Credit investors are drawing a line in the sand with regard to the rates at which they are prepared to lend to US middle-market companies, after a wave of aggressive leveraged loan refinancings pulled yields lower in the first quarter of the year. Increased supply due to a healthy crop of new-money deals backing leveraged buyouts, mergers and acquisitions, and add-on activity in the second quarter is helping middle-market investors to resist downward pricing pressure.
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