Apart at Last

Valentine’s Day traditionally celebrates the marvels and mysteries of love. As a study of the latter, a travel site ran an article last week about a couple separating after almost a century together.

Born in 1897, Bibi and Poldi had been in a committed relationship since the 1920’s. However, for reasons that have escaped their Austrian zookeepers, these Galápagos tortoises called it quits in 2011. Numerous attempts to reconcile them failed, and they’ve finally been moved into separate houses...

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Quote of the Week

“Take the world that we were in over the past five years and flip it upside down.” – Gennadiy Goldberg, US rates strategist, TD Securities.

Featuring Charts

Chart of the Week: Mutual Attraction

February 20, 2019

The premium between large cap and the middle market has shrunk to 50 bps, the tightest in a decade.

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Chart of the Week: Ramping Up

February 13, 2019

Direct lending has attracted over $275 billion in capital since 2014 across various strategies.

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Chart of the Week: Steady As She Goes

February 6, 2019

Amid significant price volatility that occupied liquid markets, middle market loan trading levels were relatively stable.

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Chart of the Week: Rising Pipe Lifts Boats

January 31, 2019

It’s early days, but the middle market pipeline is off to a slightly better start than 2018.

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Chart of the Week: Seniors Only

January 24, 2019

LPC’s analysis of private club deals showed almost 93% of middle market volume was senior or unitranche.

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Chart of the Week: Annual Raise

January 16, 2019

2018 saw another increase in sponsored M&A volume in the middle market; up 12% from 2017.

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Features

Leveraged Loan Insight & Analysis – 2/18/2019

BDC returns superior so far in 2019 If you were not buying BDC stocks in the dip in December, you are probably feeling remorse because BDC returns are quite stunning so far in 2019. After posting a dismal -6.6% return in 2018 and 0.1% in 2017, returns have gone sky high so far in 2019

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The Pulse of Private Equity – 2/18/2019

Are dry powder levels a concern? Download PitchBook’s Report here. PE capital overhang levels reached $800 billion last year between North America and Europe. For perspective, the buyout boom overhang peaked in 2008 at $599 billion. The cumulative weight of today’s dry powder isn’t the only difference between eras, however....

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PDI Picks – 2/18/2019

The Goldilocks of capital deployment Despite heated discussion around perceived recklessness, most LPs are satisfied with how GPs have managed their capital. Much has been made of the large number of covenant-lite loans, cases of egregious EBITDA addbacks and other such exuberant late-cycle activity....

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Private Debt Intelligence – 2/18/2019

An Insight into Private Debt Returns Private debt has flourished in recent years: the asset class has raised over $100bn each year for the past four years and assets under management has reached a record $769bn as at the end of June – the latest data available. And while almost a third (32%) of investors

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Leveraged Loan Insight & Analysis – 2/11/2019

Global green loan volume nearly US$6bn one month into 2019 Barely five weeks into the new year, nearly US$6bn in green and ESG loan financings have worked their way through the global market. At first glance it may not seem impressive given the nearly US$9.5bn that was raised the same time last year, but green

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Middle Market Deal Terms at a Glance

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Special Report: Loans – Search and Recovery

February 14, 2019

Beginning in October 2018 The Lead Left published a series of articles on loan recovery. This report consolidates those articles.

State of the Capital Markets – Fourth Quarter 2018 Review and First Quarter 2019 Outlook

January 16, 2019

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

Special Report: Spot-lite on Cov-lite

February 7, 2018

Beginning in October 2017 The Lead Left published a series of articles on covenant-lite. This report consolidates those articles.