Despite OIDs moving towards premium territory, the break prices keep increasing, widening the gap vs. the issue price
Leveraged loans closed another strong week. Continued strong fundamentals remain in place to support a strong market. The leveraged loan market is generally defined as all corporate term loans rated lower…
High yield mutual funds remained positive for the third week in a row. Strong fundamentals have allowed new issues to price at very low yields as fund flows maintain a…
The S&P/LSTA Index has posted steady positive returns since the start of 2013. Strong fund flows are fueling the rally.
The high yield bond market has returned 1.6% year-to-date. Aided by strong fund flows, the secondary market has climbed significantly.
High yield fund flows continued strong last week, fueling a strong issuance for the week.
Loan flows continue strong, increasing steadily since the beginning of the year. New issuance volume increases attracted by strong demand.
The OID spread, considered a gauge of banking sector health, has fallen to pre-US downgrade levels
Fund lows increased significantly last week, returning to the high levels observed in November and December
The high yield market refers to the universe of corporate bonds rated below investment grade. Bonds with ratings BBB- and above are known as high grade or investment grade, and bonds with…
Fund flows maintained a solid pace even after the holidays, setting up the high yield market for a strong Q1.
The S&P/LSTA Leveraged Loan Index is one of the main benchmarks for the leveraged loan market. It tracks the performance of the loans over $50m with margins equal to or higher than…
The leveraged loan market is composed of all the Term Loan B loans rated BB+ or lower. Similarly, the high yield market is composed of all corporate bonds rated BB+ or lower. Unlike most high yield bonds,…
The high yield market had a 16% return in 2012, but changed market dynamics will prevent this from reoccurring in 2013
The high yield market had outstanding returns in 2012 that are unlikely to repeat in 2013 given different market dynamics.
The minimal new issuance and continued fund outflows pose concerns for the high yield market
Continued fund outflows signal a lack of attractiveness in the high yield market
Rates across the fixed income markets are at all-time lows, therefore there is limited upside left
November has had more loan deals flexed up than flexed down, potentially signalling a slowdown
Break prices have widened in recent months, another positive for the high yield market