Leveraged loans down almost a third

摘要

At US$244bn, leveraged lending in the second quarter was down 30% year-on-year as an increase in new-issue supply, coupled with steady loan mutual fund outflows, stemmed the tide of opportunistic repricings. Meanwhile, M&A-related financings picked up to US$39bn in the investment-grade market in the second quarter, more than doubling volumes in the first quarter of 2014 and the second quarter of 2013. Bankers expect it could reach US$150bn in 2014 even without a deal such as Verizon, which brought more than US$60bn of last year's US$130bn in M&A deals.