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Loan bids continue to decline amidst broader market volatility LPC’s most liquid 100 loans cohort traded down again yesterday to 96.15, its lowest level since March 2016. The volatility in the broader market has bled into the syndicated loans market. Loan investors have reacted by yanking roughly US$5.6bn from retail loan funds since the last

Today’s deal structuring affects private debt’s future Cov-lite, cov-wide or cov-regular, credit managers are making the bed they’ll have to lie in. The private debt deal market is red hot: there is cash aplenty, more lenders than there are deals, egregious EBITDA addbacks – and investors are taking note....

Private Debt Industry in Europe Reaches $200bn in Assets Europe has been a key area of interest for investors in private debt in the past year. Of the private debt investors surveyed by Preqin in June 2018, 47% view Europe as presenting the best opportunities – the largest proportion of any region. Additionally, the number

Why are SBOs more expensive? Download PitchBook’s Report here. Secondary buyouts have transacted at a premium versus non-SBOs since the financial crisis. That’s somewhat surprising; one might assume that “used” portfolio companies would trade at a discount given the operational improvements that have already been made, leaving less low-hanging fruit for the next sponsor. Not so

Leon Black sounds the alarm Apollo’s Leon Black made a few waves this week, warning that “the credit markets, unlike the equity markets, have gone to bubble status.” He said the amount of covenant-less debt available today is higher than it was in the run-up to the financial crisis. Bloomberg’s Lisa Abramowicz was right to