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Leveraged Loan Market Supply/Demand Improves in October as Inflows Edge Issuance

After eroding significantly in August and September, loan market technical conditions bounced back a bit in October as visible inflows edged net new loan supply by $1.87 billion: $5.73 billion versus $3.86 billion.

As this chart shows, however, October’s demand surplus, the first since June, hardly put a dent in the recent run of deficits. Indeed, in September loan supply exceeded visible inflows by $13.9 billion, the largest gap since November 2007. And in the year-to-October, the cumulative deficit totals $34.5 billion.

LCD subscribers can click here for full story, analysis, and the following charts from this article:

  • Average bid of the S&P/LSTA Index
  • Averaged new-issue yield to maturity for leveraged loans
  • Par amount outstanding of the S&P/LSTA Index
  • CLO issuance
  • Total net asset value of prime funds at month-end
  • Institutional forward calendar
  • Share of S&P/LSTA Index bid at par or higher

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