Loans see slight gain in final February session; funds see Friday inflows; primary slows to a crawl

By Paul A. Harris

Portland, Ore., Feb. 28 – As volatility generated by geopolitics and looming interest rate hikes continued to grip capital markets in the United States and elsewhere, bank loans ended the final session of February unchanged to up a touch, according to a market source.

Trading was extremely light, the source said.

A trickle of new issue news included a few details on $910 million of bank debt financing backing private equity group ECP's announced plans to acquire Restaurant Technologies, Inc. from Goldman Sachs Asset Management.

And Compass Power Generation, LLC announced plans to meet with lenders on Tuesday to discuss a proposed $650 million senior secured term loan.

Primary market news should pick up as the February-March crossover week progresses, the source said.

Friday inflows

The dedicated bank-loan funds saw $100 million of net inflows on Friday, the most recent session for which data was available at press time, according to a market source.

Bank-loan ETFs saw $55 million of inflows on the day.

Actively managed bank-loan funds saw $45 million of inflows on Friday, the source said.

The combined bank-loan funds have seen $15.1 billion of year-to-date net inflows, including $1.4 billion of inflows to the loan ETFs, according to the market source.

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