Debt Capital Markets News: March 2014
Deloitte Corporate Finance LLC
The March 2014 issue of Debt Capital Markets News includes the following highlights:
- Leveraged loan pricing approaches pre-crisis levels - Leveraged loan pricing continues to decline for both institutional as well as for pro-rata loans. After a small up-tick in pricing in the third quarter of this year, pricing continued to decline, a trend that has continued since the aftermath of the 2012 sovereign debt downgrade.
- Refinancing activity continues to dominate the market given relatively modest M&A and LBO activity - Refinancing activity remains the predominant use of proceeds representing 47% of new loan volume in 2013, relatively in line with 2012 levels.
- 2013 middle market new loan volume remains subdued - Unlike the large corporate leveraged loan market, middle market volume remains well below pre-crisis levels. However, 2013 volume showed signs of life increasing 32% to $13 billion compared to $10 billion in 2012.
Source: S&P Leveraged Commentary and Data
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