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...
LBO leverage levels have started out in 2015 at more conservative levels than we saw in 2014. So far, the average LBO debt to EBITDA level for large corporate and institutional middle market buyout deals has dropped to 6.3 times and 5.3 times… Subscribe to Read MoreAlready a member? Log in here...
After a slow start, flex activity reactivated in the institutional loan market last week. So far in January, upward priced flexes on first-lien institutional term… Subscribe to Read MoreAlready a member? Log in here...
First-lien institutional yields have widened so far in January to levels not seen since July 2012. The average first-lien term loan B yield is 6.39 percent so far this month, up from 6.11 percent in December. After… Subscribe to Read MoreAlready a member? Log in here...
At $940 billion, leveraged loan issuance fell 17 percent from 2013’s record, as opportunistic refinancings fell 38 percent to $547 billion on the back of periods of volatility and slowing retail demand. Although top line figures were dragged down by the decline in refinancing volume, the 21 percent jump in leveraged… Subscribe to Read MoreAlready a
At $2.1 trillion in 2014, overall U.S. syndicated lending was just shy of 2013’s $2.14 trillion record. M&A-related financings, at $457 billion, were up 27 percent from 2013 and approaching 2007’s $471 billion record. Including financings for Burger King and Community Health Systems, leveraged… Subscribe to Read MoreAlready a member? Log in here...