MONTHLY BANK LOAN LETTER
May 2023
The US debt ceiling preoccupied financial markets in May and slowed the bank loan market. The transition to the SOFR rate is being accelerated ahead of the deadline. You'll find more details in this month's issue.
April 2023
Quiet markets combined with a low new issuance volume in March drove up the price of bank loans for the month of April. More details can be found in this month's issue.
March 2023
The US regional banking crisis has increased volatility in the financial markets and has dampened the market for new bank loan issuance. More details can be found in this month's issue.
February 2023
The optimism that prevailed at the end of January continued into February as issuance volume reached a level not seen since January 2022. On the other side of the equation, investor demand was strong. More details can be found in this month's issue.
January 2023
Activity in the primary market got off to a slow start, but strong demand helped to drive up prices in the secondary market. More details can be found in this month's issue.
December 2022
New bank loan issuance volume was low in December, as it is every year due to the holiday season. More details can be found in this month's issue.
November 2022
Bank loan issuance volume reached a level not seen since April. Issuers were opportunistic during the month. More details can be found in this month's issue.
October 2022
Bank loan issuance was weak in October and the search for better quality loans continues by investors. More details can be found in this month's issue.
September 2022
The transactions expected in September were not able to revitalize the market and required more difficult trading. More details can be found in this month's issue.
August 2022
The bank loan market was sluggish during August 2022. New issuance is expected to return in September. More details can be found in this month's issue.
July 2022
New bank loan issuance volume is still low, while the market is supported by CLO's. More details can be found in this month's issue.
June 2022
The financial markets volatility has had an impact on bank loan issuance. More details can be found in this month's issue.
May 2022
The total of new issuance reached a low not seen since July 2020. More details can be found in this month's issue.
April 2022
Bank loan issuance volume was low due to geopolitical tensions, however, one particular piece of news caught attention. More details can be found in this month's issue.
March 2022
The month of March 2022 was marked by a strong period of volatility in the financial markets. More details can be found in this month's issue.
February 2022
The volume of bank loan issuance was much lower than in February 2021. More than one factor accounts for this decrease. More details can be found in this month's issue.
January 2022
Bank loan issuance continued the same momentum as last year, but the volume is lower than that recorded in January 2021. More details can be found in this month's issue.
December 2021
Bank loan issuance slowed considerably during the month of December, primarily attributed to the uncertainty of the Omicron variant. More details can be found in this month's issue.
November 2021
Bank loan issuance did not decline during the month of November and CLO issuance continues to break records. More details can be found in this month's issue.
October 2021
The amount of new issues was high again in October, marking the 8th month with a volume of over $60 billion. More details can be found in this month's issue.
September 2021
The bank loan market was looking particularly busy in September with deals announced since late summer, but activity did not show up until mid-month. We even saw the second largest bank loan issuance in history. More details can be found in this month's issue.
August 2021
As it has been the case since the beginning of the year, the amount of bank loan issuance in August 2021 was higher than in 2020. One record has been broken and a new one looks easily attainable. More details can be found in this month's issue.
July 2021
July is usually a quieter month in terms of issues, however this was not the case this year where the sum of new issues is equivalent to the previous month. More details can be found in this month's issue.
June 2021
Issuance in June 2021 increased significantly compared to the same date last year. M&A's have come back in full force. More details can be found in this month's issue.
May 2021
Total issuance in May was below the year-to-date average, but well above last year's level. Strong demand for the product has prompted companies to refinance their loan terms. You will find more details in this issue of the Monthly.
April 2021
Bank loan issuance volume remained high in April. In four months, the level of issuance has almost reached the level of the year 2020. However, the nature of the issuance has changed somewhat. You will find more details in this issue of the Monthly.
March 2021
March 2021 was a different month compared to last year. Demand for floating rate financial instruments is strong and favorable for bank loans. You will find more details in this issue of the Monthly.
February 2021
New issuance volume surpassed that of January 2021, which was already at record levels. You will find more details in this issue of the Monthly.
January 2021
The beginning of the year started off the same way as last year in terms of issuance volume. Several factors explain the volume for January 2021 and you will find more details in this issue of the Monthly.
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.