HY bonds post busiest quarter since 4Q17, loan issuance falls sharply in 1Q19 Source: Debtwire Par High yield bonds posted their busiest quarter since 4Q17, as issuance totaled USD 58.1bn in 1Q19. The bond market bounced back from the volatility seen in the latter part of 2018, posting figures of USD 19.3bn in January, 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…

Leveraged loan buyers book healthy gains as secondary market shifts higher in 1Q19 Source: Debtwire Par, Markit The latter part of 2018 proved to be an attractive buying opportunity for those willing and able to pick up loan assets in the secondary market. Since then, prices have shifted noticeably higher…. Subscribe to Read MoreAlready a

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,… Subscribe to Read

Leverage ticks higher in 1Q19 Source: Debtwire Par Adjusted leverage on new deals has edged higher so far in 1Q19 compared to 4Q18 and 2018 as a whole, averaging 5.1x, aided by a decline in the share of low levered deals and an uptick in the share of deals levered 6x to less than 7x….

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/LBO activity dominates institutional loan issuance YTD Source: Debtwire Par Despite leveraged loan issuance posting a sharp decline year-over-year (YoY), the good news for buysiders is that M&A and LBO activity is driving deal flow so far in 2019. Institutional loans backing M&A (excluding LBOs) is at USD 19.5bn year-to-date, with LBO loan volume amounting…

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 bonds grab larger share of the market Source: Debtwire Par Since the high yield bond market reopened in January, issuance has been marked by a sharp jump in the share of secured bonds. So far, in 1Q19, USD 13bn of secured bonds have priced, representing 45% of overall high yield bond volume, up from…

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…