On the back of increasingly unsettling global headlines, the capital markets took a beating earlier this month. As the equity markets tumbled, the US high yield bond market likewise saw skittishness culminating in an outflow of over $7 billion during the week of August 6 alone,… Subscribe to Read MoreAlready a member? Log in here...
Global volatility has spread down to the leveraged loan market and investors are pushing back. Twenty one first-lien institutional term loans have flexed up in the first half of August, just one shy of the total for the months of April and May. On the flipside, only four first-lien term loans have flexed down, dramatically lower than…
The percentage of LBO deals with leverage levels greater than six times is returning to 2007 levels. So far in 2014, LPC tracked 40 LBO (where deal details were available) deals or 55% of the total with total leverage greater than the regulators’ benchmark 6 times debt to EBITDA. … Subscribe to Read MoreAlready a member? Log
After a record-breaking 2Q14, there was a sharp pull-back in the HY bond market in July. In fact, a number of deals remain on the calendar because they didn’t make it into the market the last week of July due to adverse market conditions…. Subscribe to Read MoreAlready a member? Log in here...
The middle market is quite a diverse market place and yields vary based on lender type and EBITDA size. In 2Q14, moving down market to lend TLBs to smaller private middle market issuers resulted in a nice 70bps premium for first lien deals over rated, public middle market institutional deals. However, while there is a premium…
Cumulative CLO assets under management (AUM) increased to $335 billion in July with CLO AUM reaching $65 billion for CLOs with 2014 vintage. This figure is quickly catching up to the $81 billion in assets under management for 2013 vintage… Subscribe to Read MoreAlready a member? Log in here...
LBO volume is strong in 2014, already reaching $47 billion in 1H14 with a significant amount of deal volume in the pipeline. As private equity backed buyout activity accelerates, leverage levels have too…. Subscribe to Read MoreAlready a member? Log in here...
At $244 billion, 2Q14 leveraged loan issuance was down 14 percent from 1Q14 levels and a much higher 31 percent year-over-year. And for 1H14, leveraged lending of $527 billion… Subscribe to Read MoreAlready a member? Log in here...
High-yield bond issuance in Europe has outpaced leveraged loan issuance so far in 2014, inverting a trend that has stood firm in Europe for decades. High-yield bond issuance in Europe has hit $131.8 billion… Subscribe to Read MoreAlready a member? Log in here...
At nearly $240 billion, 1H14 sponsored loan volume to date is on a steady upward trajectory, with a 21percent increase over 2H13 issuance (although still shy of 1H13 totals of $335 billion) with almost two weeks left in the quarter. … Subscribe to Read MoreAlready a member? Log in here...