Chart of the Week
Follow the Flows
Not surprisingly, investors’ views of where interest rates will go track investing decisions on floating rate instruments. Source: Wells Fargo,…
Read MoreHitting the Floor
The share of leveraged loans held by banks was up slightly, thanks to more BB and term loan A issuance…
Read MoreSponsors Back Down
A combination of corporates flush with cash and the pressure of high purchase price multiples has created tougher conditions for…
Read MoreTwo Way Street
Expectations in recent months of higher rates have caused volatility in options markets to diverge between equities and bond yields.…
Read MoreFalling Floors
As Libor rates dropped post-crisis, Libor floors on leveraged loans have followed suit, although remaining in the 100 bps range.…
Read MoreBack from the Dead
After a long drought issuers are again accessing the loan market for re-pricings to lower borrowing costs.
Read MoreCash Slow
Reported cash flow growth of all institutional loan issuers has slowed from nearly 20% to just over 5% during the…
Read MoreSnap Recaps
Over the past three years, private equity sponsors have cut the time in half they are taking dividends from LBOs.…
Read MoreSweep Dreams
The share of middle market borrowers with 50% excess cash flow sweeps has grown since the credit crisis. Source: S&PÂ Capital…
Read MoreSweep Stakes
The total share of loans that waived or reduced cash flow sweeps is still not back to pre-crisis levels, but…
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