High Yield Primary

The majority of this week's new issuance was front-loaded, and four new deals hit the wires early on Monday. While we wait for the expected deluge, three save-the-date’s announced for the 4th suggests next week could prove busier.

Leveraged Loans Primary

Issuance picked up this week after some buysiders confessed to feeling underwhelmed given the deluges that were hyped over the summer break. However, with big deals churning through the market and the expectation of a busy Q4, investors may soon find their wishes for issuance realised - though, handily, not to the manic levels of H1.

High Yield Secondary

Across HY, instruments softened again this week, traded down an average of -0.36 pts (17% +0.26 pts | 80% -0.52 pts). Real Estate was by far the worst performer, dropping an average of -1.57 pts, as we discuss in the Friday Workout. Other sectors saw meaningful losses too, with Communication Services down -0.56 pts, Consumer Staples -0.39 pts, and Consumer Discretionary -0.31 pts.

Leveraged Loans Secondary

Seas stayed steady in secondary this week. If anything can be noted, it is that, although industry-wide movements remain in the +/-0.1 pts range, those general movements are now downward ones, after gentle increments of +0.1 pts rises on sectors throughout nearly all of 2021. This week, only Communication Services and Consumer Discretionary bumped up.