Bye-bor
By all accounts it was worth waiting for.
The 10th Procrastination Research Conference, held last month in Chicago, featured sixty professionals – mostly psychologists and behavioral economists – from around the world. Besides reviewing the latest findings in this unusual field, attendees discussed why so many people – one in five of us – qualify as procrastinators.
Even this high-level gathering was sensitive to the issue of putting off things until the last minute. “There’s no day-of registration,” the wife of the conference chair reported.
Speaking of delaying tactics, UK banking regulators announced in July that the London Interbank Offered Rate, also known as Libor, will be replaced. But not anytime soon. The financial industry has until 2021 to establish a new benchmark rate....
QUOTE OF THE WEEK
“The way the S&P has reacted, It doesn’t seem like people are pricing in nuclear war.”
– Frank Cappelleri, executive director of brokerage, Instinet.
Since mid-May both one-month and three-month Libor rates have been consistently above the 1% benchmark floor for many leverage loans.
Lead Left Spotlight
Marc Daniel
Managing Director, Mergers & Acquisitions
SunTrust Robinson Humphrey
"LPs are committing new money to PE funds at the fastest pace since 2008."
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Ted Goldthorpe
Head of Credit
BC Partners
"For our sponsored transactions, we source them by the traditional approach. For non-sponsored deals we target certain industry sectors we know well."
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George Majoros
Co-Managing Partner
EagleTree Capital
"Understanding trends remains critically important for private equity."
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Mary Katherine DuBose
Co-Head of Asset Backed Finance and Securitization
Wells Fargo Securities
"The market is diversified and fragmented, therefore the middle market encompasses a large opportunity."
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Tess Virmani
SVP and Associate General Counsel
Loan Syndications and Trading Association (LSTA)
"Fed, OCC, and FDIC have worked to be more aligned, so there's less "regulator arbitrage"."
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Chris Ullman
Managing Director & Director of Global Communications
The Carlyle Group
"Everyone has a whistle. You just have to find it."
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Features
Private Debt Intelligence – 8/14/2017
Deal Concentration by Location and Industry Recent Preqin data saw that deals completed in H1 2017 were both concentrated by location as well as primary industry focus. Preqin found that most private debt deal activity was concentrated in North America and most completed deals occurred in the industrials sector....
View ArticleMarkit Recap – 8/7/2017
South Korea widens as rhetoric ramps up Donald Trump’s promise to bring “fire and fury” to North Korea if it continues to threaten the United States has certainly caused consternation across the world. But has Trump’s rhetoric affected the credit markets? In the space of a couple of days it has had an impact, though
View ArticleLeveraged Loan Insight & Analysis – 8/7/2017
MM Fundraising hits US$35B YTD, on track to match 2016 levels Fundraising for middle market lending continues strong in 2017. Year to date LPC has tracked almost US$35 billion in inflows on the back of US$60B just last year. Direct lending funds continue to make up the biggest piece of the pie raking in 64%
View ArticleThe Pulse of Private Equity – 8/7/2017
Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the
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Beginning in October 2016 The Lead Left published a series of articles on add-on. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Third Quarter 2017
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Second Quarter 2017
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