Refinitiv LPC’s Quarterly Lender Survey: Are you able to adequately engage with your clients/co-workers? As more people are heading into the office, six percent of large corporate buyside and sellside lenders surveyed by Refinitiv LPC said that the quality of engagement is better now given that they can find ways to meet in person or…
Middle market cov-lite volume reaches highest level since 4Q19 Middle market covenant-lite volume was tracked at US$1.71bn in 2Q21, the highest level since 4Q19’s mark of US$1.75bn. Totals represented a 155% increase over the $670m tracked in 1Q21. The jump comes as the middle market lending arena remains ultra-competitive, characterized by lower pricing, higher leverage…
2Q21 middle market syndicated loan volume of US$46bn was at its highest since 2Q18 The syndicated middle market was at full speed in 2Q21 with volume soaring to its highest level in 3 years at US$46bn. New money lending of US$23bn was up 30% from 1Q20 and was at levels not seen since 2017. Refinancing…
2Q21 M&A loan volume nearly 3 times year ago totals; 1H21 volume two times 1H20 results Nearly US$175bn in M&A loan volume was completed in 2Q21, a 40% increase over 1Q21 results and almost three times the comparable year ago totals. The market completed almost US$300bn in M&A loan volume during the first six months…
1H21 U.S. loan volume up 58% y-o-y; Second highest total on record U.S. arrangers pushed almost US$1.466trn through the retail syndication in 1H21, a 58% increase over the same period last year and the strongest half year totals since 1H18 (US$1.492trn). At US$764.10bn, 2Q21 syndicated loan volume marked a two fold jump over year ago…
Business services is top sector for US syndicated mid-market loan volume so far this year Through deals of June 18, year-to-date syndicated middle market volume totals US$60.2bn, 30% higher than the US$46.3bn recorded during the same period last year. The top industry so far this year is the business services sector, which has notched US$13.4bn…
At $167.3bn 2Q21TD institutional activity trails 1Q21 levels With two weeks left in 2Q, the pace of institutional loan issuance has eased from 1Q21 bull market levels to log US$167.3bn in volume so far, compared to US$261.8bn recorded in 1Q. Issuance was broken out between US$94.4bn of new money and US$73bn of refinancing activity. The…
A handful of larger BDCs failed to cover dividend in 1Q21 Larger BDCs, including Owl Rock and Ares Capital Corp, saw lower net investment income levels for 1Q21, raising concerns over dividend coverage. BDCs generally use NII per share as a measure of whether their earnings can continue to support the declared dividend…. Subscribe to
Global ESG-linked institutional loan volume sets steady pace in 2021 In a testament to the broadening reach of Sustainability linked lending, the global loan market has been tapped with over US$22bn of ESG-linked institutional loan volume via 21 issues so far this year, up from a small handful during all of 2020. In fact, after…
US syndicated middle market activity picks up the pace in 2Q21 At over US$26bn through May 19, US syndicated middle market volume is just US$3bn shy of 1Q21’s full quarter level. The big difference maker has been sponsored middle market volume, which totals US$10.6bn in completed volume this quarter, already besting 1Q21’s US$9.8bn level. LBO activity…