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 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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.