Downward price flexes in the institutional market are on the rise

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February has seen an increase in downward price flexes in the institutional loan market with 12 price cuts on first-lien term loans reported so far. This is up from the 9 reported for all January and on par with November and December totals. Midway into 1Q23, the tally for the quarter is at 21 downward price flexes so far, six shy of the total logged last quarter.