U.S. Loan Market Survey

Spring 2019

Syndicated leveraged loans dominate the U.S. non-investment grade credit market, and the market is larger than ever in size but also more diversely held across lending groups, with institutional investors (i.e., non-bank participants) now accounting for approximately one-half of all leveraged loans outstanding and collateralized loan obligations (CLOs) holding about one-half of all institutional loan tranches.

Furthermore, private credit platforms and business development companies (BDCs) have bulked up their share of middle-market lending.

At $1.2 trillion, the U.S. institutional loan market recently surpassed the high-yield bond market in size.

Our lender survey reflects today’s lending market diversity, with 70 of 104 respondents (67%) working at bank lenders and 34 respondents (33%) working at non-bank lenders, including private credit, CLOs and BDCs.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

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Published

June 21, 2019

temp Key Contacts

John Yozzo

Managing Director

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