While the debate rages on as to whether the Fed will raise rates, equities swung wildly as investors digested the impact of slowing growth in China and its potential impact on global growth. Chinese officials announced there that there could be a “more forceful” fiscal… Subscribe to Read MoreAlready a member? Log in here...
M&A activity in the syndicated loan market is as strong as ever, however the volume is simply not coming from buyout deals. Private equity shops continue to struggle with winning and making buyout deals work given lofty valuations and extreme competition. Completed LBO… Subscribe to Read MoreAlready a member? Log in here...
There is no shortage of yield hungry investors in the middle market however second lien volume for smaller issuers has not kept pace with demand in 2015. Year to date, middle market second lien volume has only reached $1.6 billion, which is over 70% lower than the $5.6 billion logged… Subscribe to Read MoreAlready a
The majority of banks surveyed reported little change in the last three months with only 13 percent of domestic banks reporting easing terms to larger firms, according to the latest Federal Reserve Senior Loan Officer Opinion Survey. This is up slightly from 10 percent at this time… Subscribe to Read MoreAlready a member? Log in here...
After a temperate first half, buyout deals to hit market in 3Q15 are pushing the boundaries with regards to leverage levels. Although deal flow remains light, large corporate LBO leverage levels have risen to 6.3 times so far in 3Q15, up from 6.01 and 5.99 times respectively in 2Q15 and 1Q15. The upward trend is driven by…
M&A loan volume gets another boost via $27B bridge; Pipeline north of $90 billion The M&A loan market – and more specifically investment grade lenders – got a nice boost in the form of a $27 billion bridge loan backing Anthem Inc.’s $54.2 billion acquisition of Cigna Corp this week. The announced… Subscribe to Read MoreAlready a
2Q15 ABL volume at lowest level in nearly 2 years; 1H15 total down 17% y-o-y ABL volume tumbled in 2Q15 to close out the period at just over $18 billion, the lowest quarterly volume results since 3Q13. 1H15 issuance settled at $38.5 billion, a drop of nearly 17% compared to the year ago period…. Subscribe
After a very slow start to the year, leveraged lending picked up in 2Q15. Issuance of $233.3 billion was up 69 percent from 1Q15 levels. While issuance was down year-over-year, it only trailed by 10 percent, a lot lower than the 53 percent deficit recorded in 1Q15. On the heels of a very slow first…
After a slow start to the year which generated less than $224 billion in high yield financings – of which a thin $138 billion represented leveraged loan volume – in 1Q, high yield financings picked up momentum in the second quarter. Nearly $325 billion in high yield debt cleared the market… Subscribe to Read MoreAlready a member?
The institutional pipeline has ballooned in recent weeks on the back of several sizeable M&A deals. Last week, the calendar reached almost $80 billion, which is the highest level since February 2013. The driver of the jump is mostly two jumbo sized M&A deals for Charter… Subscribe to Read MoreAlready a member? Log in here...