It was not an auspicious start to the year for ABL lenders. At under$20 billion 1Q15 asset based loan volume was down 13 percent year over year. On a deal count basis, the news was oddly mixed – with 51 credits… Subscribe to Read MoreAlready a member? Log in here...
CLO issuance hit a monthly record of $14.7 billion in March as managers overcame uncertainty around the onset of risk retention to finish the quarter in strong fashion. Issuance increased in each month of the… Subscribe to Read MoreAlready a member? Log in here...
US syndicated loan volume took a tumble in 1Q15 to log just over $350 billion, down 27% compared to year ago levels and a more substantive 40% drop over 4Q14 totals. The decline was most notable among leveraged issuers who pushed almost… Subscribe to Read MoreAlready a member? Log in here...
While the year began with the market tilted in favor of institutional investors, there have been some changes. With limited supply of institutional paper, investors are jumping into attractive credits, and issuers have been able to gain the upper hand…. Subscribe to Read MoreAlready a member? Log in here...
According to Thomson Reuters LPC’s latest survey of buyside and sellside institutions active in the middle market, the impact from Leveraged Lending Guidance on banks’ ability to invest in deals is becoming significant. Less than 10 percent of non-banks and one fifth of banks surveyed in… Subscribe to Read MoreAlready a member? Log in here...
Leveraged Lending Guidance continues to have a significant impact on the structuring of large corporate LBO deals. The average debt to EBITDA for large corporate LBO transactions has fallen below six times for the first time in eight quarters. So far in 1Q15, the average leverage is 5.91 times, down from 6.51 times in 4Q14 and…
As the Federal Reserve sends out stronger signals about an interest rate hike and limited deal flow pushes secondary loan market bids up, retail investors are jockeying for a slow return to the loan market…. Subscribe to Read MoreAlready a member? Log in here...
The institutional loan calendar has quieted in mid-February, hovering just south of $40 billion in the last week, down from roughly $47 billion the same time last year and nearly $73 billion during the third week of February 2013… Subscribe to Read MoreAlready a member? Log in here...
As managers grapple with possible structures to work within the context of new finalized risk retention rules, the process of amending CLOs that are not Volcker compliant also continues…. Subscribe to Read MoreAlready a member? Log in here...
While loan fund assets under management continue to shrink, CLO outstandings have been steadily increasing, surpassing $370 billion. Although last year’s record $123 billion in CLO issuance was partially offset by CLO… Subscribe to Read MoreAlready a member? Log in here...