While there were several bond deals in the market this week, the tide has clearly turned in favor of loans with nearly $40bn priced or in-market this week from more than 40 borrowers. 

Automotive data company CDK Global and measurement device manufacturer MKS Instruments had two of the largest deals of the week with a pair of $3.5bn repricings. Others such as packaging maker ProAmpac priced a $2.24bn TLB amend and extend due 2028 and Apollo-backed hospital operator LifePoint Health is seeking to chip away at its maturity wall with a $2bn TLB due 2028. 

The surge in activity is largely driven by the Federal Reserve’s solidified view that rates aren’t likely to increase much from here — if at all — and the realization that they’re not coming down anytime soon.