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A leveraged loan is a debt instrument undertaken by speculative-grade issuers, arranged by one or more investment banks, and sold largely to institutional investors. See more in our free Leveraged Loan Primer and our quarterly almanac detailing market trends.
Read our primerNews from the leveraged loan markets—as well as the high-yield bond, direct lending, distressed debt, and bankruptcy sectors—produced by our own team of experienced journalists and analysts.
Read news »| MTD | Change from Last Month | YTD | Change from 2023 | |
|---|---|---|---|---|
| Avg. Clearing Yield (all data as of 2/14) | 9.52 | 0.24 | 9.4 | -0.46 |
| Avg. Bid Morningstar LSTA US Index | 96.25 | -0.11 | 96.25 | 1.65 |
| Morningstar LSTA US Index Return | 0.38 | -0.1 | 1.05 | -2.41 |
| Institutional Loan Volume (bils) | 28.92 | -36.69 | 94.53 | 63.33 |
| HY Bond Volume | 18.86 | -12.26 | 49.97 | 18.25 |
| Leveraged Finance Volume (including pro rata) | 52.42 | -54.04 | 158.87 | 82.99 |
With breaking news and proprietary analytics, PitchBook | LCD provides news and technicals for the U.S. and European loans, bonds, and private debt markets. Plug into the leveraged finance space with some of our complimentary stories on originations, downgrades, and other market-level trends.
Read news »What is a leveraged loan? Our free, digital Leveraged Loan Primer is the definitive guide to the global leveraged loan market and the industry at large. It covers everything from leveraged loan purposes, types of syndications, how a loan is priced, types of loan facilities, leveraged buyouts (LBOs), M&A, loan derivatives, pricing terms/rates, and everything in between.
Read the primer »
Watch our free, on-demand webinars from Leveraged Commentary & Data (LCD)—now part of PitchBook.
Q4 2023 US leveraged loan and private credit outlook
Improved market conditions have led to strong performances in the leveraged loan secondary market, with growing returns, renewed extension activity, and potential repricing opportunities.
Has the market retreated to Global Financial Crisis levels?
With soaring interest rates and investors weighing the possibility of a recession, the credit markets have slowed precipitously in 2023. Distress and defaults continue to rise, and market participants in the once full-speed-ahead private credit sector are taking a more deliberate approach to deals.
US leveraged loan market analysis/outlook
We detail a US leveraged market that has become more challenging for debt issuers and private equity sponsors amid uncharacteristic volatility, rising spreads in yields and concerns over the long-term economic outlook. We also dive deep into tech LBOs and what’s to come in 2022.