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Retail Sector Sees August Rebound in Leveraged Loan Trading Market

Leveraged loan fund withdrawal streak hits record 33 weeks, totaling $32B

Jefferies and Davidson Kempner to invest in CLO equity of Par-Four

Investors withdraw $350M from US leveraged loan funds as streak hits 31 weeks

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Retail Sector Sees August Rebound in Leveraged Loan Trading Market

Biggest Gainers/Losers – US Leveraged Loan Secondary Trading Market

aug big movers loans

Despite continued struggles by high-profile leveraged loan issuer J.C. Penney (link) during the second quarter, the long-beleaguered retail industry had a strong August, making up five of the 10 largest advancers in the loan trading market during the month, according to S&P/LSTA Loan Index.

One reason: buyer confidence continues to improve. Based on The Conference Board’s Consumer Index, sentiment reached its highest level since October 2000, with a reading of 133.4, up from 127.9 in July.

This positive backdrop, coupled with stronger overall earnings, saw several names in the industry that have struggled previously climb higher, including Neiman Marcus GroupBelkPetSmartJ. Crew, and Ascena Retail Group. Elsewhere, American Tire Distributors, a name that has been among the largest decliners after the loss of its contract with both Goodyear Tire & Rubber and Bridgestone earlier in the year, recouped some losses this month, making it among the top 10 gainers, after the company reported a 5.8% year-over-year increase in net sales for the second quarter.

About J.C. Penney. It was one of the month’s largest decliners, reporting lower-than-expected earnings, with adjusted EBITDA coming in at $105 million, 45.5% below Street forecasts, based on consensus data compiled by S&P Global Market Intelligence. The issuer’s term loan B due 2023 (L+425, 1% LIBOR floor) was quoted at 90/91.375 after the disappointing results, from a 95/95.875 level previously.- Tyler Udland

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