To be fair, there is volatility out there. But in 1Q18, the loan space was a bastion of stability. At a high level, the primary leveraged loan market seemed actually slow(ish) – at least in comparison to the year-earlier period. As the volume table illustrates, TR-LPC saw leveraged lending declining 33% from 1Q17 levels to $269 billion, while institutional lending slid 37% to $186 billion. S&P/LCD likewise saw a drop in leveraged lending (down 20% to $167 billion) and institutional lending (down 25% to $129 billion). Meanwhile, LFI tracked 1Q18 “priced deals” at $243 billion, off 28% from the year-earlier period.
Third quarter 2007 saw a flicker of balance in August 2017, bookended by the usual trends: too much institutional lender demand chasing too little loan supply. We discuss the technical trends – and consequent terms and conditions – below.
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