CLO NEWSLETTER - Sutherland Global Services
CLO NEWSLETTER - Sutherland Global Services
CLO NEWSLETTER - Sutherland Global Services
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Cov-relief, A-to-E activity remain slow in hot April loan market<br />
May 02, 2013; Source: LeveragedLoan.com; By : Steve Miller<br />
Amendment activity was lackluster again in April. With liquidity running hot in<br />
the institutional market, amend-to-extend activity was limited to pro rata<br />
loans. Covenant-relief activity, meanwhile, remained slow. In all, four issuers<br />
loosened tests on $2.8 billion of leveraged loans, versus $5.8 billion in March.<br />
For more: Click here<br />
<strong>CLO</strong> Issuance Slides To $4B In April After Booming March<br />
May 02, 2013; Source: LeveragedLoan.com<br />
After a busy month of March, <strong>CLO</strong> issuance in the U.S. slowed noticeably in<br />
April, to just $4 billion via nine deals. The April <strong>CLO</strong> activity brings year-todate<br />
volume in the sector to $30.1 billion.<br />
While that’s a healthy $7.5 billion monthly average, the pace of<br />
collateralized loan obligation vehicles has dropped off. In March there was<br />
nearly $11 billion in issuance via 22 deals.<br />
For more: Click here<br />
Leveraged loans return 0.6% in April as rally persists; YTD return is 2.72%<br />
May 01, 2013; Source: LeveragedLoan.com; By : Steve Miller<br />
The loan market’s 2013 rally persisted in April. Fueled by another month of<br />
muscular technical conditions and positive investor sentiment, the S&P/LSTA<br />
Index returned 0.6%, versus 0.82% in March. The larger names that constitute<br />
the S&P/LSTA Loan 100 lagged slightly in April, with a 0.56% return, after<br />
marginally outperforming in March, at 0.84%.<br />
For more: Click here<br />
Leveraged loan default rate eases in April after hitting recent high<br />
May 01, 2013; Source: LeveragedLoan.com; By : Steve Miller<br />
After pushing to its highest level since November 2010 in March, the loan<br />
default rate receded in April.<br />
Indeed, the S&P/LSTA Index suffered just one default during the month,<br />
when Synagro Technologies filed for Chapter 11. As a result, the loan default<br />
rate retreated to 1.91% by principal amount, from 2.21% in March, when<br />
three directory issuers defaulted on $4 billion of loans.<br />
For more: Click here<br />
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