Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2022 > News item |
Modest rally in cash loans fades into Wednesday close; loan funds see Tuesday outflows
By Paul A. Harris
Portland, Ore., Oct. 5 – Trailing two days of rallying, with buyers stepping into paper perceived to be oversold, the bank loan market dipped on Wednesday, according to a debt capital markets banker.
With the bank loan index up 13 cents on the day, cash loans, which opened the Wednesday session as much as ¼ point higher, were heading into the close unchanged to a quarter of a point lower, the banker said.
The Citrix Systems Inc. term loan B ended Tuesday unchanged, heading out at 90¾ bid.
The $4.05 billion 6.5-year loan, backing the buyout of Citrix by Vista Equity Partners and Evergreen Coast Capital, priced last month at 91.
Meanwhile the primary market remained sidelined on Wednesday.
Fund flows
The dedicated bank-loan funds sustained $197 million of net outflows on Tuesday, the most recent session for which data was available at press time, according to a market source.
Actively managed bank loan funds saw $216 million of outflows on the day – outflows that were broad-based, the source said.
Bank-loan ETFs were positive on the day, posting $19 million of inflows on Tuesday.
The combined funds are tracking $831 million of net outflows for the week set to conclude with Wednesday's close, according to the market source.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.