A leader in floating-rate loan investment management, Eaton Vance presents Floating-Rate Loan Market Monitor, an in-depth review of the loan market through clear and impactful charts. Providing timely information across a broad array of topics relating to this distinctive asset class, Floating-Rate Loan Market Monitor serves as a helpful resource in providing connectivity between changing market events and implications for investors' loan allocation.
Use Floating-Rate Loan Market Monitor to educate on the loan market, provide updates on loan market conditions and explain the role of loans within portfolios.
If you are viewing this book on your computer or tablet, click or tap on the title box to jump to the beginning of each section.
Data provided is for informational use only. See end of report for important additional information.
Floating-Rate Loan Market Monitor | Q1 2023
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Asset Class Review
ASSET CLASS REVIEW
Floating-Rate Loan Primer
Corporate debt issued by below-investment-grade borrowers
Most issuers are significant in size and scale - and many are familiar household names
Companies undertake loans for recapitalizations, acquisitions and refinancings
Coupon income from floating-rate loans resets regularly to maintain a fixed spread over a variable base rate, usually LIBOR and SOFR
Loans are often referred to as "senior and secured": They typically have the highest priority of claims in an issuer's capital structure and are secured by specific collateral
Other common monikers: bank loans, leveraged loans, senior loans (all are synonymous)
Floating-Rate Loan Market Monitor | Q1 2023
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ASSET CLASS REVIEW
Fundamental Lending Proposition
Floating-rateloans represent a senior layer of issuer capital structure
Substantial junior capital cushion provides low loan-to-value
Secured by collateral including issuer accounts receivable, inventory, property, plant, equipment and/or stock
Weighted Average Company Capital Structure
$4.4B Revenue & $833M EBITDA
$10.4 Billion Enterprise Value
Floating-Rate Loans
High-Yield Bonds
$4,415 M
$1,166 M
5.3x
(42% of cap structure)
6.7x
(11% of cap structure)
Equity
$4,831 M
12.5x
(47% of cap structure)
Fixed Charge Coverage: 2.3x
Interest Coverage: 4.2x
Source: Eaton Vance, December 31, 2022. Past performance is not a reliable indicator of future results. Data provided is for informational use only. See end of material for important additional information and disclosures. The data is an average of all loans currently tracked across the Eaton Vance loan platform as of December 31, 2022. Does not represent any particular issuer or product. EBITDA is defined as earnings before interest taxes depreciation and amortization.
Floating-Rate Loan Market Monitor | Q1 2023
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Eaton Vance Senior Floating-Rate Trust published this content on 10 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 April 2023 19:35:04 UTC.
Eaton Vance Senior Floating-Rate Trust (the Trust) is a diversified, closed-end management investment company. The Trustâs primary investment objective is to provide a high level of current income. The Trust may, as a secondary objective, also seek the preservation of capital to the extent consistent with its primary objective. The Trust holds investments in a range of sectors, such as software, health care providers and services, machinery, chemicals, commercial services and supplies, information technology (IT) services, capital markets, hotels, restaurants and leisure, specialty retail and professional services. The Trust invests in floating-rate loans, asset-backed securities, corporate bonds and others. It has investments in the United States, Europe (excluding the United Kingdom), Northern America (excluding the United States), the United Kingdom and Asia/Pacific (excluding Japan). The Trustâs investment adviser is Eaton Vance Management.
EATON VANCE SENIOR FLOATING-RATE TRUST 
