Chart of the Week
Back from the Dead
Cash flowed into retail loan funds for the first time in two months. The $530 million figure was also the…
Read MoreSlump to Start
Private equity deal closings are at their lowest level in almost four years, as buyers turn cautious on purchase price…
Read MoreOff The Shelf
The universe of private equity backed companies in the US has leveled off, but still represents significant opportunities for future…
Read MoreThe Bigger They Are
As banks retreat under regulatory pressures, non-banks are bulking up in their capacity to do larger middle market deals Average…
Read MoreThe Thrill is Gone
As loan spreads have widened over the past year, the incentive for borrowers to seek better terms has diminished sharply.…
Read MoreAhead of the Curve
Spreads on middle market loans have risen in concert with those of their broadly syndicated counterparts; now at a 116…
Read MoreFlex Drive
Market volatility from last year’s oil price shock dramatically cut both issuer and investor-friendly flex activity. Source: Thomson Reuters LPC
Read MoreAll Relative
Both loan and high-yield bond yields peaked in mid-December, easing since. Relative spread favors junk by 200 bps. Gap between…
Read MoreOne B, Two B, Red Line, Blue Line
Better issuers get better pricing, but oil-related market volatility has lifted yields on all credits. Average new-issue yield to maturity Source: S&P…
Read MoreRefi Chill
Loan repayments have declined since July 2013, as widening spreads foil issuers looking to cheapen borrowing costs. Source: SEC filings,…
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