Primary issuance picks up the pace as loan deal flow rebounds Source: Debtwire Par Weekly primary market activity has reached its highest level since the onset of the pandemic as issuers continue to tap the leveraged debt markets to address financing needs. The most recent week of 17 June to 23 June saw roughly USD…
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…
Cost of borrowing rises across the leveraged debt markets in 2Q20 Source: Debtwire Par The cost of borrowing comes at a higher price in 2Q20 as risk is repriced in the leverage debt markets. Following several quarters of tightening spreads, the weighted average yield to maturity (YTM) of bonds issued so far in 2Q20 has…
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…
Secured issuance and higher pricing define current HY bond market Source: Debtwire Par The US high yield bond market has been printing paper at a rapid clip since reopening in April, which saw roughly USD 40.6bn in volume, the most active month this year to date, and a far cry from the USD 5.3bn seen…
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 comes roaring back in April Source: Debtwire Par The US high yield market came roaring back to life in April with roughly USD 40.6bn in issuance across 51 deals, easily the most active month this year, and a far cry from the USD 5.3bn issuance seen in March when much of the…
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…
Issuers pay up to tap high yield bond market in April Source: Debtwire Par As the equity and debt markets regain their footing after a period of prolonged volatility and a virtual freeze in new issuance due to the coronavirus (COVID-19) pandemic, the high yield bond markets have opened back up as issuers begin to…
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…