Dividend financings see a resurgence within opportunistic loan market Source: Debtwire Par Following several months defined by a lack of new loan supply, opportunistic deals have begun to flood the market as borrowers and sponsors alike capitalize on investor appetite for paper. Since returning to the market in July, dividend recapitalization transactions have steadily gained…
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…
Leveraged loan market sees a pick-up in M&A-related deals and dividend recaps Source: Debtwire Par Following on from September, the month of October is seeing a steady stream of leveraged loan deals, comprised of M&A-related transactions, dividend recaps and refinancings. On a positive note for lenders, M&A-related institutional loan deal flow has topped USD 9bn…
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 secondary prices grind higher on limited new money deal flow Source: Debtwire Par, Markit Leveraged loans continue to grind higher in the secondary market, with limited new money issuance prompting investors to take a closer look at secondary market opportunities. The weighed average bid on term loans has added another 17 bps this month…
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 issuance down sharply, portfolio managers concerned about future supply Source: Debtwire Par In contrast to the high yield bond market, institutional loan issuance since the start of April is down sharply year-over-year, posting roughly a 50% decline. In turn, issuance has struggled to keep up with demand recently even though demand falls short 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…
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…
High-yield bond market off to a busy start in August Source: Debtwire Par Following a slowdown in July which saw high yield bond issuance slip to USD 26.4bn from the monthly issuance record of USD 64.3bn set in June, borrowers have piled back into the high yield primary market in August, recording over USD 25bn…