Fish in a Barrel

The San Antonio Aquarium was the site last week of an unusual heist. A horn shark was swiped from a petting pool by two men and a woman posing as employees of a marine salt supplier. They made off with the foot-and-a half long fish in a baby stroller.

Police recovered the shark, named Miss Helen, thanks to a surveillance video of the shark-nappers truck. That led them to the home of one of the thieves, who quickly confessed. “It was wrong to just take him like that,” said the suspect, whose collection held other sea creatures. “But, at that point in time, it was something I just had to do.”

We sympathize. Collecting valuable assets, particularly in the leveraged loan market, takes true commitment in the face of long odds. Not only has quality suffered in the face of weaker structures, but volume has tailed off, so to speak, in August...

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Quote of the Week

“Everyone thinks we won’t have a problem financing trillion-dollar deficits until we have one.” – Brian Edmonds, head of interest rate trading, Cantor Fitzgerald.

Chart of the Week: Money in the Middle

After a hot first quarter, fundraising for middle market vehicles has slumped a bit, though still on track for a strong year.

Lead Left Spotlight

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."

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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."

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Mark Habner

Co-Founder & CEO

BeckWay Group

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

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Rod Rivera & David Baker

Managing Directors

Capstone Headwaters

"Value-based care is definitely the theme of the day."

Read Interview

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Features

Private Debt Intelligence – 8/13/2018

Distressed Debt Outperforms Other Private Debt Strategies The private debt industry has historically been dominated by three main strategies: direct lending, distressed debt and mezzanine, which collectively account for around four-fifths of private debt assets under management. Median returns for these strategies, and for private debt overall, have been strong, and returns have consistently hovered

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Markit Recap – 8/6/2018

Emerging markets: CDS stalwarts Emerging market sovereigns are regarded as stalwarts of the CDS market. Liquidity is dependable – participants can usually trade in large size with relatively low transaction costs and little price impact. Those that offer doom-laden predictions about the single name product clearly pay little heed to emerging market names....

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The Pulse of Private Equity – 8/6/2018

Strategics are the real barbarians “Barbarians at the gate” is an idiom that has lived past its shelf life. Classifying PE firms as barbarians implies they can raid and conquer at will. There was a tinge of truth to that in the 80s, but it’s a laughable argument in today’s market. As any investor will

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PDI Picks – 8/6/2018

Emerging markets are on the rise for private debt Much of the activity has been in India, one market source told PDI, where distressed debt has been attractive as a result of new bankruptcy rules. Private debt targeting emerging markets has been trending upward in recent years, and 2018’s total may be poised to surpass

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Leveraged Loan Insight & Analysis – 8/6/2018

A third BDC issues public equity this year, but issuance remains at 16-year low Source: Thomson Reuters LPC, Wells Fargo Securities LLC TriplePoint Venture Growth BDC, a venture capital BDC, announced it is tapping the public markets to raise follow-on equity making it only the third public BDC to raise new equity this year. The

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Middle Market Deal Terms at a Glance

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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

Special Report: Spot-lite on Cov-lite

Beginning in October 2017 The Lead Left published a series of articles on covenant-lite. This report consolidates those articles.