1Q24 US Leveraged volume up 46% year over year; Highest quarterly total in over 2 years US leveraged lenders completed US$347.5bn of issuance across the high yield bond and leveraged loan markets in 1Q24, a 46% increase compared to the same time last year and the strongest quarterly results since 4Q21. More interesting was the…
Daily Analytic: Survey – Unitranche spreads shift lower Stiffer competition from the syndicated market has put pressure on direct lenders to tighten spreads on unitranche loans. According to LSEG LPC’s 2Q24 Middle Market Outlook Survey, 36% of direct lender respondents said their minimum threshold for unitranche spreads was in the 500-525bp range…. Subscribe to Read
BDC assets under management reach a new high of US$315bn BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented a 4% increase during 4Q23 and a 15% gain over the course of the year…. Subscribe to Read MoreAlready a member? Log in here...
Daily Analytic Survey: What is your expectation for middle market M&A lending in 2Q24 relative to 1Q24? According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority, nearly 70%, of respondents think that there will be a moderate increase in M&A activity in 2Q24, compared to 1Q24. Another 26%…
Nearly US$15bn of US LBO loan volume completed as BSL market strengthens The US BSL market has completed nearly US$15bn of loan volume backing sponsor buyout activity so far this year, up over 2.5 times year ago totals. The loan market as a whole has been more constructive early in 2024 with the buyer/seller gap…
US private debt fundraising reaches US$33bn so far this quarter Private debt fundraising has continued at a consistent pace so far in 2024. LSEG LPC has tracked over US$33bn in US direct lending middle market capital raised this quarter. That number includes US$7.2bn of middle market CLO new issuance in January and February…. Subscribe to
US repricing volume totals US$73bn so far this quarter So far this quarter, US repricing volume totals US$76bn, the most since 1Q21, as dozens of issuers have returned to market to cut the spread on their institutional loans. There has been 59 completed repriced tranches this quarter, also the highest since 1Q21…. Subscribe to Read
Daily Analytic: Share of portfolios marked below 80% varies widely across BDCs *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 Looking at the universe of 24 BDCs that have published their 4Q23 results as of February 20, we see that credit quality statistics have been relatively stable, with notable differences…
BDC portfolio marks edge higher in most recent quarter* *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 BDC earnings season is in its early stages, with the vast majority of funds still yet to file. However, taking a look at the 16 BDCs that have published their 4Q23 results as…
US$188bn or 53% of current ABL outstanding commitments are to mature between 2024 and 2026 US asset based loan lenders supported over US$149bn of issuance in 2023, the second highest annual total on record and over 20% of total leveraged loan volume for the year. The numbers provided an incomplete view of the 2023 ABL…