Second lien volumes plunge in Q2 – report

Paul Hastings’ second quarter credit report reflects an increase in the market share held by unitranche financings and a spike in refinancing activity.  

Second lien loan volumes nearly halved during the second quarter, dropping from $1 billion in the first quarter to just $510 million in the three months ending 30 June, according to law firm Paul Hastings' report.

In its quarterly credit market report published earlier this month (2 August), analysts wrote that leveraged lending guidelines have also played a role in providing more opportunities for unitranche lending.