Third Quarter Report (First of a Series)

William McChesney Martin, the chairman of the Federal Reserve under five presidents from Truman to Nixon, famously said the Fed’s job was to remove the punch bowl just as the party was warming up. Seems like the current occupant of that job expects the bar to be open all night.

As our Quote of the Week highlights, chairman Jerome Powell weighed in earlier this month on the inevitability of the recovery phase going on “indefinitely.”

Where have you gone, Janet Yellen?

That articulation had at least one of our more astute credit investor friends fretting...

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Quote of the Week

“There’s no reason to think this cycle can’t continue for quite some time, effectively indefinitely.” – Jerome Powell, chairman of the Federal Reserve Board.

Chart of the Week: Buyout Bites

Over the past three years, the average middle market LBO has generally remained range-bound, between $150-200 million.

Lead Left Spotlight

Kevin Alexander & Michael Moravec

Deputy CEO / Head of Investment Banking

Natixis

"We are opportunistic. We’re looking for really strong athletes with an entrepreneurial spirit."

Read Interview

Jessica Reiss & Kerry Kantin

Head of Leveraged Loan Research / Managing Director Covering Leveraged Loans

Covenant Review / LevFin Insights

"Portability isn’t common, but we’ve seen an uptick."

Read Interview

Thomas A. Stewart

Executive Director

National Center for the Middle Market

"Middle market companies are critical elements of industry clusters across the country."

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Peter Magas

Managing Director

Beecken Petty O'Keefe & Company

"Demographics suggest continued demand for healthcare services and the provider base cannot keep pace."

Read Interview

Mark Habner

Co-Founder & CEO

BeckWay Group

"Individuals within a company truly make the difference in performance and excellence, not the company itself."

Read Interview

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Features

Private Debt Intelligence – 10/15/2018

Direct Lending Sees Banner Q3 Although private debt fundraising activity slowed in Q3 2018, with the quarter recording 31 funds holding a final close and securing a total of $24bn in capital, direct lending had a banner quarter. In Q3, four distressed debt vehicles raised $2.4bn, eight mezzanine funds raised $1.5bn and 15 direct lending

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Leveraged Loan Insight & Analysis – 10/8/2018

Syndicated middle market sponsored volume tanked in 3Q18 The summer of 2018 was not noteworthy for those middle market lenders that focus on sponsored deals. Syndicated issuance took a nose dive to just US$13.7bn in 3Q18, down 43% and 30% from 2Q18 and 3Q17 levels respectively. “We are only able to get crumbs in terms

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Markit Recap – 10/8/2018

Credit market veterans are all too aware that the determination of CDS credit events is far from straightforward. This can be seen as a weakness of the product, but it is difficult to avoid given the irregularity of bond contracts and the smorgasbord of insolvency laws across different jurisduictions. The case of Astaldi is a

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The Pulse of Private Equity – 10/8/2018

Foreign investment in the spotlight Download PitchBook’s Report here. Foreign PE investment in US-based companies has been strong going back to 2014. And consistent. Since 2014, non-US investors were involved in about 12% of all US-based PE investments per year. The US private equity market is easily the most developed market available, and while the European

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PDI Picks – 10/8/2018

The importance of explaining Brexit Brexit makes a majority of LPs nervous about European credit markets, according to a PDI survey. Investors may have had almost two-and-a-half years to process and prepare for the UK’s departure from the EU, but that doesn’t mean they aren’t still wary of the end result, data from a PDI

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Middle Market Deal Terms at a Glance

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

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Fourth Quarter 2018

State of the Capital Markets – Second Quarter 2018 Review and Third Quarter 2018 Outlook

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Third Quarter 2018

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

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2018