23 Apr Voya Senior Loan Group – ‘Talking Points’ Weekly Update
Voya Senior Loan ‘Talking Points’ is a weekly publication from the Voya Senior Loan Team Heads, which provides key insights and results in the Senior Loan marketplace.
Slim Pickings
A shallow forward calendar sent investors flocking to the new issue market last week creating strong demand with five deals enjoying tighter pricing and more advantageous terms. The index posted a nice increase on the week, 0.68%, as average bids jumped 50 bps to 92.60.
Higher rated and larger deals drew considerable interest in the primary this week, as a dwindling pipeline brought investors into the market with greater urgency.
The lack of significant upcoming M&A activity is resonating through the secondary. The market remains well-bid and pricing pressure is becoming noticeable. Over 20% of performing loans in the Index are now trading at par or higher, a near seven percent jump on the week.