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ARTICLE · 28 MARCH 2025

Debt Download - March 2025

Goodwin Procter LLP
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The broadly syndicated loan (BSL) market continued to show signs of weakness in the first half of March, with $11.7 billion of new supply net of associated repayments through March 14, about $1 billion short of demand.

United StatesFinance and Banking
Dylan S. Brown
Dylan S. Brown
Reid Bagwell
Reid Bagwell

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  • The broadly syndicated loan (BSL) market continued to show signs of weakness in the first half of March, with $11.7 billion of new supply net of associated repayments through March 14, about $1 billion short of demand. That allowed lenders to enjoy their most favorable flex score since May 2023: six pricing cuts against three increases, a 2:1 ratio that is well off the 8.8:1 we saw in February. The average all-in single-B clearing spread grew slightly from February to S+338 (S+322/99.5 OID) from S+334 (S+327/99.8 OID). With prices and secondary spreads widening,

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