
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. Repricing volume accounts for 45% of total US institutional refinancing loan volume in 1Q24. LSEG LPC defines a repricing as an opportunistic refinancing used for the sole purpose of cutting spread on an institutional term loan. Meanwhile, the average cut in spread for a repriced tranche is 49.2bp this quarter, just under 4Q23’s 50bp average.
Latest news
Multiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
US Leveraged Loan Issuance Slows to $76.5b in July
The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…