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October 2023

Geopolitical tensions and economic data attracted a great deal of attention in October. These factors had a greater impact on one category of issuers.  You'll find more details in this month's issue.

September 2023

September was a busy month, with an issuance volume not seen since the beginning of 2022. The price of bank loans appreciated thanks to sustained demand. You'll find more details in this month's issue.

August 2023

The market was busy during the second half of the month despite the American summer holidays. Issuance volumes were at the upper end of the range for the past year. You'll find more details in this month's issue.

July 2023

The volume of new transactions rose significantly in July. There was even a phenomenon that had not occurred for 16 months. You'll find more details in this month's issue.

June 2023

The transition to the SOFR rate came to an end and took up a good part of our activities in June. In addition, there was a successful transaction, an event not seen since February. You'll find more details in this month's issue.

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.

October 2020

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.

September 2020

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.

August 2020

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.

July 2020

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.

June 2020

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.

May 2020

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.

April 2020

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.

March 2020

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.

February 2020

Bank loan issuance volume in February started at the same pace as in January. However, it slowed down abruptly during the last weekYou will find more details in this edition of the Monthly.

January 2020

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.

December 2019

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.

November 2019

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.

October 2019

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 2019

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.

August 2019

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.

July 2019

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.

June 2019

Market conditions favoured investors during the month of June. More details can be found in this month's issue.

May 2019

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.

April 2019

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.

March 2019

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.

February 2019

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.

January 2019

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.

December 2018

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.

November 2018

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.

October 2018

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

September 2018

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.

August 2018

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.

July 2018

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

June 2018

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

May 2018

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.

April 2018

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.

March 2018

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.

February 2018

The bank loan market remained resilient during the month, unlike US stocks. More details can be found in this month’s issue.

January 2018

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.

December 2017

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.

November 2017

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

October 2017

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.

 

September 2017

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.

August 2017

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.

July 2017

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.

 

June 2017

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.

May 2017

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

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

March 2017

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

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

October 2016

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

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.

July 2016

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.

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.

May 2016

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.

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