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5 Things to Know (5/2/16)

  • A US$17.2bn bridge loan that backs Abbott Laboratories’ US$25bn acquisition of St. Jude Medical will boost investment grade loan volume that so far this year has been depressed.
  • Thomson Reuters LPC’s Loan Market Scorecard provides a snapshot of key statistics in the leveraged loan and high yield bond markets.
  • Distressed US companies received loans this year to sustain business while reorganizing, and the number will swell as troubled energy companies increasingly file for bankruptcy.
  • With US rules forcing managers to hold onto a portion of their fund’s risk set to go into effect, firms have chosen to make their deals compliant with both US and European requirements to expand the buyer base.
  • People moves: BlackRock’s Leland Hart steps down, Morgan Stanley names corporate trading heads, Lee departs JPM, Valeants names Papa CEO.

More syndicated loan coverage on LoanConnector.

What to Watch (5/2/16)

  • Norfolk Southern will launch May 3 a refinancing of a US$750m revolving credit facility. Wells Fargo and Bank of America Merrill Lynch lead.
  • Retail investors pulled US$75.2m from bank loan mutual funds but added US$296.3m into high-yield bond funds the week ending April 27.
  • Investment grade M&A issuance dropped to US$28.5bn in 1Q16 from US$46.6bn in 4Q15 and US$71.6bn in 3Q15. Investment grade M&A volume is on the rise after last week’s Abbott deal.
  • Flex activity has seen a shift in April as downward flexes dominated. 22 first-lien institutional term loans have cut pricing. This is the largest number of downward flexes since April 2015, which recorded 27 downward flexes.

More syndicated loan coverage in Gold Sheets