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Weekly US Leveraged Loan Issuance Surges to $18.6B

us levfin issuance

U.S. leveraged loan issuance totaled $18.6 billion last week, the most in more than three months, according to LCD.

Contributing mightily to the recent numbers is another spate of credits backing M&A, including Thor Industries’ $2.3 billion loan supporting the company’s acquisition of Erwin Hymer Group. Thor makes recreational vehicles; EHG is a Germany-based caravan concern.

M&A activity was a driving force in 3Q 2018 leveraged loan activity – accounting for some 80% of issuance during the period – even though these deals became more scarce in September.

Year-to-date, U.S. leveraged loan issuance for institutional investors totals $540 billion, down slightly from the $547 billion YTD 2017, according to LCD.

High yield bond issuance continued thin last week. Activity in this segment has been light throughout 2018 as institutional investors have favored the floating rate asset class (leveraged loans), due to the current rising rate environment, among other factors. – Staff reports

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