CLO AUM ends 1Q21 at US$765bn, up 4.7% QoQ Driven by robust activity in the US CLO market, CLO AUM ended 1Q21 at US$765bn, up 4.7% quarter over quarter. March 2021 represented the sixth consecutive month of increasing AUM. CLO new issue volume had its fastest start to the year on record, closing 77 new…
1Q21 leveraged issuance marks four year high at US$474bn; 1Q21 HY bond volume sets new record Building on the early signs of market recovery observed in 4Q20, issuers of leveraged debt took advantage of accommodative conditions to raise nearly US$474bn in loan and high yield bond volume in 1Q21 , the second highest quarterly total…
Secondary market levels continue to trend higher Prior to the pandemic, the average bid on the North America 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 a 35% share. At its lowest point last year, March 24, the Overall-Market average…
BDC NAV per share records 2% quarter-over-quarter growth in 4Q20 Most BDCs have now filed 4Q20 financials and according to data compiled from Refinitiv’s BDC Collateral, BDC NAV per share increased 2% from 3Q20. It was the third straight quarter of positive NAV per share, after the four quarters prior to that had averaged a…
US CLO secondary loan bids trend higher than pre-pandemic levels Positive fiscal and monetary stimulus news coupled with improving vaccine distribution and availability continued to bolster the financial markets and have led to a robust recovery in secondary loan bids in 2021. The average bids of loans held in US CLOs moved higher this February…
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