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Debt market considerations for today's borrowers seeking the optimal capital structure

In a surprisingly short timeframe, loan market conditions have changed dramatically. Covenants continue to loosen, maturities continue to increase and lenders are competing very aggressively on price. As a consequence, leveraged loan volume is on the rise, driven largely by re-pricings of existing debt.

Following three consecutive years of decline, syndicated loan volume was up by seven per cent to £554bn during the first half of last year, and the pace is expected to accelerate.

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This article first appeared in CapitalEyes, a Bank of America Business Capital monthly e-Newsletter on middle-market leveraged finance.