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LSTA Newsletter: October 4, 2019

This week, we start off by briefly reviewing the US leveraged loan market to date in 2019. We then turn to LIBOR and SOFR, and flag (spread adjustment) progress being made (really!). Finally, we shift to the intersection of the courts and DC to discuss why Volcker and litigation might limit banks’ ability to invest in […]

What are the Regulators Really Saying about Loans?

For months the financial press has been reporting on the Federal Reserve’s concerns with the leveraged loan market, but it wasn’t until Fed chairman Jerome Powell’s testimony before the House Financial Services Committee last Wednesday that he specified the actual extent of those concerns.

On Leveraged Lending: Original Sources

Reports continue to appear about regulators opining on the leveraged loan market. And so, we once again go to the original sources to see what they are saying. We began this process in December, when we recapped views from the OCC Semi-Annual Risk Assessment and the Federal Reserve’s Financial Stability Report, as well as speeches and comments from Fed Chairman Powell, Vice-Chairman Quarles and Comptroller Otting.

SLOO: Look to the Yield Curve

In early October, we detailed what practitioners monitored in the third quarter leveraged loan market. This week, in its Senior Loan Officer Opinion (SLOO) Survey, the Fed published what loan officers noted on third quarter. While no one saw the same things, the SLOs flagged a metric that could portend a downturn. (Hint: Yield curve inversion.)

The LSTA Comments on the Leveraged Loan Market

There recently have been several voices expressing concern about the state of the leveraged loan market. The Loans Syndications and Trading Association (LSTA) would like to take this opportunity to answer some questions and dispel some of the misperceptions about the leveraged loan market.

Primary Spreads Stabilize in February, Secondary Spreads Compress

After breaking records (and investors’ hearts) in January, the leveraged loan market settled somewhat in February. In turn, the rapid spread deterioration – or improvement, depending on one’s world view – slowed. Below, we run through the numbers that defined February.

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