Index Monthly January 2021

Investor demand outpaced the supply of U.S. leveraged loans in January, sending prices in the trading market beyond pre-pandemic levels. Multiple metrics make clear that loan issuers are now firmly in the driver’s seat: yields on new term loans have fallen to decade-long lows, repricings of existing loans outnumber new-money deals, and virtually all price flexes on loans during syndication in January were to the borrower’s benefit.

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January: Cold Temps, Hot Markets

Thanks both to improving sentiment – case study: Nasdaq’s 2% jump following the Fed’s 25 bps rate rise on Wednesday.