for large corporate LBO…

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