In sync with the broader leveraged cash flow market, asset-based lenders struggled to source new dealflow in 3Q15. At just over US$19bn, 3Q15 ABL volume was modestly higher from 2Q15 totals to bring year to date volume to US$58.5bn, down nearly 13% compared to the year ago period. More noteworthy,… Subscribe to Read MoreAlready a
Middle market volume showed a dramatic decline in 3Q15. Loan issuance only reached $27.4 billion, a 36% drop quarter-over-quarter and a 42% drop year-over-year. Non-sponsored issuance showed the biggest drop off as issuers clearly became spooked by broader market volatility and a fear of a global macroeconomic slowdown. … Subscribe to Read MoreAlready a member? Log in
US Leveraged lending tumbled in 3Q15 as market volatility fueled a flight to quality and heightened risk aversion. At less than $180 billion, 3Q15 leveraged lending was down nearly 50% compared to 2Q15 totals to bring 1-3Q15 totals to $753 billion, down 24% compared to the same time last year. Most of the shortfall was rooted…
Volatility returned to the loan market in 3Q15 to contribute to a deeper and more sustained summer slowdown which saw just over $401billion of issuance work its way through syndication. This marked a decline of nearly 29 percent compared to 2Q15 figures and an 11 percent drop compared to the year ago period. Similarly, at less than $1.4…
After a busy first half of the year, CLO issuance has been relatively muted in the 3rd quarter, recording $15.5 billion of new CLO paper so far, that is, half the volume recorded in each of the first 2 quarters of the year. Year-to-date volume stands at $76 billion, down from the $94 billion recorded at the…
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…