Helping guide the global syndicated loan market

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5 Things to Know (5/23/16)

  • Banks are considering underwriting second-lien deals again after the market virtually shut down in late 2015, creating a trend that has been described as “bring your own junior debt” for sponsors.
  • Thomson Reuters LPC’s Loan Market Scorecard provides a snapshot of key statistics in the leveraged loan and high yield bond markets.
  • Institutional demand for private credit is propelling capital formation in the US middle market, as a flurry of newly created direct lending platforms enter the mix and existing alternative debt capital providers continue to raise money and add scale.
  • Lenders are guarding against low interest rates in the US and negative rates in Europe and Asia by introducing zero Libor limits to investment-grade loans for their clients.
  • Food and beverage company PepsiCo is in the market with US$7.45bn in revolving credit facilities to refinance debt.

More syndicated loan coverage on LoanConnector.

What to Watch (5/23/16)

  • The institutional pipeline got a boost of roughly US$10 billion week over week, logging US$33 billion to date.
  • The uptick did little to mitigate the supply/demand imbalance which has caused much handwringing among lenders.
  • Despite improved market conditions, syndicated second-lien volume remains at anemic levels at just under US$1bn so far in 2Q16. In the middle market, only US$60m in second-lien tranches have been syndicated.
  • Year-to-date middle market volume of US$30bn trails 2015 by 44%. Middle market bids have gained 50bp in 2Q16 to the 94.6 context.
  • CLO issuance has surpassed US$17bn to date.

More syndicated loan coverage in Gold Sheets