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...
Halfway through 2015 and Leveraged Lending Guidance continues to keep leverage levels under control on buyout deals. The share of deals with leverage of seven times or greater has plummeted in 1H15 to only 5.7% from 26% last year. The share of deals levered greater than 7 times peaked in 2007 at almost 40%…. Subscribe to
Loan mutual fund & ETF assets under management edged higher to just over $139 billion in May as these funds registered a second consecutive month of inflows as expectations around higher interest rates once again came to the fore. Despite the combined inflows of $646 million in April and May,… Subscribe to Read MoreAlready a
Yields on institutional term loans have tightened in 2Q15. The average yield assuming a three-year term to repayment on first-lien institutional loans is at 5.01 percent so far in 2Q15, down from 5.71 percent in 1Q15, and down over 100bp from 4Q14’s level…. Subscribe to Read MoreAlready a member? Log in here...
After declining dramatically for two consecutive quarters due to fears of being penalized by the regulators, LBO leverage is back on the rise this quarter. Debt to EBITDA on large corporate and institutional middle market buyout deals has risen to 6.27 times and 5.50… Subscribe to Read MoreAlready a member? Log in here...
U.S. CLO assets under management (AUM) topped $400 billion in April on the back of continued CLO issuance. This represents a roughly $31 billion jump so far this year and an $86 billion increase in the last year. U.S. CLO issuance has gotten off to a strong start in 2015 and is even ahead… Subscribe