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Leverage on US LBO deals stays at all-time highs this quarter Total leverage levels for US LBO loans remain high, averaging over 7.5x so far this quarter. 4Q20’s average of 7.2x was the all-time high tracked and that momentum has continued into 2021....View Article
Big bumps in IRR data PE returns bounced back in a big way in mid-2020, according to PitchBook’s upcoming Global Fund Performance Report. After cratering by -8.32% in the first quarter, IRRs were above 9% in both Q2 and Q3. The third quarter mark of 9.81% is preliminary data, but it would be the highestView Article
The climate change debate heats up Private debt managers have not been at the forefront of ESG in the past but times are changing. When we canvassed the opinions of limited partners about how seriously private debt fund managers take climate change, the responses were not exactly a ringing endorsement. Just 4 percent told ourView Article
Institutional loan refinancings jump in January to $39bn Refinancing deals dominated the institutional loan market in January, with US$39bn in volume for a 71% share of overall institutional loan activity, up from US$11.6bn in December and the highest monthly volume since pre-Covid February 2020....View Article
Beginning in August 2020 The Lead Left published a series of articles on the state of private credit in a COVID environment. This report consolidates those articles.
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2021
Beginning in July 2020 The Lead Left published a series of articles on COVID-impacted deal flow. This report consolidates those articles.