Follow the Flows

Not surprisingly, investors’ views of where interest rates will go track investing decisions on floating rate instruments. Source: Wells Fargo,…

Read More

Sponsors Back Down

A combination of corporates flush with cash and the pressure of high purchase price multiples has created tougher conditions for…

Read More

Two Way Street

Expectations in recent months of higher rates have caused volatility in options markets to diverge between equities and bond yields.…

Read More

Falling Floors

As Libor rates dropped post-crisis, Libor floors on leveraged loans have followed suit, although remaining in the 100 bps range.…

Read More

Cash Slow

Reported cash flow growth of all institutional loan issuers has slowed from nearly 20% to just over 5% during the…

Read More

Snap Recaps

Over the past three years, private equity sponsors have cut the time in half they are taking dividends from LBOs.…

Read More

Sweep Dreams

The share of middle market borrowers with 50% excess cash flow sweeps has grown since the credit crisis. Source: S&P Capital…

Read More

Sweep Stakes

The total share of loans that waived or reduced cash flow sweeps is still not back to pre-crisis levels, but…

Read More