US CLO portfolio trading activity mirrors strong secondary Of the US$261bn in trading activity by US CLO managers in 2020, asset selling peaked at 41% of activity in the second quarter, at the height of the pandemic. Selling slowed to only 36% of US CLO managers’ trading activity by year-end, with purchases climbing to 64%…. Subscribe
US$480.5m of defaulted loan debt in the retail andsupermarkets sector held in active U.S. CLO collateral There was US$480.5m of defaulted loan debt from 14 different borrowers in the retail and supermarkets sector that was held in active US CLOs as of the end of January. However, only two issuers accounted for three fourths of…
Leverage on US LBO deals stays at all-time highs this quarter Total leverage levels for US LBO loans remain high, averaging over 7.5x so far this quarter. 4Q20’s average of 7.2x was the all-time high tracked and that momentum has continued into 2021…. Subscribe to Read MoreAlready a member? Log in here...
Institutional loan refinancings jump in January to $39bn Refinancing deals dominated the institutional loan market in January, with US$39bn in volume for a 71% share of overall institutional loan activity, up from US$11.6bn in December and the highest monthly volume since pre-Covid February 2020…. Subscribe to Read MoreAlready a member? Log in here...
BDC Visible Loans Benchmark now bid above pre-Covid levels The BDC Visible Loans Benchmark has continued to climb higher, reaching the 93.65 level on Friday. The BDC secondary cohort comprises BDC holdings with active mark-to-market pricing by Refinitiv’s pricing service. Friday’s level was higher than the pre-Covid mark of 92.66 in January 2020…. Subscribe to
Loan fund AUM continues to grow amid large inflows in January U.S. CLO AUM ended January at $747bn, up 10.3% YoY, with 17 new U.S. CLOs totaling $8.5bn pricing last month. It was the highest January volume since 2013 and included 4 deals with a total size over $600m. Despite the pandemic, CLO AUM has…
US sponsored middle market direct lending volume reached US$71bn in 2020 According to Refinitiv LPC data, the US direct lending middle market totaled US$71bn in loan volume last year, 18% lower than 2019’s US$87bn level. Despite the lower number, the direct lending market held up better than its syndicated counterpart, where non-sponsored volume dropped 27%…
Secondary market levels at their highest levels post-Covid Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share. By March 24, the Overall-Market average had collapsed to the 82…
Middle market non-sponsored syndicated volume was up 65% in 4Q20 Non sponsored syndicated loan volume bounced back to total US$19.7bn in 4Q20, the highest quarterly level since 4Q19. In the last couple of years, the non-sponsored middle market had been chugging along, as corporate issuers were cautious about undertaking any expansion plans…. Subscribe to Read
2020 US Syndicated loan volume at 10 year low amid pandemic In a year overshadowed by a global pandemic, social unrest and a prolonged US election cycle, lenders pushed over US$1.5trn of loan volume through the syndicated market, a 27% drop over the same time last year and a 10-year low. Although Covid-19 was the…