June 2014, US Leveraged Loan Market Analysis
 

June 2014, US Leveraged Loan Market Analysis

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Loan prices bounced back in May after April’s mini correction as a result of strong CLO issuance and slowing volume. Looking to the summer months, most players think the market will remain largely ...

Loan prices bounced back in May after April’s mini correction as a result of strong CLO issuance and slowing volume. Looking to the summer months, most players think the market will remain largely CLO driven, with retail a slight drag on demand. Loan supply, meanwhile, is roundly expected to be lackluster. Though the M&A-loan calendar remains within the recent range, some transactions are not expected to launch until the fall and there are few block-buster executions in the mix.



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June 2014, US Leveraged Loan Market Analysis June 2014, US Leveraged Loan Market Analysis Presentation Transcript

  • US Leveraged Finance Market Update June, 2014 Steve Miller - Managing Director Text
  • 96 97 98 99 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/31 11/13 1/14 2/14 3/14 4/14 5/15 Average Bid of S&P/LSTA Loan Index Source: S&P Capital IQ/LCD
  • S&P/LSTA Index Loans Outstanding $500B $550B $600B $650B $700B $750B 11/12 1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14 5/14 Source: S&P Capital IQ/LCD View slide
  • Visible Inflows -$3B $3B $9B $14B $20B 11/12 1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14 5/14 CLO Issuance Mutual Funds Inflows Source: S&P Capital IQ/LCD, Lipper View slide
  • 3% 4% 5% 5% 6% 7% 11/12 1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14 5/15 Average New-Issue Clearing Yield of First Lien Loans All-BB All-B Source: S&P Capital IQ/LCD
  • 0% 2% 5% 7% 10% 12% 1/07 11/07 9/08 7/09 5/10 3/11 1/12 11/12 9/13 Loan Default Rate 5/14 Source: S&P Capital IQ/LCD
  • M&A Institutional Loan Forward Calendar $0B $8B $16B $24B $32B $40B 5/12 7/12 9/12 11/12 1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14 5/14 Source: S&P Capital IQ/LCD
  • www.linkedin.com/groups/LCD-Leveraged-Loan-Group-2092432 LCD Leveraged Loan Group ... 11,000+ contacts www.twitter.com/lcdnews Headlines, market chatter www.facebook.com/lcdcomps/ Daily Playbook, headlines, video analysis Follow LCD www.lcdcomps.com News, analysis, research, archives www.highyieldbond.com Free website covering the high yield market www.leveragedloan.com Free website covering the leveraged loan market
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