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ABL Advisor Deal Tables & Thomson Reuters LPC League Tables and Loan Volume Reports

Thomson Reuters LPC - League Tables And Loan Volume Reports*

ABL Advisor has teamed with Thomson Reuters LPC to deliver the quarterly Thomson Reuters LPC League Tables detailing domestic asset-based lending transaction activity utilizing Bookrunner data, the Thomson Reuters LPC Loan Volume Report detailing quarterly deal counts and issuance volume data.

Thomson Reuters Loan Volume Report

ABL lenders pushed just under U.S.$59 billion of syndicated loan volume through the market in the first three quarters of 2016, keeping pace with results in the same period in 2015 (U.S.$60 billion). Despite the respectable results however, deal count continued to trail year ago totals, to log 181 deals during the first nine months of this year, down 26 deals compared to the same time last year. Roughly 68% of total issuance so far this year represented the refinancing of existing credits, but at under U.S. $40 billion, even this was muted. Issuers noted a meaningful decline in straight forward flow business as issuers took advantage of market conditions to refinance existing credits in 2014 and 2015. At the same time, new money lending totalled less than U.S. $19 billion so far this year. In the absence of an adequate supply of new loan assets, lender competition intensified and borrowing terms were loosened. Sixty-eight percent of total third quarter syndicated ABL issuance was priced at LIBOR spreads of 150bps or below -- up from 43% in the second quarter in 2016 and 52% in the comparable year ago period. Average pro rata drawn spreads for the quarter stood at just over 176bps, down from 190bps in 2Q16 to mark the lowest quarterly total since the third quarter of 2007 (165.8 bps). At the same time, lenders noted that key structural ABL terms saw real erosion with grace period for financial covenant testing, the emergence of pari-passu sidecar facilities and limited conditionality provisions all gained traction.

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*Source: Thomson Reuters LPC. Re-printed with permission.

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