April 2014, US Leveraged Loan Market Analysis
 

April 2014, US Leveraged Loan Market Analysis

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The big story of early 2014 was robust M&A-related volume, which ticked up to a post-credit crunch high of $62 billion in the first quarter. That, in turn, lifted total leveraged loan activity to $162 ...

The big story of early 2014 was robust M&A-related volume, which ticked up to a post-credit crunch high of $62 billion in the first quarter. That, in turn, lifted total leveraged loan activity to $162 billion from a 15-month low of $127 billion during the final three months of 2013. Looking ahead, most players expect the market to remain relatively in balance in the coming months.

Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com

http://www.leveragedloan.com
http://www.highyieldbond.com/


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Video presentation:
http://youtu.be/Ypapt_65UM0

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

  • US Leveraged Finance Market Update April, 2014 Steve Miller - Managing Director Text
  • Leveraged Loan Volume $0B $25B $50B $75B $100B $125B $150B $175B $200B 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 Institutional Pro Rata Total Volume M&A-Driven Loan Volume Source: S&P Capital IQ/LCD $0B $25B $50B $75B $100B $125B $150B $175B $200B 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13 1Q14 Institutional Pro Rata
  • 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 Average Bid of S&P/LSTA Loan Index Source: LCD - Leveraged Commentary & Data
  • Visible Inflows Source: LCD - Leveraged Commentary & Data, Lipper $0B $5B $10B $15B $20B 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 CLO Issuance Mutual Funds Inflows
  • S&P/LSTA Index Loans Outstanding Source: LCD - Leveraged Commentary & Data $500B $545B $590B $635B $680B $725B 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14
  • 3% 4% 5% 5% 6% 7% 9/12 10/12 11/12 12/12 1/13 2/13 3/13 4/13 5/13 6/13 7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 Average New-Issue Clearing Yield of First Lien Loans Source: LCD - Leveraged Commentary & Data All-BB All-B
  • 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 Source: LCD - Leveraged Commentary & Data 3/14
  • M&A Institutional Loan Forward Calendar Source: LCD - Leveraged Commentary & Data $0B $7B $14B $21B $28B $35B 3/11 5/11 7/11 9/11 11/11 1/12 3/12 5/12 7/12 9/12 11/12 1/13 3/13 5/13 7/13 9/13 11/13 1/14 3/14
  • 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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