Debt Capital Markets News: February 2013Deloitte Corporate Finance LLC |
The February 2013 issue of Debt Capital Markets News includes the following highlights:
- High-yield market leads new leveraged issuances - High-yield bonds led new leveraged issuances in 2012 with $326.7 billion in new issuances compared to just $219.7 billion in 2011. However, in the middle market space, 2012 new issue loan volume lagged 2011 as both institutional and pro-rata loan issuances declined 37% and 9% respectively.
- Pricing trends favor higher-rated, amortizing credits - Institutional pricing increased in 2012 compared to 2011 while pro-rate spreads showed declines for the same period.
- M&A and LBO volume remains constrained in 2012 - Refinancing continued to dominate the leveraged loan market and represented 47% of total loan volume in 2012. However, in the middle market space where refinancing volume was down considerably, M&A and LBO volume remained relatively flat and thus captured a larger percentage (50%) of total issuances in 2012.
Learn more by downloading Debt Capital Markets News.
Debt capital market news - February 2013
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