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US Leveraged Loan Funds see 3rd Cash Inflow in Last 4 Weeks

U.S. leveraged loan funds recorded a net inflow of $63 million in the week ended May 25, according to Lipper. This cuts roughly in half the outflow of $139 million last week and is the third one-week inflow over the past four weeks, for an infusion of $311 million over that span.

loan fund flowsTake note, however, that today’s reading was all ETFs, at positive $67 million on top of outflows of $4 million from mutual funds. Last week was a bit deeper, with mutual fund outflows of $147 million patched by $8 million of ETF inflows.

The trailing-four-week average is fairly steady, at positive $78 million, from positive $43 million last week and positive $55 million two weeks ago.

Year-to-date outflows from leveraged loan funds are now $5 billion, with an inverse of negative $5.3 billion mutual fund against positive $255 million ETF. A year ago at this juncture, it was similarly mostly mutual fund outflows, at $3.1 billion, versus a small inflow of $83 million to ETFs, for a net negative reading of approximately $3 billion.

The change due to market conditions this past week was minimal, at positive $181 million, or about positive 0.3%, against total assets, which were $61.4 billion at the end of the observation period. ETFs represented about 10% of the total, at $6 billion. — Matt Fuller

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

 

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After 2 Weeks of Inflows, US Leveraged Loan Funds See $139M Cash Withdrawal

U.S. leveraged loan funds recorded a net outflow of $139 million in the week ended May 18, according to Lipper. This is the first outflow after two weeks of moderate inflows totaling $387 million.

Take note, however, that today’s reading was all mutual funds, at negative $147 million, filled back in barely by an $8 million inflow to ETFs. In contrast, last week’s inflow of $303 million was almost all ETF-related, at 85% of the total.

loan fund flowsThe trailing-four-week average is fairly steady, at positive $43 million, from positive $55 million last week and negative $39 million two weeks ago.

Year-to-date outflows from leveraged loan fund are now $5.1 billion, with an inverse of negative $5.3 billion mutual fund against positive $189 million ETF. A year ago at this juncture, it was similarly mostly mutual fund outflows, at $3.1 billion, versus a small inflow of $82 million to ETFs, for a net negative reading of approximately $3 billion.

The change due to market conditions this past week was essentially nil, at positive $92 million against total assets, which were $61.1 billion at the end of the observation period. ETFs represented about 10% of the total, at $5.9 billion. — Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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As Prices Rise in Trading Mart, US Leveraged Loan Fund Assets Grow for 2nd Straight Month

loan fund assets under management

Loan mutual funds’ assets under management continued to grow in April after expanding in March, increasing by $1.44 billion, to $111 billion.

As was the case in March, however, the driver behind the increase wasn’t a surge of demand for the asset class from retail investors, but rather a rally in the secondary loan market.

In fact, funds that report weekly to Lipper FMI actually posted a modest $503 million net outflow for the four weeks ended April 27, which was handily cancelled out by gains in the secondary, according to LCD, an offering of S&P Global Market Intelligence. – Kerry Kantin

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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Investors Pour $303M into US Leveraged Loan Funds

U.S. leveraged loan funds had a net inflow of $303 million in the week ended May 11, according to Lipper. This is the second inflow after a five-week outflow streak totaling $693 million, and it’s the largest one-week inflow in just over a year, since the week ended April 15, 2015.

US leveraged loan fund flowsTake note, however, that today’s reading is hugely ETF-related, at 85% of the inflow. While last week’s was inverse, with outflows of $42 million from mutual funds filled back in by inflows of $126 million to the exchange-traded fund market, there has been a net inflow dominated by ETFs since the week ended March 23 when the $126 million was 95% related to ETFs.

Whatever that might say about fast money, hedging strategies, and other market-timing efforts, this past week’s net inflow takes the trailing-four-week average into the black for the first time in six weeks, at positive $55 million, from negative $254 million last week and negative $126 million two weeks ago.

Year-to-date outflows from leveraged loan funds shrank a bit, to $5 billion, with an inverse of negative $5.2 billion mutual fund against positive $180 million ETF. A year ago at this juncture, it was similarly mostly mutual fund outflows, at $3.3 billion, versus a small inflow of $93 million to ETFs, for a net negative reading of approximately $3.2 billion.

The change due to market conditions this past week was essentially nothing, at positive $12 million against total assets, which were $61.2 billion at the end of the observation period. ETFs represented about 10% of the total, at $5.9 billion. — Matt Fuller

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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After 5 Weeks of Withdrawals, US Leveraged Loan Funds See $84M Cash Inflow

us loan fund flowsU.S. leveraged loan funds had a net inflow of $84 million in the week ended May 4, according to Lipper. This is the first inflow after a five-week outflow streak totaling $693 million.

Take note, however, that today’s reading is inverse, with outflows of $42 million from mutual funds filled back in by inflows of $126 million to the exchange-traded fund market. Similarly, last week’s net $75 million outflow was based on outflows of $98 million from mutual funds and inflows of $23 million to ETFs.

Year-to-date outflows from leveraged loan funds are essentially steady at $5.3 billion, with just 1% ETF-related. A year ago at this juncture, it was also mostly all mutual fund outflows, at $3.4 billion, versus a small inflow of $141 million to ETFs, for a net negative reading of $3.6 billion.

The change due to market conditions this past week was barely positive, at 0.4%, with a gain of $250 million against total assets, which were $60.9 billion at the end of the observation period. ETFs represented about 9% of the total, at $5.4 billion. — Matt Fuller

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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US CLO Issuance Hits 2016 High in April. That’s the Good News …

US CLO issuance

If you’re looking for good news in today’s structured finance market: At $4.8 billion in April, the U.S. CLO market just completed its best month of 2016.

Of course, the April number is less than any month in 2015, when an impressive $97 billion of CLOs were issued (that’s the second-best year ever, behind the $124 billion in 2014). As we’ve reported, analysts have cut expectations for CLO issuance for 2016, what with early-year capital markets headwinds and new CLO-related constraints set to take effect at year-end. – Staff reports

This full version of this story – which includes comprehensive first-quarter leveraged loan market analysis – is available at www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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US Leveraged Loan Funds See Fifth Straight Week of Withdrawals

us loan fund flows

U.S. leveraged loan funds saw a net outflow for a fifth consecutive week, with the redemption of $75 million in the week ended April 27, boosting the outflow to $692 million over the five-week span, according to Lipper. But with moderating redemption, the trailing-four-week observation contracts a bit, to negative $126 million this past week, from negative $154 million last week.

Today’s negative reading shows mutual fund outflows of $98 million filled in by ETF inflows of $23 million. There hasn’t been a misaligned reading like this since seven weeks ago, when mutual fund outflows of $432 million were dented by ETF inflows of $75 million.

Year-to-date outflows from leveraged loan funds are essentially steady at $5.4 billion, with just 4% ETF-related. A year ago at this juncture, it was also mostly all mutual fund outflows, at $3.5 billion, but versus a small inflow of $144 million to ETFs, for a net negative reading of $3.4 billion.

The change due to market conditions this past week was barely positive, at 0.4%, with a gain of $240 million against total assets, which were $60.5 billion at the end of the observation period. ETFs represented about 9% of the total, at $5.5 billion. — Matt Fuller

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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US Leveraged Loan Funds See Another Week of Mild Outflows; That’s Four Straight

us loan fund flows

U.S. leveraged loan funds saw a net outflow for a fourth consecutive week, with the redemption of $93 million in the week ended April 20, boosting the outflow to $617 million over the four-week span, according to Lipper.

Today’s negative reading was just 12% tied to the ETF space, at $11 million. In contrast, last week’s reading was much more ETF-related, at 29% of the outflow, and even greater the week prior, at 43% of the outflow.

With another outflow that was modestly larger, the four-week-trailing observation falls deeper into the red, at negative $154 million per week, from negative $99 million last week and negative $37 million two weeks ago.

Year-to-date outflows from leveraged loan funds are essentially steady at $5.3 billion, with just 4% ETF-related. A year ago at this juncture, it was also mostly all mutual fund outflows, at $3.5 billion, but versus a small inflow of $165 million to ETFs, for a net negative reading of $3.3 billion.

The change due to market conditions this past week was essentially positive 0.5%, with a gain of $330 million against total assets, which were $60.4 billion at the end of the observation period. ETFs represented about 9% of the total, at $5.5 billion. — Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.

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This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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US Leveraged Loans Gain 0.14% Today; YTD Return: 2.68%

Loans gained 0.14% today after gaining 0.06% yesterday, according to the LCD Daily Loan Index.

The S&P/LSTA US Leveraged Loan 100, which tracks the 100 largest loans in the broader Index, gained 0.18% today.

In the year to date, loans overall have gained 2.68%.


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Assets at US Leveraged Loan Funds Grow for First Time Since July

loan fund assets under management

With leveraged loan prices surging in the secondary market in March, loan mutual funds’ assets under management grew by $2.54 billion during the month, to $109.64 billion, according to S&P Global Market Intelligence LCD.

This is the first time that loan fund assets under management have grown since July 2015, and it’s the largest increase since February 2014.

That being said, essentially all of March’s increase can be attributed to secondary market gains, rather than a groundswell of interest in the asset class from retail investors. – Kerry Kantin

This story first appeared on www.lcdcomps.com, LCD’s subscription site offering complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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