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The 4Q/2015 Leveraged Loan Market, In 6 Charts

These charts are taken from LCD's seriously comprehensive 4Q US Leveraged Loan Market Wrap Up, written by Steve Miller. You can learn more about LCD here

The final quarter of 2015 brought what was already a challenging year for the U.S. leveraged loan market to a less than-jolly conclusion. First and foremost, new-issue volume stalled. Sputtering loan demand was the proximate cause, despite an environment of solid credit fundamentals.

In short, here's how the fourth quarter, and the year, went.

With capital formation falling ...

CLO prime fund issuance 14Q15  

... and supply rising ...

Change in leveraged loan outstandings 24Q15

... leveraged loan prices fell further in the secondary during the fourth quarter.

leveraged loan bids 34Q15

 

New-issue volume also fell (especially 'opportunistic' activity) ...

quarterly leveraged loan volume 44Q15  

... extending the year-long slump.

annual leveraged loan volume 54Q15

Digging deeper, LBO activity faded in 2015, while corporate activity thrived.

  M&A leveraged loan volume 64Q15 Follow Steve on Twitter for an early look at LCD analysis on the leveraged loan market.  

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