Leveraged Loans and Systemic Risk (Last of a Series)

If nothing else, the history of leveraged lending since the credit crisis shows both regulators and regulated entities have worked to shift loans off bank balance sheets.

The object of Leveraged Lending Guidance, in turn, was not to eliminate credit risk, but limit the most aggressive bank lending practices – for example, leverage over six times ebitda. That would, in turn, help minimize risk to depositors.

The Great Recession only accelerated what has been twenty-plus years of disintermediation from banks to “shadow” banks...

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Quote of the Week

“The market seems to be saying that the FOMC isn’t going to raise rates in 2019.” – Kevin Giddis, head of fixed-income capital markets, Raymond James.

Featuring Charts

Chart of the Week: Bank Shot

March 20, 2019

Mergers, consolidations, and regulation all share responsibility for the flight of leveraged loans to the non-bank sector.

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Chart of the Week: Price Fix

March 13, 2019

The long-term durability of leveraged loans was demonstrated out of the last recession, as values climbed back to par.

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Chart of the Week: All-Terrain Vehicles

March 7, 2019

Over time collateralized loan obligations have proven to be resilient through cycles and regulatory hurdles.

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Chart of the Week: Shooting Below Par

February 28, 2019

After a good run leading up to last year’s market volatility, virtually no names in the LCD LSTA Leveraged Loan Index are trading at or above par.

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Chart of the Week: Mutual Attraction

February 20, 2019

The premium between large cap and the middle market has shrunk to 50 bps, the tightest in a decade.

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Chart of the Week: Ramping Up

February 13, 2019

Direct lending has attracted over $275 billion in capital since 2014 across various strategies.

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The Pulse of Private Equity – 3/18/2019

Returns healthy, still under pressure Download PitchBook’s Report here. TVPI multiples—more simply known as investment multiples—remain healthy. Gains from post-vintage buckets (2010-2016) were all boosted by at least 0.08x over the past twelve months, with 2015 vintages leading the way with an overall boost of 0.16x....

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PDI Picks – 3/18/2019

Alt asset fundraising falls in 2018 thanks to PE and private debt Real estate also fell, continuing a multiyear trend, after hitting a record high four years ago. Fundraising for core alternative asset classes – private equity, private debt, real estate and infrastructure – fell off a cliff from 2017 to 2018, largely driven by

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PDI Picks – 3/11/2019

Investors think PE is too expensive, what about private debt? Making sure investors find the asset class a good place to find value can help it maintain its rapid growth. Private equity has mushroomed post-global financial crisis, but is it too expensive? That may be the prevailing sentiment according to limited partners surveyed by Private

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Leveraged Loan Insight & Analysis – 3/11/2019

Global green loan volume tops US$10bn ytd, shadowing record 2018 pace At a pace reminiscent of the record setting US$59.5bn total set in 2018, 2019 green loan issuance topped US$10.0bn so far in 1Q19. This is modestly off from results at the same time last year which stood at nearly US$11.8bn....

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The Pulse of Private Equity – 3/11/2019

Acacia funds Download PitchBook’s Report here. Acacia trees are those huge, canopy-like trees in Africa that giraffes feast on. It helps to be that tall—there’s virtually no competition to eat the leaves. Sheer size in private equity brings similar advantages, as only mega funds can compete for certain deals....

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Special Report: Spotlight on Healthcare

February 28, 2019

Beginning in March 2018 The Lead Left published a series of articles on the healthcare industry. This report consolidates those articles.

Special Report: Loans – Search and Recovery

February 14, 2019

Beginning in October 2018 The Lead Left published a series of articles on loan recovery. This report consolidates those articles.

State of the Capital Markets – Fourth Quarter 2018 Review and First Quarter 2019 Outlook

January 16, 2019

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2019