Investment Management

Senior Loan Talking Points

12/11/2017

Senior Loan Talking Points - Weather Gets Colder, Market Stays Warm

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

The loan market moved up in the first week of December, as the S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.11%. The average Index bid increased two basis points, to 98.00.

12/03/2017

Senior Loan Talking Points - Resiliency in the Face of Volatility

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

The syndicated loan market remained steady this week, despite notable swings in both equity prices and bond yields. The S&P/LSTA Leveraged Loan Index (the “Index”) posted a 0.14% return for the seven-day period that ended the month of November, as the average Index bid moved six bps higher to close at 97.98.

11/17/2017

Senior Loan Talking Points - Actively Anticipating Holidays

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

With the Thanksgiving holiday nearly upon us, arrangers rushed to the primary market with a bevy of repricing transactions, putting some downward pressure on secondary trading.

11/10/2017

Senior Loan Talking Points - Activity Going, Supply Slowing

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

Activity in the U.S. loan market remained healthy this week, despite the forward calendar naturally slimming. The S&P/LSTA Leveraged Loan Index (the “Index”) was relatively flat with a -0.02% total return as the average Index bid fell by nine basis points to end the week at 98.07.

11/05/2017

Senior Loan Talking Points - Activity Remains Strong, Varied

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

Despite robust market demand, an increase in primary market activity kept Index returns somewhat in check this week. The S&P/LSTA Leveraged Loan Index (the “Index”) gained 0.04%, based largely on interest carry, while the average bid slipped four bps to end the week at 98.16.

10/30/2017

Senior Loan Talking Points - Steadily Awaiting Earnings

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

It was a relatively uneventful week in the US loan market; activity remained steady and technicals reasonably balanced, with most investors eyeing a ramp-up in Q3 earnings reports.

10/23/2017

Senior Loan Talking Points - A No-Vol October So Far

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

While volatility across markets historically escalates in the month of October, it hasn't been the case this time, at least thus far. Loan market technicals during the first half of the month have remained reasonably balanced, thanks to a pickup in M&A activity and a slowdown in repricings.

10/15/2017

Senior Loan Talking Points - Changing Leaves, Steady Technicals

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

U.S. loan market technicals remained reasonably balanced this week as recently robust M&A activity slowed and repricing activity picked up some. Against that backdrop, the S&P/LSTA Leveraged Loan Index (the "Index") gained 0.16%, the average bid rising five bps, to 98.09.

10/08/2017

Senior Loan Talking Points - Staying Keen on Loans

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

Demand from a variety of market participants drove a total return for the S&P/LSTA Leveraged Loan Index (“Index”) of 0.16% for the week. The average bid moved up seven basis points to end the week at 98.04.

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