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The ever-expanding U.S. #leveragedloan universe has stopped expanding. In fact, it shrank by $10B in July, the biggest drop in 10 years. Institutional outstandings (loans sold to CLOs/other non-bank investors) now = $1.19T 
... One reason the market shrank: Repayments of #leveragedloan debt have spiked recently, topping $26B in July alone. That's a lot. Some of this debt will return to the market via refinancings ...
... but a bunch won't. With rates dropping, retail investors increasingly are turning to fixed-rate #highyield mart, prompting a surge in bond-for-loan takeout activity this year. #leveragedloan
