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Hub to launch $1.27 billion incremental loan; funds see Tuesday outflows
By Paul A. Harris
Portland, Ore., Oct. 9 – News volume remained light on Wednesday, as the Yom Kippur holiday thinned the market’s ranks.
Hub International Ltd. announced plans to launch a $1.27 billion non-fungible incremental senior secured term loan B on a lender call.
The daily cash flows of the dedicated bank loan funds were negative on Tuesday, the most recent session for which data was available at press time, according to a market source.
The funds sustained $142 million of outflows on the day, including $7 million of outflows from the bank loan ETFs.
With only Wednesday’s fund flow numbers remaining to go into the tally the combined bank loan funds are tracking $508 million of outflows for the week to Wednesday’s close, the source said.
Leveraged loans were returning 6.12% for the year to Tuesday’s close, the source added, noting that loans are underperforming high yield bonds (10.22% year-to-date), investment grade bonds (13.49% year-to-date) and the S&P 500 (17.2% year-to-date).
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