When it comes to private capital, institutional investors in Italy have an increasing variety of options. Exposure to US private equity, for example. And while specialized strategies have emerged (e.g. venture capital), the focus on established buyout funds has been prevailing.
Private equity issuance has been particularly active. For the first quarter of 2024, even with economic, geopolitical headwinds, and the slowdown of global M&A, 104 transactions were recorded. Per a recent ICLG report, this was the most Italian deal volume since 1988.
Italian credit investors have historically been big buyers of fixed-income. While current exposure to private debt has been limited, appetite is growing and follows the same path of PE with some nuances dictated by regulators...
“There are sufficient jitters for the Fed to take a hard look at a half-point cut later this month.” – Jason Pride, chief of investment strategy and research, Glenmede.
Featuring Charts
Chart of the Week: Arrivederci, Roma
Consumers in Italy reported a drop in confidence last month. Source: The Daily Shot(Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Chart of the Week: Weakest Links
The number of negative watch or warning leveraged loan borrowers is declining. Source: PitchBook | LCD; Morningstar LSTA US Leveraged Loan Index (Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Chart of the Week: High Yield, Low Vol
Amid last week’s turmoil in public equities, loan and bond returns thrived. Source: The Daily Shot(Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Chart of the Week: Cut Rate
The Bank of England lowered its benchmark rate for the first time since Covid. Source: The Daily Shot(Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Chart of the Week: Greatest Britain
The UK has been the main source of European private debt deal volume. Source: Deloitte Private Debt Deal Tracker, Spring 2024(Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Chart of the Week: Euro Stars
New CLO issuance in Europe this year is outpacing 2023 by a wide margin. Source: Pitchbook | LCD(Past performance is no guarantee of future results.) Related posts: Chart of the Week CHART OF THE WEEK CHART OF THE WEEK CHART OF THE WEEK
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Features
Private Debt Intelligence – 9/9/2024
Investor sentiment towards private debt remains strong Read more in Preqin’s: Trending Data: Investor interest grows in private equity, real estate, and VC. Private debt remains the most popular alternative asset class among investors, scoring 70.9% on Preqin’s Investor Sentiment Index…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 9/9/2024
Healthcare IT PE deal count Download PitchBook’s Report here. In the lower middle market, we are beginning to see more examples of a phenomenon we have anticipated for a while: PE firms and PE-backed companies acquiring VC-backed startups…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 9/9/2024
BDC Cash Income Dividend Coverage Pressured by Payment-in-Kind Income Click here to learn more. U.S. business development companies’ (BDCs) cash earnings coverage of dividends is expected to weaken further from 2Q24 levels as the persistence of elevated interest rates will drive further increases in paid-in-kind (PIK) income, Fitch Ratings says. Potential rate cuts, spread compression…
Leveraged Loan Insight & Analysis – 9/9/2024
Over US$2bn of loans added to BDC non-accrual status in 2Q24. non-accrual rate ticks up Over US$2bn of BDC loans were added to non-accrual status in the most recent quarter. In turn, the weighted average non-accrual rate for public and private BDCs combined ticked up to 1.66% in 2Q24…. Subscribe to Read MoreAlready a member?
Leveraged Loan Insight & Analysis – 9/3/2024
New money leveraged loans have a stronger showing in 3Q24 After a slow start to the year, leveraged issuers are increasingly tapping lenders for new and/or incremental loan capacity…. Subscribe to Read MoreAlready a member? Log in here Related posts: Leveraged Loan Insight & Analysis Leveraged Loan Insight & Analysis Leveraged Loan Insight & Analysis
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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