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Top US CLO retail holdings Top retail loan holdings in active US CLOs at the end of July include Albertson’s TLB, Bass Pro Shops TL and EG Group TL, with US$2.1bn, US$1.9bn and US$1.7bn of total issuer loan volume respectively. While loan debt of several defaulted retail issuers is still held in active CLOs, theirView Article
Tea leaves for multiples News this week about the yield inversion will probably have an effect on investor psyche. Inversions have historically predated recessions by as many as 24 months—that particular lag (2005-07) also included a significant rise in the S&P. In four of the last five years, the lag between inversion and the startView Article
Private Debt Industry Puts Capital to Work The private debt industry has seen the growth in its AUM accelerate in recent years, and by December 2018 (our latest data available) funds held a total of $768bn in assets under management (AUM). The market is now more than three times bigger than it was ten yearsView Article
A PE fundraising lag is no cause for alarm Private equity had abnormally strong 2017 fundraising numbers, potentially depressing fundraising in the first half of the year. If capital raising for private equity is indicative of potential transactions for private credit managers, they could have hoped for a better number in the first half ofView Article
Aided by an increase in junior debt, total leverage on large corporate US LBO loans increases to 7x this quarter LBO activity in the US syndicated loan market remains robust this quarter. 3Q19 completed and in process LBO volume totals over US$23bn as new money deals continue to be a driver of leveraged lending. Meanwhile,View Article
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Third Quarter 2019
Beginning in April 2019 The Lead Left published a series of articles on valuations. This report consolidates those articles.
Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.