Investment Management

Senior Loan Talking Points

07/17/2017

Senior Loan Talking Points - LBOs Lead The Way

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

Activity across the U.S. loan market picked up after the Fourth of July holiday, with a spate of new money transactions dominated by LBO deals. The S&P/LSTA Leveraged Loan Index (the “Index”) performed solidly, returning 0.13% on the week. The average bid added two bps, to 98.07.

07/07/2017

Senior Loan Talking Points - A Little R(est) and R(ecovery)

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

With a shortened holiday week and seasonally slower primary market activity, secondary prices received a bit of a boost, resulting in a 0.12% weekly return for the S&P/LSTA Leveraged Loan Index (“Index”).

06/30/2017

Solidly Summer

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

It was a busy week in the loan market, and the asset class performed well in a mixed bag atmosphere across the main capital markets. The S&P/LSTA Leveraged Loan Index (the “Index”) gained 0.16%, as the 98.02 average bid added two bps on the week.

06/26/2017

M&A Paving a Way?

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

A push of new money transactions brought greater ballast to the loan market this week. Of course, with greater selection in new issue comes incremental price pressure on the secondary side.

06/19/2017

Senior Loan Talking Points - No Surprise, Fed Lifts; Loans Hold Steady

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

The Fed followed through on its recent guidance and raised short-term rates this week. Since the action was widely expected, the S&P/LSTA Leveraged Loan Index (the “Index”) remained relatively flat with a -0.02% total return, as the average bid retreated 10 basis points to end the week at 98.20.

06/09/2017

Senior Loan Talking Points - Clipping Along

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

Despite strong market demand, an increase in primary market activity kept Index returns in check. The S&P/LSTA Leveraged Loan Index (the “Index”) was flat for the week with a gain of 0.03%, based solely on interest carry, as the average bid slipped 3 basis points to end the week at 98.30.

06/05/2017

Senior Loan Talking Points - Staying Active

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

M&A and opportunistic transactions continued to dominate the new issue calendar as the loan market stayed active over the holiday-shortened week. The S&P/LSTA Leveraged Loan Index (the “Index”) gained 0.07%, although the average bid slipped a basis point to end the week at 98.33.

05/30/2017

Senior Loan Talking Points - Stepping Into Summer

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

As the loan market eases into the U.S. Memorial Holiday weekend, the asset class this past week continued to benefit from solid demand against what looks to be a typically less active summer forward calendar. The S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.09%, while the average bid increased two bps, to 98.35.

05/22/2017

Senior Loan Talking Points - Searching For A Better Balance

By Jeff Bakalar, Managing Director and Group Head of the Senior Loan Group

Retail funds and CLOs added further inflows of cash into the loan market this week, as the new issue calendar continues to moderate. S&P/LSTA Leveraged Loan Index (the "Index") gained 0.07%, while the average bid for loans declined by a basis point, to 98.32.

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