Fast Food
McDonald’s reported surprisingly strong earnings for the first quarter. An RBC piece last week said the burger giant’s results were driven by better sales in international markets, as well as the addition of value-priced options on its menu.
Bank analysts did not mention Don Gorske. The retired prison guard from Fond du Lac, Wisconsin just consumed his 30,000th Big Mac. He already holds the Guinness record and is committed to trying for 40,000 – a figure he should reach by 2032.
Though his diet consists mostly of the “two all-beef patty, special sauce” entrée, Mr. Gorske told the NY Post recently, “I’m healthy as a horse.” He also can’t remember the last time he had an apple or banana. “Last year I had some corn,” he said.
Nutritional value has also been a theme in the leveraged loan market. As the second quarter reaches its halfway point, large cap issuers are continuing to feast on sell-side friendly terms such as cov-lite...
Quote of the Week
“Bonds and equities falling at the same time is the portfolio wrecker.” – Larry Hatheway, head of investment solutions, GAM Investments.
The universe of institutional leverage loans topped $1 trillion for the first time; approaching $1.5 trillion of HY bonds.
Lead Left Spotlight
Rod Rivera & David Baker
Managing Directors
Capstone Headwaters
"Value-based care is definitely the theme of the day."
Read Interview
Andrew Welch
Managing Director
Revelstoke Capital Partners
"We believe scale matters, particularly in healthcare."
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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."
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Features
Leveraged Loan Insight & Analysis – 5/14/2018
BDC share prices rebound, returns turn positive YTD After showing a declining trend over the last year, BDC share prices are back on the mend this earnings season. The average share price to net asset value per share saw a sharp uptick last week to 0.902 times, up from 0.86-0.87 times in April. As a
View ArticlePDI Picks – 5/14/2018
Moving up in the real estate world The total raised for senior debt so far in 2018 signifies a jump from previous years. The growth in real estate debt is just one of the many story lines in the expansion of private credit, and senior debt in that sub-strategy seems to be having its moment
View ArticleThe Pulse of Private Equity – 5/14/2018
Carving out opportunities Download PitchBook’s 1Q 2018 M&A Report click here. Somewhat quietly, PE-led carveout acquisitions have boomed in recent years. This is a natural and sometimes overlooked consequence of M&A booms, especially today’s. Corporate buying sprees have their own logic to them, and when public companies announce plans to buy or sell certain non-core
View ArticlePrivate Debt Intelligence – 5/14/2018
Sovereign Wealth Funds Invest in Private Debt Many institutional investors regard private debt as an asset class that presents attractive opportunities amid low interest rates and stringent regulatory requirements imposed on banks post-Global Financial Crisis. Sovereign wealth funds also have gravitated to the asset class, and 38% of this group of investors are known to
View ArticleLeveraged Loan Insight & Analysis – 5/7/2018
Fed Survey: Nearly one fifth of banks report weaker loan demand The majority of banks reported lending standards remained unchanged in today’s release of the Federal Reserve Senior Loan Officer Opinion Survey. 13% reported easing and only one bank reported tightening on terms to large firms....
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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