Primary leveraged yields are almost flat in 4Q17

Average primary yields on first-lien institutional term loans have been relatively flat so far in 4Q17. At 5.11%, the average yield assuming a three-year term to repayment on first-lien institutional term loans is just 5bp below 3Q17 levels. However, when looking at the components, yields have been partly held up by the increase in the 3-month Libor,