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LevFin Insights BDC Portfolio News 6-24-19

Posted by Thomas Dunford on Jun 25, 2019 9:00:00 AM

LFI BDC Portfolio News 6-24-19: Talen Energy Supply to repay term debt held by FS Energy & Power Fund

High-yield extended its June rebound with increasing vigor over the past week amid retail cash inflows and declining interest rates, and the new-issue machine kept churning out maturity-extension focused refinancings, peppered by a few M&A situations. The loan secondary, by contrast, was little changed, with new issues at an ebb pre-holiday and the specter of falling rates dampening enthusiasm among end investors.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 6-17-19

Posted by Thomas Dunford on Jun 18, 2019 9:00:00 AM

Allied Universal to widen margin on most 1L debt; existing holders include BDVC, OCSL

Bifurcated market conditions continued to reign in new-issue loans despite modest deal flow and a panoply of deal revisions that reflect the challenging nature of the current calendar; in the month to date B3 issuers comprise 44% of rated volume, the highest percentage since December. Bonds charged forward with a bunch of refi-related prints tight to talk, but the two buyout financings met some inevitable pushback on issuer-friendly terms.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 6-10-19

Posted by Thomas Dunford on Jun 11, 2019 8:45:00 AM

Avantor repricing to narrow yield on debt held by BDVC, OCSI, OCSL, FSK

High-yield took center stage last week as investors shrugged off outflows and cozied up to a busy new-issue calendar bolstered by falling U.S. Treasury yields that helped support an attractive refinancing window, which drew big names such as HCA, Sirius XM Radio, Vistra Energy and even Intelsat. New-issue loans, on the other hand, were mixed as bifurcated market conditions that have existed for much of the year are coming into sharper focus.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 5-28-19

Posted by Thomas Dunford on May 29, 2019 8:47:56 AM

A trio of issuers launch refinancing efforts for BDC-held credits; ‘net net’ calendar turns negative

High-yield business was brisk last week with primarily off-the-run credits swapping higher coupons for extended maturities, and investors were happy to oblige the trade. The lone M&A-related bond trade, IAA Spinco, cleared with fanfare despite shaky market conditions as the well-rated credit was embraced by both bond and loan accounts alike.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

LevFin Insights BDC Portfolio News 5-13-19

Posted by Thomas Dunford on May 14, 2019 10:32:12 AM

Add-ons abound amid renewed wave of M&A; Autodata deal to take out debt held by PSEC

Momentum slowed in the new-issue loan market last week, with the uncertainty surrounding U.S.-China trade negotiations leaving market participants in wait-and-see mode heading into the weekend. While time-sensitive business continues apace, arrangers readying opportunistic deals appeared to be taking a more deliberate approach as events play out on the international stage. Yet high-yield issuance came at a breakneck pace—the $12 billion output was the highest-volume week in almost two years—as U.S. Treasury yields fell. Moreover, the broad secondary markets took the week’s events in stride, with earnings continuing to drive situational movers.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research


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