Deals with no LIBOR floor or
0% floor decline slightly in July

Chart

Libor rates have been on the decline this year. As of July 24, the 3-month Libor rate was 2.27%, 54bp below its 2018 year-end level. So far in July, the average Libor rate is 2.3% down from 2.51% in 2Q19. And investors might be taking note. While the share of first-lien institutional term loans