Yields widen slightly for new money deals; tighten for refis

Average yields for first-lien institutional term loans have tightened slightly so far in 4Q17, after having ticked up in the past two quarters. The average first-lien institutional term loan yield, assuming a three-year term to repayment is 5.09% in 4Q17, down 7bp from the 5.16% recorded in 3Q17. The tightening has taken place despite an increase in the 3-month Libor,