LFRD: US_Leveraged_Finance_Weekly_25_May_29_May

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From the ides of March to the bloom of May.

After overcoming a period of intense volatility, the leveraged finance market is marching onward aided by fitful signs that US and Iran are moving closer to an elusive agreement to open the Strait of Hormuz.
There was no bigger testament to the improved mood than to see Warner Bros Discovery wrap up its massive $15bn debt transaction this week. The $13bn US dollar portion was the largest ever single-tranche offering priced on record in the syndicated loan market, according to 9fin data.

The deal?s upsizing and eventual pricing benefited from tightening credit spreads across the high-yield and leveraged loan market. High-yield spreads narrowed by 4bps to 307bps this week, a stone?s throw away from the post-GFC tights of 295bps reached in January,
according to JP Morgan research.