Investment Management

Senior Loans

05/15/2017

Senior Loan Talking Points - A Good Week

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

Merger and acquisition announcements took center stage in a loan market that had a good week but nonetheless remains eager for new paper. The S&P/LSTA Leveraged Loan Index (the “Index”) returned a solid 0.10%, and the average bid for loans increased by two bps, to 98.33.

05/08/2017

Senior Loan Talking Points - Slow on News, Steady on Return

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

In a week light on headline-grabbing news, the loan market held steady, despite further moderation of the issuer-friendly technicals that have dominated most of 2017. The S&P/LSTA Leveraged Loan Index (the “Index”) gained 0.09%, while the average bid remained unmoved at 98.31.

05/01/2017

Senior Loan Talking Points - Steady As She Goes

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

While stock markets surged this week following welcome news from the first round of French elections, things remained relatively even-keeled in the loan market. The S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.09%, while the average bid for loans increased only one basis point, to 98.31.

04/24/2017

Senior Loan Talking Points - New Deal Green Shoots?

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

The loan market exhibited low correlation to volatile equity markets during a week when leveraged buyout activity took center stage for the asset class. The S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.08%, while the average bid for loans inched up two bps, to 98.30.

04/07/2017

Senior Loan Talking Points - No April Fool

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

The loan market moved up in the first week of April, as the S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.21%, and the average bid for loans increased by 12 bps to 98.28.

04/03/2017

Senior Loan Talking Points - Staying Steady

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

The loan market held steady over the course of a week that experienced more topsy turvy action in capital markets, though scarce new organic supply remains a point of issue. The S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.01%, and the average bid for loans fell to 98.16, a ten bps decline.

03/27/2017

Senior Loan Talking Points - A Calm Corner

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

In a week that saw some capital markets volatility, loans remained relatively stable but did not emerge entirely unscathed. The S&P/LSTA Leveraged Loan Index (the “Index”) was down 0.14%, and the average bid for loans declined to 98.46, a 23 bps decrease.

03/20/2017

Senior Loan Talking Points - Riding the Rate Wave

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

It was an eventful week for the U.S. loan market, with winter storm Stella battering the Eastern United States and slowing down primary activity, followed by a pick-up in launches and the Federal Reserve decision to raise short-term interest rates.

03/13/2017

Senior Loan Talking Points - Back on Fed Watch

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

Loan issuance picked up over the course of a week that experienced several bond-for-loan takeout transactions as issuers looked to lock-in lower rates amid indicators of a healthy economy, and increasing probabilities of Fed rate hikes. The S&P/LSTA Leveraged Loan Index (the “Index”) gained 0.08%, and the average bid for loans increased by 13 bps, to 98.59.

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