With the U.S. leveraged loan market in overdrive, repricing activity is surging to levels not seen since May 2015, with lower-rated issuers taking full advantage.
Nearly $31 billion of leveraged loan debt was repriced in September, up dramatically from the $13.4 billion in August and well above the monthly average since May of this year, according to LCD, an offering of S&P Global Market Intelligence.
And issuers are saving big-time in the process, saving an average of 76 bps from their spread over LIBOR via these deals in September.
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This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.