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ARTICLE · 27 SEPTEMBER 2024

Debt Download - September 2024

Goodwin Procter LLP
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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Along with leaves and temperatures, interest rates are finally coming down. Read on to see what the landing may look like for debt markets.

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

Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Along with leaves and temperatures, interest rates are finally coming down. Read on to see what the landing may look like for debt markets.

Note: Some of the links in this newsletter may redirect you to a subscription-only resource.

In the News

  • Setting the stage for rate cuts in September, the broadly syndicated loan (BSL) market took investors on a rollercoaster ride in August. Supply of new loans ticked up slightly to $14.4 billion, including $13.1 billion of new-issue volume net of associated repayments, according to Covenant Review. The average all-in spread of single-B loans shot up to S+444 (S+409/99 OID), from S+375 (S+367/99.8 OID) in July. Price flex turned slightly against borrowers for the month, with 11 loans tightened and four widened, for a 2.8:1 ratio, down from 6.0:1 in July. A shuffling of the loan mix caused the sharp jump

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