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.
New issuance volume in October continues to grow at a level similar to the pre-COVID era, with accelerating transactions prior to the U.S. elections. You will find more details in this edition of the Monthly.
New issuance volume increased significantly in September, reaching a level similar to that of February 2020. You will find more details in this edition of the Monthly.
Bank loan issuance are historically lower during the month of August mainly due to the American holidays. You will find more details in this edition of the Monthly.
Issues in July were lower than last year mainly due to the fact that several transactions were accelerated in June. You will find more details in this edition of the Monthly.
The month of June saw a significant increase in new bank loan issuance, but these were mainly used to increase corporate liquidity. You will find more details in this edition of the Monthly.
The month of May was characterised by a certain stabilisation in bank loan issues despite a low volume. You will find more details in this edition of the Monthly.
The month of April was characterized primarily by rescue loan issuance, but we did see a resumption in Merger and Acquisitions towards the end of the month. You will find more details in this edition of the Monthly.
The COVID-19 pandemic was quickly felt in the financial markets as well as in people's daily lives. During the month, cash outflows from retail investors impacted the price of bank loans. However, a reversal occurred. You will find more details in this edition of the Monthly.
Bank loan issuance volume in February started at the same pace as in January. However, it slowed down abruptly during the last week. You will find more details in this edition of the Monthly.
Bank loans popularity was felt in the first month of the year, when the issuance volume was almost five times higher than at the same time last year. You will find more details in this edition of the Monthly.
Historically, the last month of the year is mainly characterized by a low bank loan issuance volume due to the holiday break. You will find more details in this edition of the Monthly.
Companies with a higher credit rating were more opportunistic during the month of November, when the bank loan issuance volume doubled compared to November 2018. You will find more details in this edition of the Monthly.
The search for better quality loans continued during the month of October, while lower quality loans have more difficulty getting syndicated. You will find more details in this edition of the Monthly.
September was marked by a significant increase in the bank loan issuance volume. Demand for quality loans increased and they were quickly over-subscribed. You will find more details in this edition of the Monthly.
The imposition of additional tariffs on Chinese imports at the beginning of August slowed down the issuers intentions for financial transactions. More details can be found in this month's issue.
Market conditions were in favour of the issuing companies during July mainly due to the numerous bank loan repayments. More details can be found in this month's issue.
Market conditions favoured investors during the month of June. More details can be found in this month's issue.
In May, the volatility in financial markets intensified the flight-to-quality on behalf of investors. More details can be found in this month's issue.
The limited supply of loans in April combined with strong demand from lenders favoured businesses without worsening credit conditions. More details can be found in this month’s issue.
The month of March was marked by an increase in refinancing activities, mainly due to improved market conditions. More details can be found in this month’s issue.
Bank loan prices continue to rise as well as mergers and acquisitions were dominant during the month of February. More details can be found in this month’s issue.
Following the sharp decline at the end of the year, the weighted average price of bank loans in the Credit Suisse Index quickly recovered in the first days of January. More details can be found in this month’s issue.
The bank loan market reacted in sympathy with the volatility recorded in the stock market during the month of December. More details can be found in this month’s issue.
During the month of November, the bank loan market reacted in sympathy with the stock market, thus affecting all industries. More details can be found in this month’s issue.
The bank loan market was very active during the first three weeks of October and then slowed down during the last week. More details can be found in this month’s issue.
*Available in English
Following a quiet month of August, the month of September started off with a high volume of bank loan issuance. More details can be found in this month’s issue.
The month of August was affected by the American holidays, explaining the low issuance volume during the month. You will find more details in this edition of the Monthly.
During the month of July, bank loan prices in the secondary market increased, ending a consecutive five month decrease. You will find more details in this edition of the Monthly.
*Available in English
During the month of June, mergers and acquisitions were dominant while refinancing volume was lower. More details can be found in this month’s issue.
*Available in English
During the month of May, there was significant new issues as well as bank loan demand remained strong. More details can be found in this month’s issue.
During the month of April, the face value of the outstanding North American bank loan market reached a record level of $ 1 000 billion. More details can be found in this month’s issue.
During the month of March, there was an increase in the number of bank loan transactions with more than 114 issues, the highest since February 2013. More details can be found in this month’s issue.
The bank loan market remained resilient during the month, unlike US stocks. More details can be found in this month’s issue.
During the month of January, the bank loan market gained momentum due to strong demand, which led to a rise in average prices in the secondary market. More details can be found in this month’s edition.
Bank Loan issuance volume declined in December but ranked second highest, (following December 2013) in terms of bank loan issuance for the last month of the year. You will find more details on the bank loan market in this month’s issue.
The bank loan market was very active in November and was also well divided according to the financing target (refinancing, mergers and acquisitions, etc.). You will find more details on the bank loan market in this month’s iss
Refinancing activities resumed where they had stopped in August with increased demands from CLO issuance. You will find more details on the bank loan market in this month’s issue.
Since September, mergers and acquisitions have exceeded refinancing activities. In addition, September was a very active month compared to August. More details can be found in this month’s issue.
As in previous years, the month of August was rather quiet with fewer bank loan issues. More details can be found in this month’s issue.
During the month of July, we saw an increase in the average price for bank loans. In addition, refinancing activities were back in full-force. More details can be found in this month’s issue.
We observed a surplus in supply for bank loans. Refinancing activities are still down, while M&A remained strong in the month of June. More details on the bank loan market can be found in this months issue.
The bank loan market is stabilizing, while mergers and acquisitions are increasing the size of the investment pool, demand is still high but growing at a slower pace. More details on the bank loan market can be found in this monthly issue.
*Now available in English
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
High bank loan new issuance volume does not necessarily mean that the size of the market is increasing, particularly in an environment where refinancing activities dominate. We discuss this issue in this month’s edition.
*Now available in English
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
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.
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
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
Cyclical industries, including energy, continue to recuperate after a difficult period which began in June 2015. So far, the investments in this industry recovered about three-quarters of their losses.
*Now available in english
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
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.
Average trading prices for bank loans in the secondary market were up by a dollar for the month. Investors were in search of paper which resulted in favorable conditions for issuers, even those with lower credit quality.
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.
The Bank Loans Floating Rate Monthly publication summarizes the activity and performance of this market which we closely monitor in order to manage funds invested with us in this asset class.
Please reload
