MONTHLY BANK LOAN LETTER
December 2020
The end of November paved the way to a particularly busy December for the bank loan market. You will find more details in this issue of the Monthly.
November 2020
Uncertainty related to the U.S. elections results as well as vaccine developments have had an impact on the bank loan market. You will find more details in this issue of the Monthly.
April 2017
For a 14th consecutive month, the Credit Suisse Index reported a positive performance for the month of April. Despite some difficulties, the retail industry generated a positive return for the same period. More details on the bank loan market can be found in our monthly publication.
*Now available in English
February 2017
Without reaching January’s record levels, issuers opting to refinance their bank loans continued in February, indicating that demand is still growing. More and more investors are turning to investment funds focusing on this asset class. We discuss this issue in the month’s edition.
*Now available in English
January 2017
Refinancing was in vogue during the first month of the year. Although they were generally redeemed at par value, bank loan issuers who chose to refinance ended up trading above the issue price, indicating that demand remained strong. We discuss this issue in this monthly.
*Now available in English.
December 2016
The uncertainty caused by the outcome of the US presidential elections as well as the rate hike and the Federal Reserve economic outlook led to an increase in demand for bank loans. Supply and demand imbalances for loans continues to allow firms to refinance their loans at lower spreads.
*Now available in English
November 2016
Market downturn throughout January and February 2016 is finally behind us. Since the beginning of the year, « BB » rated securities in the Credit Suisse Index reached a total return of 6.1%, which is a similar performance to 2012. Capital inflow continues in a market with excess demand.
*Now available in English
September 2016
Activities have picked up where they left off before the summer holidays, that is a market with excess demand. More cautious investors try to find the balance between a defensive positioning and the need to invest available money so that they generate interest.
*Now available in english
August 2016
Despite the summer holidays, companies continue to take advantage of favourable market conditions to refinance their debt, or even worst from the point of view of an investor who is looking for opportunities: they repay their loans! Outstanding loans remain substantially unchanged although investors are seeking refuge in variable rate asset class in anticipation of a rate hike.
June 2016
Merger and acquisition activities have slowed alongside the Brexit vote decreasing the inflow of new money into the market. Some companies, however, continue to benefit from this economic environment to refinance their loans on favorable terms. We discuss the dynamics between supply and demand for bank loans in this Monthly.