Idera, P&I deals allocate; loan funds see $163 million outflows in week to Feb. 12 close

By Paul A. Harris

Portland, Ore., Feb. 14 – Valentine’s Day Friday, falling ahead of the extended Presidents Day holiday weekend, saw a moderate news flow in the leveraged loan market.

P&I (Athena Bidco GmbH) priced its €475 million seven-year covenant-lite term loan B, and Idera Inc. priced and allocated its $770 million first-lien term loan.

The retail cash picture of the bank loan funds, year-to-date, is one of negative but moderating flows, following 2019’s record outflows, a market source said.

Dedicated bank loan funds saw outflows of $163 million in the week to the Wednesday, Feb. 12 close, according to the source.

However, weekly outflows from the loan funds appear to be moderating, the source specified, adding that the most recent weekly outflow comes on the heels of consecutive weekly outflows totaling $487 million and $661 million.

The loan funds, after sustaining a record $38.3 billion of outflows in 2019, actually began the new year with back-to-back inflows, but have since returned to negative weekly flows, the source said, noting that the loan funds have now seen weekly outflows in 62 of the past 65 weeks.

Year-to-date, the loan funds have seen $351 million of net outflows, the market source said.

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