“It’s Been A Long Year”
So bemoaned one friend from a broadly syndicated loan desk on Monday. We get it. As we covered in our first column of the year last week, there’s been enough to-ing and fro-ing in liquid markets in the past half-month to already fill your 2019 diary.
Such is the nature of today’s market velocity propelled by scary media headlines. It’s also where we are in the credit cycle. When teens are partying in the basement, no one expects parents coming downstairs at 7:30 pm. But around 2 am, ears start perking up...
Quote of the Week
“Leverage has switched all the way in favor of investors.” – John Gregory, head of leveraged syndicated desk, Wells Fargo Securities.
Featuring Charts
Chart of the Week: Annual Raise
2018 saw another increase in sponsored M&A volume in the middle market; up 12% from 2017.
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Chart of the Week: On the Rebound
Secondary prices for LPC’s top liquid loans rose almost 2%, as public markets have regained confidence over the past week.
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Chart of the Week: Best in Class
During the worst of the credit crisis the lower volatility of middle market loans is evident, compared to bonds or liquid loans.
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Chart of the Week: Downside Protection
At the depth of the credit crisis, middle market loan prices proved less volatile than their broadly syndicated counterparts.
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Chart of the Week: Bids Slid
Secondary loan bid levels have softened concurrent with overall public market volatility.
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Chart of the Week: Unilevered
Leverage for club middle market unitranche deals has stayed a constant 5x.
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Features
Private Debt Intelligence – 1/21/2019
Asia-Focused Private Debt Fundraising Falters 2018 proved to be another strong year for private debt fundraising, with the year seeing 163 funds holding a final close and securing an aggregate $110bn in capital. North America continued to represent the largest portion of the industry: 91 North America-focused vehicles raised a total of $68bn....
View ArticleThe Pulse of Private Equity – 1/14/2019
Drawdown speeds and fund returns Download PitchBook’s Report here. US PE fundraising trended down in 2018. No surprise there—more than $200 billion was cumulatively raised in both 2016 and 2017, totaling nearly $442 billion altogether in the span of two years. As we’ve noted in the past, the current fundraising market bears a hint of opportunism,
View ArticleLeveraged Loan Insight & Analysis – 1/14/2019
Non-sponsored middle market lending increased to US$102bn but new money collapsed The non-sponsored market continued to tread along in 2018. Issuance was up for the second year in a row to US$102.3bn, but that was still far from 2014’s record and was driven by increased refi activity. Refinancing volume of US$81.3bn, was up 36% from
View ArticlePDI Picks – 1/14/2019
Investors want more info on fees LPs said they often have a hard time justifying them within their organisations. More than half of investors in the past 12 months have asked for greater fee transparency and disclosure from their general partners, according to PDI Perspectives 2019, our annual survey of limited partners....
View ArticlePrivate Debt Intelligence – 1/14/2019
Overview of Private Debt Fundraising in 2018 Private debt fundraising remained strong in 2018, making it the fourth consecutive year in which funds raised over $100bn. In 2018, 162 funds were able to secure an aggregate $110bn in capital. While this was slightly lower than the $129bn in capital raised in 2017, 2018 nonetheless represented
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 First Quarter 2019
Beginning in October 2017 The Lead Left published a series of articles on covenant-lite. This report consolidates those articles.
Beginning in March 2017 The Lead Left published a series of articles on private credit and public debt. This report consolidates those articles.
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