The market continued to tilt in favor of borrowers in July, leading to a record level of activity in the primary market driven by repricings, even as M&A remained elusive.
Geopolitical tensions, a looming trade war, and frothy market levels combined to put investors on edge in February. The S&P 500 dropped 1.3% while U.S. high-yield bond returns fell to 0.67%, from 1.37% the previous month, according to the Bloomberg U.S. Corporate High Yield Index. In the broadly syndicated loan (BSL) market, total return shrank...
Borrower-friendly market technicals have continued to characterize the first half of the year. Macro conditions, including higher-for-longer interest rates, geopolitical instability and a turbulent domestic election season have contributed to muted M&A activity.
