It was a June swoon for US leveraged loan market, as inflows trailed issuance, putting investors in the driver seat. In this analysis: a special look at the burgeoning CLO market.
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There were no May flowers for the US syndicated loan market. New issues flooded the market, sapping the technicals picture. Subsequently, loans returned negative 0.1% during the month. The outlook for the summer looks to be more of the same, accounts say, as the forward calendar of deals remains impressive.
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Has the leveraged finance market finally reached equilibrium? It seemed possible as Marched entered (like a lamb). Syndicated loan prices slipped as weary institutional investors took a step back from February activity, which feature the three R's: Repricings, refinancings and recapitalizations.
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Leveraged loans took it on the chin in August as investors - spooked by market turmoil in Europe and S&P's downgrade of US debt - withdrew funds from market.
However, market pros don't think this means a return to the dark, post-Lehman days of 2008. More on that:
https://www.lcdcomps.com/lcd/f/article.html?rid=170&aid=12331198
_____________________________________
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The 2011 leveraged finance market kicked off the year with a wild ride (for investors, anyway). Cash inflows are swamping syndicated loan activity, with pricing plummeting as a result. Included in the analysis: M&A deals v. inflows; 'reverse-flex' activity; loan returns; default rates; much more ...
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A complete wrap-up of the 2010 leveraged loan market, including returns, prices, volume, defaults. Plus, market experts weigh in as to what 2011 will look like. (Hint: More deals, including M&A).
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The US economy might be tentative, but it was full speed ahead for the leveraged loan market in October. Returns hit a six-month high, loan prices continued to rise and volume kept on. Defaults? There weren't any, bringing YTD rates to recent lows. These and other trends are detailed in Leveraged Commentary & Data's November US Loan Market Analysis.
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It was a June swoon for US leveraged loan market, as inflows trailed issuance, putting investors in the driver seat. In this analysis: a special look at the burgeoning CLO market.
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There were no May flowers for the US syndicated loan market. New issues flooded the market, sapping the technicals picture. Subsequently, loans returned negative 0.1% during the month. The outlook for the summer looks to be more of the same, accounts say, as the forward calendar of deals remains impressive.
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Has the leveraged finance market finally reached equilibrium? It seemed possible as Marched entered (like a lamb). Syndicated loan prices slipped as weary institutional investors took a step back from February activity, which feature the three R's: Repricings, refinancings and recapitalizations.
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Leveraged loans took it on the chin in August as investors - spooked by market turmoil in Europe and S&P's downgrade of US debt - withdrew funds from market.
However, market pros don't think this means a return to the dark, post-Lehman days of 2008. More on that:
https://www.lcdcomps.com/lcd/f/article.html?rid=170&aid=12331198
_____________________________________
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News, commentary, other leveraged finance info
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The 2011 leveraged finance market kicked off the year with a wild ride (for investors, anyway). Cash inflows are swamping syndicated loan activity, with pricing plummeting as a result. Included in the analysis: M&A deals v. inflows; 'reverse-flex' activity; loan returns; default rates; much more ...
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A complete wrap-up of the 2010 leveraged loan market, including returns, prices, volume, defaults. Plus, market experts weigh in as to what 2011 will look like. (Hint: More deals, including M&A).
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The US economy might be tentative, but it was full speed ahead for the leveraged loan market in October. Returns hit a six-month high, loan prices continued to rise and volume kept on. Defaults? There weren't any, bringing YTD rates to recent lows. These and other trends are detailed in Leveraged Commentary & Data's November US Loan Market Analysis.
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The European syndicated loan market continued to tilt in favor of issuers in May and early June, as volume lagged inflows. In this analysis: Loan and high yield bond prices, leveraged finance volume, default rates, returns, as well as trends to look for in the coming months.
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It was a rough third quarter for the US leveraged finance market as loan returns slid amid an increasingly grim European economic picture. The market stabilized after August, however, with the deal supply/demand dynamic beginning to balance out.
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The September syndicated loan market was rested and ready after a late-summer break (sort of), with a pop in volume and drop in pricing. As well, defaults continued to thin, with the rate approaching a slim 2% by year-end. Also in this video analysis: secondary trading prices, returns and trends for the rest of 2010.
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Leveraged loan volume in Europe shot to €6 billion in June, the most in 2011, as the high yield bond market waned and supply outpaced demand, putting investors in the drivers seat. Also in this analysis: Loan prices, high yield bond volume, default rates and trends to look for during the rest of the year.
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The loan market was subdued in August, owing to summer break for both investors and bankers. Inflows in high-yield funds were up. Secondary markets were up for both loans and high yield, default rates also rose.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
View the video on YouTube:
http://youtu.be/1ARr9U_IW6s
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It was a good start to the year for the European Leveraged finance market, though investor cash still greatly outweighed syndicated loan and high yield bond deal flow. In the analysis: loan returns, loan/high yield bond prices, new-issue volume, default rates, more.
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After a shaky start to the year, the market got its legs back to some extent. High yield bond markets appear to be opening up, and bond for loan takeouts are re-starting, thus enabling the “virtuous cycle.” Still, there is uncertainty due to turmoil in the sovereign markets.
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After the holiday break, the market reopened in a disappointing manner for most arrangers. The primary markets failed to impress while the secondary markets recorded their first gain after a gap of a few months. Default rates ticked up higher and are expected to rise more this year.
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The US small business segment continues to struggle amid economic uncertainty. However, there are bright spots in small business lending trends. This presentation examines loans outstanding, delinquencies, bankruptcies and sentiment.
Market technical bias improved during 2011 home stretch, but conditions remain fragile. Looking ahead, visibility is low, capital markets still tracking with Eurozone instability.
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The US leveraged loan market caught a bid in November, though the market remains focused on developments abroad - specifically Italy and eurozone.
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Market’s technical bias improved further in January, sending secondary prices higher, new-issue clearing yields lower. Most players expect market to continue its good health, barring unforeseen Eurozone complications.
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With the bulls running, issuers rush to refinance seasoned loans and finance dividends. Leveraged loan volume climbed to a post credit crunch high between January and March. Two-thirds were refinancings, however. Thus, the market’s technicals tilted further in favor of issuers.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Video format of this presentation:
http://youtu.be/h4ldleIynNg
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Contact: marc_auerbach@spcapitaliq.com
With the bulls running, issuers rushed to refinance seasoned loans and finance dividends. Leveraged loan volume climbed to a post credit crunch high between January and March. Two-thirds were refinancings, however. Thus, the market's technicals tilted further in favor of issuers.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Connect with LCD
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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News, commentary, other leveraged finance info
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Contact: marc_auerbach@spcapitaliq.com
The issuer-friendly tone returned to the European leveraged loan market in April as investors continue to be cash-rich. This demand for product, of course, is pushing prices higher and yields lower.
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The European leverage finance market had a mixed month as a Greek exit from the Eurozone didn’t look implausible and there was a increased pressure on Spanish and Italian sovereign costs.
In this month's analysis:
* Loan flow name prices
* High yield bond flow name prices
* ELLI loan returns
* New-issue loans vs high yield bond volume
* ELLI default rates, European leveraged loans
* Trends for the months ahead
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Connect with LCD
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News, commentary, other leveraged finance info
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YouTube: http://youtu.be/beqRwq5u4h4
The loan market was relatively flat in November owing to rising supply volume and concern regarding the fiscal cliff. Looking ahead, there are strong indications for demand, however macro concerns abound.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Check out the video presentation
http://www.youtube.com/watch?v=Gj76LBhEBt4
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: marc_auerbach@spcapitaliq.com
The European leverage finance market was cautious in June with the markets being driven by fundamental credit selection rather than technicals.
In this month's analysis:
* Loan flow name prices
* High yield bond flow name prices
* ELLI loan returns
* New-issue loans vs high yield bond volume
* ELLI default rates, European leveraged loans
* Trends for the months ahead
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Connect with LCD
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YouTube: http://youtu.be/TdCP_cJ47bU
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There are some 8,500+ market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
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After Greece's restructuring, the market regained its confidence and players were willing to again take risks. Inflows and volume were positive, while the secondary market finished the month down a bit.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Connect with LCD
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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There are some 8,500+ market contacts in LCD's Leveraged Loan Group
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
YouTube: http://youtu.be/Bb3qRV9aGrE
Leveraged Commentary & Data's complete overview of November and early December's leveraged loan and high yield bond market: volume of deals, pricing, returns, default rates, trends, along with what to look for in the months ahead.
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Download the slides: http://www.slideshare.net/lcdcomps
Contact LCD Europe: anna_cini@sandp.com
The European syndicated loan market continued to tilt in favor of issuers in May and early June, as volume lagged inflows. In this analysis: Loan and high yield bond prices, leveraged finance volume, default rates, returns, as well as trends to look for in the coming months.
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
It was a rough third quarter for the US leveraged finance market as loan returns slid amid an increasingly grim European economic picture. The market stabilized after August, however, with the deal supply/demand dynamic beginning to balance out.
-----------------------------------------------------------------
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
The September syndicated loan market was rested and ready after a late-summer break (sort of), with a pop in volume and drop in pricing. As well, defaults continued to thin, with the rate approaching a slim 2% by year-end. Also in this video analysis: secondary trading prices, returns and trends for the rest of 2010.
Connect with LCD
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YouTube - US/Europe market analysis
http://www.lcdcomps.com/youtube
Leveraged loan volume in Europe shot to €6 billion in June, the most in 2011, as the high yield bond market waned and supply outpaced demand, putting investors in the drivers seat. Also in this analysis: Loan prices, high yield bond volume, default rates and trends to look for during the rest of the year.
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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There's almost 6,000 market contacts in LCD's Leveraged Loan Group
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
The loan market was subdued in August, owing to summer break for both investors and bankers. Inflows in high-yield funds were up. Secondary markets were up for both loans and high yield, default rates also rose.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
View the video on YouTube:
http://youtu.be/1ARr9U_IW6s
Connect with LCD
Facebook: http://www.lcdcomps.com/facebook
Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
LinkedIn: http://www.lcdcomps.com/linkedin
There are over 9,000 market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
It was a good start to the year for the European Leveraged finance market, though investor cash still greatly outweighed syndicated loan and high yield bond deal flow. In the analysis: loan returns, loan/high yield bond prices, new-issue volume, default rates, more.
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After a shaky start to the year, the market got its legs back to some extent. High yield bond markets appear to be opening up, and bond for loan takeouts are re-starting, thus enabling the “virtuous cycle.” Still, there is uncertainty due to turmoil in the sovereign markets.
Connect with LCD
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
LinkedIn: http://www.lcdcomps.com/linkedin There's some 7,000+ market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
YouTube: http://youtu.be/N9FryY4MNdo
Contact: anna_cini@sandp.com
After the holiday break, the market reopened in a disappointing manner for most arrangers. The primary markets failed to impress while the secondary markets recorded their first gain after a gap of a few months. Default rates ticked up higher and are expected to rise more this year.
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There’s some 7,000+ market contacts in LCD’s Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web:
https://www.lcdcomps.com/lcd/index.html
The US small business segment continues to struggle amid economic uncertainty. However, there are bright spots in small business lending trends. This presentation examines loans outstanding, delinquencies, bankruptcies and sentiment.
Market technical bias improved during 2011 home stretch, but conditions remain fragile. Looking ahead, visibility is low, capital markets still tracking with Eurozone instability.
Connect with LCD Facebook: http://www.lcdcomps.com/facebook
Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
LinkedIn: http://www.lcdcomps.com/linkedin There’s some 7,000+ market contacts in LCD’s Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews News, commentary, other leveraged finance info Web:
The US leveraged loan market caught a bid in November, though the market remains focused on developments abroad - specifically Italy and eurozone.
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Market’s technical bias improved further in January, sending secondary prices higher, new-issue clearing yields lower. Most players expect market to continue its good health, barring unforeseen Eurozone complications.
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With the bulls running, issuers rush to refinance seasoned loans and finance dividends. Leveraged loan volume climbed to a post credit crunch high between January and March. Two-thirds were refinancings, however. Thus, the market’s technicals tilted further in favor of issuers.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Video format of this presentation:
http://youtu.be/h4ldleIynNg
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Contact: marc_auerbach@spcapitaliq.com
With the bulls running, issuers rushed to refinance seasoned loans and finance dividends. Leveraged loan volume climbed to a post credit crunch high between January and March. Two-thirds were refinancings, however. Thus, the market's technicals tilted further in favor of issuers.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Connect with LCD
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: marc_auerbach@spcapitaliq.com
The issuer-friendly tone returned to the European leveraged loan market in April as investors continue to be cash-rich. This demand for product, of course, is pushing prices higher and yields lower.
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The European leverage finance market had a mixed month as a Greek exit from the Eurozone didn’t look implausible and there was a increased pressure on Spanish and Italian sovereign costs.
In this month's analysis:
* Loan flow name prices
* High yield bond flow name prices
* ELLI loan returns
* New-issue loans vs high yield bond volume
* ELLI default rates, European leveraged loans
* Trends for the months ahead
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
YouTube: http://youtu.be/beqRwq5u4h4
The loan market was relatively flat in November owing to rising supply volume and concern regarding the fiscal cliff. Looking ahead, there are strong indications for demand, however macro concerns abound.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Check out the video presentation
http://www.youtube.com/watch?v=Gj76LBhEBt4
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Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: marc_auerbach@spcapitaliq.com
The European leverage finance market was cautious in June with the markets being driven by fundamental credit selection rather than technicals.
In this month's analysis:
* Loan flow name prices
* High yield bond flow name prices
* ELLI loan returns
* New-issue loans vs high yield bond volume
* ELLI default rates, European leveraged loans
* Trends for the months ahead
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Connect with LCD
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YouTube: http://youtu.be/TdCP_cJ47bU
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There are some 8,500+ market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
After Greece's restructuring, the market regained its confidence and players were willing to again take risks. Inflows and volume were positive, while the secondary market finished the month down a bit.
Check out LCD's new, free web site, LeveragedLoan.com
http://www.leveragedloan.com
* Leveraged finance job postings
* Online Loan Market Primer
* LCD News
* Market Stats
Connect with LCD
Facebook: http://www.lcdcomps.com/facebook
Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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There are some 8,500+ market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
YouTube: http://youtu.be/Bb3qRV9aGrE
Leveraged Commentary & Data's complete overview of November and early December's leveraged loan and high yield bond market: volume of deals, pricing, returns, default rates, trends, along with what to look for in the months ahead.
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Web: http://www.lcdcomps.com
Download the slides: http://www.slideshare.net/lcdcomps
Contact LCD Europe: anna_cini@sandp.com
Issuance in the primary hit a post credit-crunch high in May, while secondary markets were down. CLO issuance was promising, with more in the pipeline, although new EBA directives threaten to hinder issuance going forward. More spread/yield compression is expected going forward, as issuers play loan and bond investors against each other in search of best terms.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Video presentation of these slides:
http://youtu.be/9Ub1tqpYfcM
Connect with LCD
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Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
2010 was a good year for the European leveraged finance market, compared to the dismal activity in 2009, at least. High yield bonds posted record volume, loans returned a healthy 8%-plus and investor coffers remain filled, meaning 2011 could be an even healthier year.
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Leveraged Commentary & Data's complete overview of November's leveraged loan and high yield bond market: volume of deals, pricing, returns, default rates, trends, along with what to look for in the months ahead.
Connect with LCD
Facebook: http://www.lcdcomps.com/facebook
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Twitter: http://www.twitter.com/lcdnews
Web: http://www.lcdcomps.com
Download the slides: http://www.slideshare.net/lcdcomps
Contact LCD Europe: anna_cini@sandp.com
The high yield bond market took control in March, while the market readied for actual CLO issuance.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Video presentation of these slides:
http://youtu.be/WqW55Yw-2Rc
Connect with LCD
Facebook: http://www.lcdcomps.com/facebook
Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
LinkedIn: http://www.lcdcomps.com/linkedin
There are over 10,000 market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
November was uneventful month, Eurozone crisis contained activity, and the high yield bond marked slowed. Default rates were stable in November, though many expect them to rise in the new year.
The European leveraged finance primary and secondary markets were buffeted by volatility following comments by Fed chairman for tapering off support for quantative easing. CLO calendar is still strong, despite unease over EBA directives and politicians attitudes towards CLOs. Issuers are looking towards the US market for liquidity and best execution, be that either through bonds or loans.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Video presentation of these slides:
http://youtu.be/lN4wRATnNHc
Connect with LCD
Facebook: http://www.lcdcomps.com/facebook
Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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There are over 10,000 market contacts in LCD's Leveraged Loan Group
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
The European loan market rebounded in July and early August, posting positive returns and demonstrating increased appetite/volume for new issues. This video analysis details loan and HY bond activity, including returns, prices, volume, default rates, as well as trends for the months ahead.
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contact: anna_cini@sandp.com
Similar to US Leveraged Loan Market Update - June 2011 (20)
As institutional investors continue their search for yield, middle market loans - those to smaller borrowers - are increasingly in focus. LCD's Kelly Thompson looks at recoveries on market middle loans, vs. their large-cap cousins, and finds some surprising results.
An excess of demand marked the April market, with no signs of the supply/demand equation changing. Retail and institutional investors continue to embrace the asset class. CLO issuance has downshifted, however. Looking ahead, participants expect loans’ positive bias to persist.
In November, European leverage loan issuance was up, high yield was down, while secondary markets for both loans and bonds went up
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Watch the video
http://www.youtube.com/watch?v=K_mQ2ti05oE
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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News, commentary, other leveraged finance info
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Contact: anna_cini@sandp.com
In October, loan issuance shot up to €3.7 billion from €2.3 billion; HY issuance came down to €3.5 billion from €7.2 billion; default rates stabilized. Going forward, no significant changes to the quantative easing policies from the ECB; extremely short window of opportunity before the end of the year.
Check out LCD's new, free websites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Download the slides for this video (it's free!)
http://www.slideshare.net/lcdcomps/us-you-tubemar2012slidshr
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
The European leverage finance market started off on all cylinders as the market returned to their desks re-energized by ECB’s policy actions.
Check out LCD's new, free web sites, LeveragedLoan.com and HighYieldBond.com
http://www.leveragedloan.com
http://www.highyieldbond.com/
* Job postings
* Online Loan Market and High Yield Primer
* News and analysis
* Market Stats
Watch this presentation as a video:
http://youtu.be/cbAepSiSJaE
Connect with LCD
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Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis.
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There are over 9,000 market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
Market technical bias improved in recent months, but loan prices are moving in sympathy with equity markets and influenced by eurozone activity.
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
It has been Greek tragedy for the European leveraged finance market over the past few months, with all eyes on staggering sovereigns. Consequently, investors and arrangers alike are sitting on the sidelines.
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There's almost 6,000 market contacts in LCD's Leveraged Loan Group
Twitter: http://www.twitter.com/lcdnews
News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
What is a leveraged loan? S&P/LCD's Leveraged Loan Market guide is the definitive explanation of how today's global leveraged finance market works.
The Guide covers the new-issue (primary) market, as well as the secondary, and details defaults/recoveries, among many other topics.
Also in the guide:
Pro rata vs. term/institutional debt
The syndications process
Best efforts vs. underwritten vs. club deal
The loan investor market: prime funds, finance cos., banks, CLOs
Public vs. private
Defaults/default risk
Loss-given-default risk
Sponsors/Private equity shops
Loan credit stats
Pricing, fees, discounts
Mark-to-market
Second-lien loans
Covenant-lite loans
Loan Trading
Derivatives (CDS, TRS)
LIBOR floors
Prepayments
Debtor-in-possession loans
The European leveraged loan and high yield bond markets were on holiday in August and early September. Literally. There was no HY bond activity and only a hint of loan activity, as investors withdrew from market amid the European economic turmoil.
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News, commentary, other leveraged finance info
Web: http://www.lcdcomps.com
Contact: anna_cini@sandp.com
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Text
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Monday, June 13, 2011
3. No May flowers this year
• Technical conditions cool thanks to strong new-
issue supply (most since market crisis)
• S&P/LSTA Leveraged Loan Index down 0.1%
• New-issue yields widen some 25 bps
• Default rates sink further
Text
Monday, June 13, 2011
4. CLO issuance/fund inflows, vs. outstandings
11.25
CLO issuance/Prime fund inflows
Change in outstandings
6.19
1.13
(3.94)
Text
(9.00)
2/10 4/10 6/10 8/10 10/10 12/10 2/11 4/11 5/11
Source: LCD - Leveraged Commentary & Data
Monday, June 13, 2011
5. Average price, loan flow names, since 2010
99
96.94
on June 9
96
outro
93
90
1/10 03/10 6/10 08/10 11/10 2/11 4/11 6/11
ll
Monday, June 13, 2011
6. Leveraged loans: New-issue clearing yield
8.00
7.25
6.50
out
5.75
5.00
5/10 7/10 9/10 11/10 1/11 3/11 5/11
Source: LCD - Leveraged Commentary & Data
Monday, June 13, 2011
7. Forward calendar of M&A-related loans ($bils.)
20
15
out
10
5
0
6/10 8/10 10/10 12/10 2/11 4/11 5/11
Source: LCD - Leveraged Commentary & Data
Monday, June 13, 2011
9. Looking ahead ...
• Big trend: More pressure on market technicals,
easing later in the summer
• Inflows remain strong, thanks to retail investors,
repayments
• CLO engine back in gear (5 deals of late; more
on the way) Text
• Credit fundamentals improving still
Monday, June 13, 2011