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5 Things to Know (12/11/17)

  • CVS Health lined up US$49bn of loans to back its US$69bn acquisition of Aetna, supporting the largest corporate merger of the year and the second biggest US acquisition financing on record.
  • US regulators said they are open to revising restrictions on leveraged lending, offering an olive branch to a GOP-controlled Congress keen to roll back banking regulations.
  • Thomson Reuters LPC’s Loan Market Scorecard provides a snapshot of key statistics in the leveraged loan and high yield bond markets.
  • Issuers of US leveraged loans are warning investors that a provision in the US tax reform bills may weaken their future results.
  • General Nutrition Centers’ third failed attempt to refinance an existing US$1.1bn term loan leaves the company with a few months to avoid a potential technical default.

More syndicated loan coverage on LoanConnector.

What to Watch (12/11/17)

  • Dominated by refinancing activity, November tallied US$65bn in issuance, 43% lower than November 2016’s US$115bn. Unless M&A can provide a big boost late in the year, 4Q17 issuance will finish well behind 4Q16’s US$252bn.
  • Leveraged lending in November increased to its highest level since the first quarter, taking year-to-date volume past US$1.22trn, or 59% higher compared to the previous year.
  • Year-to-date middle market lending currently stands at US$134bn. Lending to the large middle market makes up 80% of middle market issuance this year.
  • Investors pulled US$347.5m from loan funds and added US$217.4m to high-yield bond funds in the week ending December 6. This was the eighth straight week of outflows from loan funds.

More syndicated loan coverage in Gold Sheets