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The definitive guide to the leveraged loan market

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.

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PitchBook | LCD news & analysis

News 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.

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Leveraged loan trends

      Loan market at a glance

      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

      PitchBook | LCD news & insights

      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.

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      Our Leveraged Loan Primer details the leveraged loan market

      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.

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      On-demand PitchBook | LCD webinars

      Watch our free, on-demand webinars from Leveraged Commentary & Data (LCD)—now part of PitchBook.