While repricing activity stole the headlines in the first quarter, the U.S. leveraged loan market has generated $150 billion in institutional issuance, surpassing the previous record of $149 billion from 1Q13, according to LCD, an offering of S&P Global Market Intelligence.
With $31.2 billion of pro rata issuance, total U.S. loan volume thus far in the first quarter is $181 billion, the most since the $189 billion in 1Q13.
Institutional loans are higher-priced credits sold to non-bank investors, such as CLOs or pension... [+]
Those numbers are up dramatically from the same period in 1Q16, when the market was firmly in risk-off mode amid a painful run of cash withdrawals from loan funds and ETFs.
With $31.2 billion of pro rata issuance, total U.S. loan volume thus far in the first quarter is $181 billion, the most since the $189 billion in 1Q13.
Those numbers are up dramatically from the same period in 1Q16, when the market was firmly in risk-off mode amid a painful run of cash withdrawals from loan funds and ETFs.
The U.S. high-yield market has similarly crushed last year's first-quarter issuance, with $69 billion of volume so far in 2017, versus only $36 billion one year ago.
The trend is the same in Europe, where institutional issuance this quarter is more than double the 1Q16 total, and high-yield activity is up 177%.
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