There are two upcoming deadlines that pushed borrowers into the LevFin market this week. 

One is the end of LIBOR as companies scramble to issue amendments or refi loans before the 30 June deadline. And the other is July 4th, when historically the market slows down fairly dramatically as market participants embark on summer vacation. 

Those two factors led to a flurry of activity in the US this week with at least six bond and six loan deals announced, despite the shortened holiday schedule. 

More deals could also come next week if they can get done before 4 July, but the market is bracing for a slowdown. 

“It’s been a strong market in the first half of the year and we are probably due for a bit of a pause,” one high yield portfolio manager said. “We’re probably closer to the top of the market than we are the bottom, and I’m sure that’s why companies are coming to market rapidly.”