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The U.S. Syndicated Term Loan Market: Who holds what and when? Accessible Data

Figure 1: Spread distribution for SNC loans originated post-2008 by rating category

Figure 1 shows the density, weighted by utilized value, for each of the four loan categories: BBB and above, BB, B, and CCC and below. It illustrates that loan spreads are highly correlated with loan category.

Source: Shared National Credit and Refinitiv LPC DealScan.

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Figure 2: Term loans outstanding by risk characteristic

Term Loans Outstanding By Rating
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Year >= BBB BB B <= CCC Unknown Total
2009 65.41 141.01 190.13 209.90 84.87 691.31
2010 143.98 200.74 149.36 108.69 56.87 659.63
2011 78.09 168.18 203.06 95.07 156.06 700.47
2012 104.60 153.39 190.23 48.78 205.94 702.94
2013 106.03 154.84 207.55 51.06 271.29 790.76
2014 148.01 183.13 325.36 55.95 224.15 936.60
2015 210.41 302.61 377.81 93.39 85.45 1069.68
2016 285.23 400.04 422.65 99.91 81.23 1289.06
2017 274.22 420.63 470.57 90.21 102.16 1357.79
2018 314.11 417.77 549.56 90.25 112.86 1484.54
Term Loans Outstanding By Spread
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Year 0-224 225-324 325-424 425+ Unknown Total
2009 164.37 187.48 97.64 54.21 187.60 691.31
2010 105.90 167.17 129.44 98.25 158.87 659.63
2011 97.73 159.26 151.37 150.64 141.46 700.47
2012 92.12 113.53 151.66 213.26 132.37 702.94
2013 112.48 172.17 181.46 194.36 130.29 790.76
2014 146.97 191.14 248.41 210.21 139.88 936.60
2015 220.80 205.85 254.57 227.51 160.94 1069.68
2016 285.60 268.79 284.34 251.09 199.24 1289.06
2017 305.91 309.78 235.86 221.80 284.44 1357.79
2018 358.60 309.75 231.23 208.60 376.37 1484.54

Source: Shared National Credit and Refinitiv LPC DealScan.

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Figure 3: Distribution of lenders participating in loan syndications by risk characteristic

SNC reported loans: utilized values by holder category in 2018 Q4
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Category >= BBB BB B <= CCC Unknown
Business Development Corp 0.00% 0.05% 0.40% 0.64% 0.22%
CLO 4.47% 22.11% 43.73% 32.12% 36.43%
Domestic Bank 64.05% 41.66% 8.78% 10.27% 9.14%
Broker/Dealer 0.92% 0.27% 0.46% 0.55% 1.37%
Foreign Bank 21.82% 9.35% 3.94% 5.34% 5.59%
Finance Company 1.16% 2.15% 3.19% 5.12% 3.30%
Hedge Fund 0.18% 0.82% 3.78% 7.91% 4.43%
Other Investment and Financial Vehicles 1.30% 2.49% 5.36% 8.02% 9.53%
Insurance Company 0.80% 1.72% 1.74% 1.46% 3.67%
Mutual Fund 3.46% 13.16% 20.60% 20.56% 15.80%
Large Asset Manager 0.90% 3.26% 4.31% 3.39% 4.98%
Private Equity 0.01% 0.16% 1.39% 1.67% 2.20%
Pension Fund 0.07% 0.30% 0.74% 0.74% 0.69%
Trust Services 0.40% 1.02% 0.72% 0.96% 0.68%
Uncategorized 0.45% 1.48% 0.87% 1.24% 1.98%
SNC reported loans: utilized values by holder category in 2018 Q4
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Category 0-224 225-324 325-424 425+ Unknown
Broker/Dealer 0.36% 0.33% 0.35% 0.60% 1.11%
Business Development Corp 0.00% 0.01% 0.05% 0.81% 0.37%
CLO 6.14% 33.64% 47.71% 42.04% 24.61%
Domestic Bank 63.42% 22.22% 9.33% 5.74% 30.10%
Finance Company 0.81% 3.00% 3.75% 4.00% 2.46%
Foreign Bank 18.91% 6.09% 2.26% 3.14% 11.15%
Hedge Fund 0.21% 1.30% 2.95% 6.57% 3.09%
Insurance Company 0.67% 1.93% 1.65% 1.65% 2.41%
Large Asset Manager 1.56% 4.78% 4.55% 3.60% 2.75%
Mutual Fund 5.50% 20.79% 20.39% 19.36% 11.64%
Other Investment and Financial Vehicles 1.34% 3.14% 4.28% 7.89% 5.60%
Pension Fund 0.09% 0.55% 0.68% 0.80% 0.46%
Private Equity 0.01% 0.23% 0.78% 2.26% 1.35%
Trust Services 0.61% 1.11% 0.85% 0.56% 0.63%
Uncategorized 0.37% 0.87% 0.42% 0.98% 2.29%

Source: Shared National Credit, Refinitiv LPC DealScan, National Information Center, LPC Collateral, CreditFlux, MorningStar, Emerging Portfolio Fund Research, various Securities and Exchange Commission filings (such as ADV filings), Investment and Pensions Europe, Pitchbook, SNL Financial, and the Employee Benefits Security Administration.

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Figure 4: Distribution of lenders participating in risky loan syndications after origination

Rating < BBB
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Category 0-4 days 5-9 days 10-14 days 15-19 days 20-24 days 25-29 days 30-44 days 45-89 days
Agent 22.02% 14.18% 14.38% 8.60% 5.63% 4.24% 2.91% 2.05%
Broker/Dealer 0.48% 0.54% 0.54% 0.66% 0.97% 0.49% 0.67% 0.85%
Business Development Corp 0.10% 0.08% 0.16% 0.28% 0.11% 0.24% 0.22% 0.33%
CLO 13.70% 20.66% 19.05% 26.43% 25.89% 30.34% 31.64% 30.53%
Domestic Bank 38.77% 28.80% 29.25% 23.28% 21.86% 21.73% 20.14% 18.51%
Finance Company 2.72% 3.17% 3.03% 3.06% 4.74% 3.91% 3.95% 4.24%
Foreign Bank 5.51% 4.86% 3.71% 3.98% 8.20% 5.55% 3.98% 4.69%
Hedge Fund 1.95% 2.73% 3.70% 3.17% 3.69% 3.71% 4.20% 4.37%
Insurance Company 0.89% 1.45% 1.42% 2.01% 2.20% 2.28% 2.14% 2.14%
Large Asset Manager 1.61% 2.68% 2.23% 3.60% 3.11% 3.88% 3.83% 3.78%
Mutual Fund 8.83% 15.81% 16.84% 18.21% 17.30% 16.41% 18.81% 20.22%
Other Investment and Financial Vehicles 1.30% 2.63% 2.64% 3.38% 2.79% 3.68% 3.83% 4.02%
Pension Fund 0.34% 0.55% 0.65% 0.64% 0.75% 0.73% 0.72% 0.82%
Private Equity 0.38% 0.42% 0.59% 1.12% 0.67% 1.03% 0.74% 0.90%
Trust Services 0.37% 0.61% 0.52% 0.73% 0.94% 0.75% 0.91% 0.87%
Uncategorized 1.04% 0.82% 1.29% 0.85% 1.16% 1.04% 1.32% 1.66%
Spreads 225+
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Category 0-4 days 5-9 days 10-14 days 15-19 days 20-24 days 25-29 days 30-44 days 45-89 days
Agent 28.43% 15.41% 15.38% 10.60% 5.68% 3.76% 3.03% 1.42%
Broker/Dealer 0.93% 1.33% 0.53% 0.78% 0.97% 0.51% 0.78% 0.97%
Business Development Corp 0.04% 0.08% 0.21% 0.41% 0.11% 0.27% 0.19% 0.30%
CLO 14.19% 25.49% 21.92% 27.42% 30.80% 35.00% 34.87% 34.94%
Domestic Bank 34.32% 19.34% 25.01% 19.73% 16.41% 16.42% 14.65% 11.78%
Finance Company 2.45% 4.13% 3.42% 3.64% 4.59% 4.42% 4.53% 4.93%
Foreign Bank 6.19% 3.10% 2.80% 2.94% 4.80% 4.15% 2.45% 2.49%
Hedge Fund 1.07% 2.74% 3.82% 3.44% 3.34% 4.02% 4.48% 4.89%
Insurance Company 0.82% 1.73% 1.60% 2.11% 2.47% 2.56% 2.53% 2.55%
Large Asset Manager 1.72% 2.90% 2.49% 3.69% 3.68% 4.02% 4.13% 4.29%
Mutual Fund 7.52% 18.26% 16.68% 18.43% 19.99% 18.08% 21.20% 23.19%
Other Investment and Financial Vehicles 0.92% 2.87% 3.00% 3.42% 2.99% 3.32% 3.63% 4.08%
Pension Fund 0.29% 0.63% 0.55% 0.65% 0.91% 0.79% 0.82% 0.98%
Private Equity 0.33% 0.37% 0.49% 1.21% 0.65% 0.88% 0.62% 0.92%
Trust Services 0.36% 0.65% 0.57% 0.63% 1.06% 0.70% 0.92% 0.90%
Uncategorized 0.42% 0.96% 1.54% 0.89% 1.55% 1.07% 1.17% 1.37%

Source: Shared National Credit, Refinitiv LPC DealScan, National Information Center, LPC Collateral, CreditFlux, MorningStar, Emerging Portfolio Fund Research, various Securities and Exchange Commission filings (such as ADV filings), Investment and Pensions Europe, Pitchbook, SNL Financial, and the Employee Benefits Security Administration.

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Figure 5: The speed in which loans are distributed to nonbanks

Rating < BBB
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Year Days until reaching 30% bank share Days until reaching 50% bank share
2010 24 4
2011 24 14
2012 24 9
2013 29 24
2014 29 14
2015 44 19
2016 34 9
2017 14 9
2018 19 9
Spreads 225+
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Year Days until reaching 20% bank share Days until reaching 50% bank share
2010 39 9
2011 24 14
2012 24 9
2013 29 9
2014 29 14
2015 44 9
2016 34 9
2017 19 9
2018 19 9

Source: Shared National Credit and Refinitiv LPC DealScan.

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Last Update: November 25, 2019