Jakema Lewis

Nov 13, 2024 | pitchbook.com | Jakema Lewis |John Atkins |John Adams wrote

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Apr 5, 2024 | pitchbook.com | Jakema Lewis

High-yield issuers continued to take advantage of firm markets in March, mostly to chip away at upcoming maturities, even as Treasury rates drifted higher amid equivocal signals from the Fed. New-issue volume was $27.6 billion, a three-year high for March issuance, according toLCD data. The $85.2 billion of issuance in the entire first quarter was a 110% increase from the first quarter of 2023. Bond issuance ticked up slightly from February’s $26.5 billion total.

Jan 18, 2024 | pitchbook.com | Jakema Lewis

Acrisure LLC today placed a $925 million offering of 8.25% five-year (non-call two) senior notes due Feb. 1, 2029 at par, according to market sources. Initial price thoughts for the JP Morgan-led deal were floated with a mid-8% yield. Proceeds of today’s market tap will be used to redeem in full the company’s 7% senior notes due Nov. 15, 2025, as well as pay the premiums and accrued interest to the redemption date.

Dec 19, 2023 | pitchbook.com | John Atkins |Jakema Lewis

As rates recede and as participants embed soft-landing scenarios into their 2024 outlooks, the focus for the year ahead will shift to the impending maturity wall, leading market participants to project a second straight annual increase in issuance volume from 2022’s threadbare output. Better funding conditions should allow more issuers to step from the sidelines, where many firmly planted themselves through the Fed’s rate-tightening cycle to sidestep rate volatility and towering absolute costs.

Dec 8, 2023 | pitchbook.com | John Atkins |Jakema Lewis

A powerful rally for fixed-rate bonds post the Nov. 1 FOMC meeting produced the best gains for high-yield in 16 months, while sparking an issuance revival that has extended into December. November high-yield issuance swelled to $19.4 billion, besting the $9.5 billion priced in October and the $9.2 billion in November 2022, while marking the fourth largest monthly total year-to-date, according to LCD. Total leveraged finance volume for Nov.1-Nov.