3.4
3.4
3.8
4.1
4.2
4.2
4.4
4.6
4.6
4.6
4.6
3.9
4.2
4.2
4.0
4.5
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
4Q16
3Q16
2Q16
1Q16
4Q15
Each quarter we ask middle-market lenders to rate overall conditions in the leveraged finance market on a scale of 1 to 5, with 5 being the most borrower-friendly conceivable. After a full year at its peak of 4.6, the trend over the past six quarters continues to move in lenders' favor.
William Blair Leveraged Lending Index Continues Downward Trend
Source: William Blair Leveraged Finance Survey
3.9