Primary yields have widened across the board in 3Q18

The average first-lien institutional term loan yield, assuming a three-year term to repayment is 6.41% so far this quarter, up from 5.77% in 2Q18. One of the main drivers behind increasing yields is the shift in the deal mix. So far in 3Q18, 58% of the institutional deals tracked for yield calculations back M&A activity, up from just one third in 2Q18. The average yield for M&A