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Outlook for Private Debt in 2020 Private debt investors are generally satisfied with the performance of their portfolios. Eighty-nine percent of those Preqin surveyed in November 2019 said that private debt performance had either met or exceeded their expectations, the highest figure among all alternative asset classes....View Article
Distress is back in fashion Amid a subdued year for private debt fundraising in 2019, distressed debt proved to be a magnet for investors. Last year saw the lowest level of private debt fundraising since 2014, indicating that the asset class may be losing some of its sheen – or that investors are taking aView Article
Combined AUM approach US$800bn for US CLOs and retail loan funds US CLO assets under management (AUM) have climbed to US$677.24bn in January after a 15% increase last year to US$673bn. Roughly 60% of the assets are in CLOs with a 2017 or later vintage with 8% of assets in vintages from 2014 to 2016.View Article
DL Deals: ACProducts Deep Dive KKR Capital Markets used hard call premiums starting at 103 on ACProducts, a B/B2 credit that had more of a hybrid distribution strategy this month, to protect the attractive L+650 spread from being taken out quickly via repricing. The move is reminiscent of Qlik Technologies in 2016, however today’s repricingView Article
The humbled FoF market Download PitchBook’s Report here. We’ve wondered before if funds of funds are becoming obsolete. Perhaps a hyperbolic word choice but probably only a couple standard deviations from the truth. FoF fundraising has nosedived over the past decade, as has its industry clout. Our most recent overhang numbers, dissected in PitchBook’s just-released PrivateView Article
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2020
In June 2019 The Lead Left published a series of articles on private debt. This report consolidates those articles.
In May 2019 The Lead Left published a series of articles on covenant trends. This report consolidates those articles.