With less paper in the immediate offing, accounts bid up seasoned loans in the secondary and enthusiastically subscribed new syndications.
FORBES: Leveraged loans return 1.16% in July, trailing other asset clases; 5.75% YTD
2.
The growing supply of paper in the offing has enabled managers to take a more selective stance toward new syndications and, hence, demand wider new-issue premiums.
FORBES: May 2012, US Leveraged Loan Market Trends and Analysis