Refinitiv LPC's 2Q 2020 Outlook Survey

 
Thank you for filling out the survey, which should take only a few minutes to complete. All information will be aggregated and will remain completely confidential. Please complete and submit the survey by Friday, March 27, 2020.
 
If you are facing any difficulty with the survey, please contact Richard Kennedy at richard.kennedy@refinitiv.com or 646-223-5220.

U.S. COMBINED LEVERAGED & INVESTMENT GRADE LOAN MARKETS:  Accommodations for coronavirus impact

Has your institution applied remote working solutions in the U.S. in response to coronavirus concerns?
From a deal perspective, are you allowing for longer syndication/approval periods? 
Are MAC clauses coming into effect?

When you come in every day, what are the top 3 priorities on your radar?

What is your preference for receiving market news, updates? Check all that apply. 

U.S. LEVERAGED

1) What do you expect for M&A deal flow in 2Q20?
2) Do you expect any new LBO financings in 2Q20?
3) Do you have any insights today to how 2020 volume estimates will change?
4) Do you expect the role of direct lenders to…
7) Are you see any tightening of other terms?
8) 2020 CLO issuance will be ...
9) Are you seeing cracks in your portfolio?
10) How long will it take for loan prices to rebound? 
12) And, is that enough liquidity to get through the demand shock?
14) How close is the leveraged market to a broad increase in defaults?

INVESTMENT GRADE

15) What are top 3 concerns you’re hearing from your clients today?

16) Will the regular way refinancings cycle be impacted and how?
17) For regular refis, do you expect pricing or tenor to change more dramatically given today’s market conditions?
18) Will 2Q20 investment grade loan origination increase or decrease (relative to 1Q20)?
By how much?
19) What is your outlook for investment grade term loan issuance in 2020?
20) Do you expect more bilateral and club deals?
22) What kind of pick-up do you expect in the pipeline for Investment Grade M&A financings in 2H20?
23) Will 1Q20 high quality investment grade names (AAA, AA, A) see spreads increase or decrease (relative to 4Q19)?
By how much?
24) Will 2Q20 low-investment grade (BBB) loan spreads increase or decrease (relative to 1Q20)?
By how much?
25) Assume one of your best relationship clients approaches you for a loan. With other things the same, would you prefer to commit to:
26) How about for an “on the bubble” relationship (a close but not strong relationship)?

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