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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 LCD's 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 and distressed debt and bankruptcy sectors—produced by our own team of experienced journalists and analysts.
Read news| Month-to-Date | Change from Last Month | Year-To-Date | Change from 2022 | |
|---|---|---|---|---|
| Avg. Clearing Yield (all data as of 2/23) | 9.67 | -0.73 | 10.04 | 5.05 |
| Avg. Bid Morningstar LSTA US Index | 94.24 | 0.18 | 94.24 | -3.79 |
| Morningstar LSTA US Index Return | 0.76 | -1.56 | 3.45 | 3.5 |
| Institutional Loan Volume (bils) | 27.3 | 13.63 | 40.97 | -54.95 |
| HY Bond Volume | 13.43 | -7.17 | 34.03 | 0.67 |
| Leveraged Finance Volume (including pro rata) | 45.22 | 6.04 | 84.4 | -72.28 |
With real-time news and proprietary analytics, LCD provides news and technicals for the U.S. and European leveraged loan, high-yield bond, distressed and investment-grade corporate markets. Plug into the leveraged finance space with some of our complimentary stories on originations, downgrades and other market-level trends.
Read newsWhat 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, 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).
Upheaval, volatility, rebound—The US leveraged market finds its footing amid global turmoil
The US leveraged loan market activity of 2022 has been punctuated by severe and uncharacteristic volatility, which has prompted issuers and arrangers alike to adapt. We also check in on the leveraged loan markets’ transition from LIBOR to SOFR, a new benchmark rate.
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.