Loan issuance shifts towards the riskier end of market Source: Debtwire Par The ratings profile of institutional loans has shifted more towards the riskier end of the market this year as the appetite for lower rated paper has remained strong for the most part. The B rating category has proved to be the most popular,…
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…
Dividend recap activity slows sharply Source: Debtwire Par Dividend recap activity has slowed sharply this year as loan investors have focused on more attractive M&A related financings available. Institutional loan issuance backing M&A related activity has jumped to USD 228bn so far in 2018, while institutional loans backing dividend recaps is only USD 12.3bn year-to-date,…
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…
Share of highly levered deals edge higher in 2018 Source: Debtwire Par Leverage levels on new deals have drifted marginally higher this year, without a dramatic increase in any particular ratings category. Looking at marketed leverage levels, the share of highly levered transactions has trended upwards, with 32% of deals levered 6x or more, 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…
Share of jumbo deals in the institutional loan calendar drops Source: Debtwire Par The September institutional loan calendar has been marked by several jumbo deals in syndication. Refinitiv and Akzo Nobel allocated last week, knocking a hefty chunk off the calendar. Other large deals like Envision Healthcare and Messer Industries remain in market, with institutional…
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…
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…