Chart of the Week
Big Surprise
Attendees at last week’s Fitch/LPC Loan and CLO Conference said Fed’s rate inaction was most surprising market news so far…
Read MoreCov-Like
Almost two-thirds of middle market leveraged loans have two or more maintenance covenants; only 2.5% of middle market loans are…
Read MoreEU-Turn
Thanks to Brexit, market watchers now think the probability of a Fed rate cut this year outweighs that of a…
Read MoreLarge Cap Largesse
The larger the borrower size, the more time lenders allow companies to realize synergies, and the greater the Ebitda adjustments.…
Read MoreRound the Horn
US interest rate policy is captured in a feedback loop as Fed lets exogenous worries undermine future action. Source: BofA…
Read MoreLess Liquid = Less Volatile
Buy-and-hold middle market loans (“MM Club/Private TLB”) don’t typically trade among holders, so are less subject to abrupt price swings.…
Read MoreSteady as She Grows
Leveraged loan issuers have maintained solid cash flow growth for the past four years, as the economy continues to muddle…
Read MoreRunning Off
Almost two-thirds of all US CLO vehicles exit their reinvestment periods during 2017-19, leaving demand gap. US CLOs outstanding by…
Read MoreBuyout Bottom?
Middle market and large cap LBOs totaled thirteen so far this quarter; there were sixty for 2Q 2015. Source: Thomson…
Read MorePipeline Pique
With one month of the second quarter behind us, the forward calendar for all syndicated loans remains below last year’s…
Read More