High yield bond market activity cools in January as demand wanes Source: Debtwire Par The high-yield (HY) bond market has seen a muted start to the new year, with issuance of USD 16.9bn across 24 deals in January. While this represents an improvement over the December 2021 trough of only USD 9.3bn, the two-month span…
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…
Jumbo loan buy-out financings make up increased share of market in 2021 Source: Debtwire Par Leveraged loan and high-yield bond issuance backing buy-outs set a record in 2021, increasing 95% over the 2020 figure to USD 240.3bn. Leveraged loans accounted for USD 212.7bn of issuance, up 98% from last year, while HY bonds made up…
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…
Loan pricing tightens amid record demand from CLOs and transition away from LIBOR Source: Debtwire Par With the transition from LIBOR to SOFR (Secured Overnight Financing Rate) beginning to play out towards the end of the year, pricing dynamics led to a sharp tightening in loan yields from previous years. While the average margin on…
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…
Institutional loans & high yield bonds log another strong month in November Source: Debtwire Par The leveraged debt capital markets remained strong through November, with leverage loan volume holding steady and high yield bond issuance seeing a month-over-month improvement. Leading up to the Thanksgiving holiday, the syndication pipeline was bursting, with approximately USD 51.5bn of…
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…
M&A transactions increasingly funded with add-on debt Source: Dealogic, Debtwire Par Issuers have been tapping the institutional loan market for add-on debt at a rapid pace, blowing past the previous five years in add-on volume with the month of December still to come. Record levels of add-on loan issuacne in September (USD 13.5bn) followed by…
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…