Institutional loan repricings decline alongside secondary loans in 1Q25 The secondary loan market had a deceivingly challenged quarter. Par-plus loans accounted for more than 53% of the market at the start of the year, peaked above 56% in mid-January, then ended 1Q25 at a three-month low of 12%…. Subscribe to Read MoreAlready a member? Log
Evolution of leveraged loans by vintage shows notable reductions in near-term maturity walls Leveraged loan issuers have continued to proactively manage their capital structures via refinancings and extensions, driving significant reductions in near-term maturity walls over the past 15 months…. Subscribe to Read MoreAlready a member? Log in here...
BDC AUM growth shows no signs of slowing, climbing to US$438bn BDC market growth shows no signs of slowing, with assets under management (AUM) soaring to a record US$438bn in 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
Refinancings continue to dominate institutional loans calendar in 1Q25 Despite steady loan market liquidity and unabated demand for assets, new institutional loan volume – at US$37bn – has been limited in early 2025…. Subscribe to Read MoreAlready a member? Log in here...
M&A Deal Activity Amid the whiplash of “will they or won’t they” come into effect, talk of tariffs have contributed to the slowest start to the US M&A calendar in ten years…. Subscribe to Read MoreAlready a member? Log in here...
BDC portfolio marks move lower for majority of funds that have reported 4Q24 earnings BDC earnings season is underway, with 50 funds having filed their 4Q24 results as of February 28th. For this cohort of BDCs, portfolio loan valuations have moved lower for nearly 60% funds…. Subscribe to Read MoreAlready a member? Log in here...
As par-plus loans begin to drift lower, new repricing candidates prove no easier to find Regardless of where one points the blame – a slight downshift in technicals, cracks in broader market conditions, or the self-fulfilling dynamic that the vast majority of issuers that could reprice have already done so – the share of institutional…
Weighed by repricings, term loan B spreads begin to diverge between single-Bs and double-Bs, although relative value holds steady After new-issue clearing yields tightened for three consecutive months, averaging 7.3% in January and marking another fresh monthly low since May ’22, the institutional loan market may finally be showing signs of fatigue from repricings…. Subscribe
2025 syndicated middle market loan volume is expected to be in the US$150bn area Forecasts for 2025 syndicated middle market loan volume generally average around US$150bn, broadly similar to the 2024 total, according to LSEG LPC’s recent year-end 2024 Middle Market Outlook Survey…. Subscribe to Read MoreAlready a member? Log in here...
Daily Analytic: Unitranche spreads tighten sharply over the last year Unitranche pricing tightened significantly over the course of 2024, moving steadily lower in the first nine months of the year before edging higher in 4Q24…. Subscribe to Read MoreAlready a member? Log in here...