Spotlight on Healthcare – A Special Industry Report (Fifth of a Series)
One of the most interesting features of the new healthcare landscape is the evolving relationship between patients and doctors. As we detailed in our first instalment of this special Lead Left series, retail giants are teaming with healthcare behemoths to capture patients wherever they go. That fits well with the 24/7, wanting everything all the time, mentality of the 21st century US consumer.
Doctors, on the other hand, increasingly want to focus on treating patients. As one of our healthcare M&A friends also recently told us, fewer physicians want to be entrepreneurs. Young medical graduates tend to be more idealistic, more focused on patient care and treatment, and less interested in the business side of their practices.
This trend favors private equity firms. The goal of many sponsor-backed roll-ups of physician practice organizations is to create larger, more corporate-style practices...
Quote of the Week
“We had a regime change with respect to both volatility and interest rates.” – Joanne Hill, chief advisor of research, Cboe Vest Financial.
Trading levels of liquid healthcare loans have been down relative to the overall market this year.
Lead Left Spotlight
Bram Smith & Lee Shaiman
Outgoing and Incoming Executive Director
LSTA
"Despite the financial crisis and a sharp pricing drop, loans and CLOs actually performed as promised."
Read Interview
Rob Morris
Founder and Managing Partner
Olympus Partners
"It’s not just about having a good IRR. It’s about how we handle risk."
Read Interview
Brad Raymond
Head of Investment Banking
Stifel Financial
"Private equity is an important driver of activity and has become a meaningful alternative to going public."
Read Interview
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Markit Recap – 4/16/2018
iTraxx Europe – options can influence volumes Fundamental factors rightly garner the most attention when investors try to ascertain why markets move. Even if one regards markets as perfectly efficient and favour index tracking, it would be foolhardy to completely ignore real world influences when managing money. But the credit markets, in particular, warrant analysis
View ArticleLeveraged Loan Insight & Analysis – 4/16/2018
U.S. LBO issuance shows more bark than bite in 1Q18 There was a lot of noise around LBO activity last quarter, but in the end 1Q18 U.S. LBO loan issuance totals finished at a modest US$19bn, 17% behind 4Q17’s level of US$22.9bn and 24% behind 1Q17’s US$25.2bn. The good news is that a lot of
View ArticleThe Pulse of Private Equity – 4/16/2018
Buy, build, repeat Download PitchBook’s report click here. The buy-and-build strategy has largely displaced private equity’s early playbook, which relied on financial engineering and ambitious leveraging to generate profits. To be sure, add-ons have been in PE’s playbook even before the crisis, though to a much smaller degree....
View ArticlePrivate Debt Intelligence – 4/16/2018
Direct Lending Fundraising Drops in Q1 2018 The private debt industry saw record year in 2017 in which 156 funds raised an aggregate $115bn. Q1 2018 however, has seen a slowdown in fundraising levels – just nineteen private debt funds reached a final close, raising a combined $14bn. Direct lending in particular saw a decrease
View ArticlePDI Picks – 4/16/2018
Does size matter? Ask managers, and they’ll say yes. The rush toward credit continues; as the asset class keeps growing, the average fund size has grown with it. In the first quarter of the year, the average private debt fund size stood at $1.25 billion, larger than last year’s four-quarter average of $1.02 billion and
View ArticleMiddle Market Deal Terms at a Glance
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Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2018
Beginning in October 2017 The Lead Left published a series of articles on covenant-lite. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2018
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