Covenantive Easing (First of a Series)

Much attention was paid over the past few weeks to a dramatic series highlighting the struggle between two powerful forces, a dizzying game for world domination, with the outcome hanging in the balance and viewers on the edge of their seats.

Of course we’re talking about our recent series on valuations (“Why Valuations Matter” [link]). Seems it struck a chord with our subscribers. Based on your feedback, the trends we identified have indeed been experienced by both credit users and providers...

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Quote of the Week

“It looks like an inopportune time to have more trade-war headlines creep into the markets.” – Matt Miskin, market strategist, John Hancock Investments.

Featuring Charts

Chart of the Week: Going Direct

May 22, 2019

Two-thirds of all middle market LBOs are being financed by direct lenders, from zero in 2013.

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Chart of the Week: Cash to Burn

May 16, 2019

Direct lending supply and demand is driven by increasing amounts of dry powder.

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Chart of the Week: No End in Sight

May 8, 2019

As enduring as the US expansion seems, eight other economies have done better over past three decades.

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Chart of the Week: Going Concern

May 1, 2019

Asset valuations tops the worries confronting sponsors in meeting return hurdles.

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Chart of the Week: Buy-and-Building

April 22, 2019

Since the credit crisis private equity sponsors have quickened the pace and number of add-on acquisitions.

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Chart of the Week: Shift to the Right

April 15, 2019

The number of buyouts with purchase price multiples over 10x has increased markedly since 2013.

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Features

The Pulse of Private Equity – 5/20/2019

Public versus private The private equity industry has matured quite a bit over the years. The most visible marker is the handful of firms that have gone public, despite the public market’s difficulty in valuing the complex, variable cash flows that are inseparable from the PE model....

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Private Debt Intelligence – 5/20/2019

Distressed Debt Funds Stall in 2019 Distressed debt has long been a major component of the private debt industry. Around the time of the Global Financial Crisis (GFC) in 2008, the strategy raised a record $45bn in capital – a level that has never been equalled – and performance of funds raised around this time

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PDI Picks – 5/20/2019

North American private credit market: sponsored by private equity The fates of the two asset classes are largely intertwined and the deluge of private equity capital bodes well for debt managers’ dealflow. In case it wasn’t clear that the North American sponsored finance market is booming, here’s a set of figures for you. Private equity

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Leveraged Loan Insight & Analysis – 5/20/2019

BDC returns superior so far in 2019 BDC share prices are on a tear in 2019. The Wells Fargo BDC Index has delivered a stunning +18.0% return so far in 2019 through May 17th. This is outpacing the S&P500 (+14.1%) and the S&P/LSTA Leveraged Loan Index (+5.72%). Several BDCs are near 52 week highs. Oaktree

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The Pulse of Private Equity – 5/13/2019

Why are add-ons getting so much bigger? Download PitchBook’s Report here. The median add-on size almost doubled in the span of two years. The $41 million median seen in 2016 ballooned to $76 million last year, an 86% difference. At first glance, it looks like platform deal sizes have gone up much more rapidly, but charts

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Middle Market Deal Terms at a Glance

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Special Report: Leveraged Loans and Systemic Risk

April 24, 2019

Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.

State of the Capital Markets – First Quarter 2019 Review and Second Quarter 2019 Outlook

April 11, 2019

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2019

Special Report: Spotlight on Healthcare

February 28, 2019

Beginning in March 2018 The Lead Left published a series of articles on the healthcare industry. This report consolidates those articles.