Chart of the Week

Better issuers get better pricing, but oil-related market volatility has lifted yields on all credits. Average new-issue yield to maturity Source: S&P…

Loan repayments have declined since July 2013, as widening spreads foil issuers looking to cheapen borrowing costs. Source: SEC filings,…

Out-flows from retail loan funds eased last month from December’s flood, helping rebalance supply-demand technicals in favor of issuers.

Regulators cite “weak characteristic” of many leveraged borrowers’ inability to repay debt within seven year tenors. Source: The Fed, FDIC, OCC…

Supply-demand dynamics – too much cash and too few deals – have pushed second-lien spreads down since the credit crisis.…

Oil price induced volatility pushed up yields on both first and second-lien term loans last year, though availability of the…

Quarterly issuance of second-lien loans peaked in the second quarter of 2014 and has declined steadily due to market conditions.…

The stricter regulatory environment caused lenders to scale back debt multiples for all leveraged loans at the close of last…

Despite a buoyant economy and favorable interest rate environment, the share of criticized bank loans has not declined.

With no compelling reason to close deals by year-end, new loan volume has declined every month since June.