Half-Time Report (Second of a Series)

“July 4th is the worst holiday,” one of our friends declared as our families sat watching the jaw-dropping fireworks display last Wednesday evening in Newport, RI. Huh?

“Think about it,” he explained. “Now the summer will zoom by. Kids back in school last week of August. Then Labor Day. A month later, Halloween. Before you know it, bingo – Thanksgiving, Christmas, the whole winter thing.” He sighed. ”See what I mean?”

It did seem like just yesterday we were changing our snow tires. But we aren't ready to throw in the beach towel quite yet. At any rate not with the leveraged loan market demonstrating such uncharacteristically investor-friendly exuberance.

For the first six months of 2018, middle market sponsored loan volume weighed in at more than $40 billion, according to Thomson Reuters LPC. That’s better than 2017’s $37 billion and is on pace to beat last year’s total of $78 billion...

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Quote of the Week

“I still think many market participants are turning a blind eye to what is currently going on in Europe.” – Mark Grant, chief global strategist, B. Riley FBR.

Chart of the Week: Flex Appeal

June saw the highest number of upward price flexes in the overall leveraged loan market in the past twelve months.

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."

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Features

Leveraged Loan Insight & Analysis – 7/9/2018

Middle market sponsored syndicated volume reached US$20.9B in 2Q18 Middle market sponsored syndicated loan activity was pretty solid in 2Q18 reaching US$20.9bn, similar to 1Q18 issuance of $21.7bn. However, refinancings and repricings drove close to 40% of activity in 1Q18 and 2Q18 which is much higher than the mid 20% area in 2017. Furthermore, compared

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The Pulse of Private Equity – 7/9/2018

Heading west: PE sourcing more from the valley than public market Download PitchBook’s 2Q 2018 US PE Breakdown report here. We’ve remarked in the past that PE firms are warming to VC-backed targets. Younger tech companies are increasingly becoming viable buyout targets, or at least intriguing add-on candidates for their platforms. Meanwhile, we’ve also seen

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PDI Picks – 7/9/2018

Private debt keeps it global Managers with the capability to deploy capital around the globe are rounding up more capital than those focused on a specific geographic area. Private debt has had global ambitions in 2018; multi-regional funds locked down the plurality of capital so far this year, with credit managers raising $30.37 billion for

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Private Debt Intelligence – 7/9/2018

Private Debt: Distressed Debt Dominates Q2 2018 In Q2 2018, 22 private debt funds held a final close, securing a total of $25bn in capital. Although this marks a significant decrease from the 33 private debt vehicles which held a final closure in Q1 2018, Q2 saw an increase of over $5.0bn in capital raised.

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The Pulse of Private Equity – 7/2/2018

New tax law to impact PE data Download PitchBook’s Report click here. Recent changes to the US corporate tax rate are a mixed bag for private equity. Reducing the top-line rate from 35% to 21% affects PE at both the fund and portfolio company levels, as both are structured as corporate entities in the first

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Middle Market Deal Terms at a Glance

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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

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

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Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for First Quarter 2018