Investment Management

Senior Loan Talking Points

08/14/2017

Senior Loan Talking Points - Gearing Down…For Now

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

After the very active pace of the July, the US loan market pedaled into lower gear this week, in typical fashion for mid- August. The average bid within the S&P/LSTA Leveraged Loan Index (“the “Index”) slipped seven bps, to 98.24, contributing to a modest 2 bps loss for the Index for the week.

08/06/2017

Senior Loan Talking Points - Anticipating an Active August

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

The U.S. loan market this week had a busy and solid run amid a rush of new transactions representing both new money and opportunistic deals.

07/28/2017

Senior Loan Talking Points - Trending Tighter

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

The U.S. loan market this week saw continued tightening, dovetailing off of generally consistent investor demand and relatively low overall volatility.

07/21/2017

Senior Loan Talking Points - Pass the Spread

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

The U.S. loan market welcomed widening credit spreads this week in an atmosphere eager for yield. The S&P/LSTA Leveraged Loan Index (the "Index") had another good run with a 0.16% return, while the average bid for loans increased by six bps, to 98.13.

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.

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