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...

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Quote of the Week

“Bonds and equities falling at the same time is the portfolio wrecker.” – Larry Hatheway, head of investment solutions, GAM Investments.

Chart of the Week: Peak Performance

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."

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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."

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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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Upcoming Interview: Mark Habner

Co-Founder & CEO

BeckWay Group

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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

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PDI 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

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The 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

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Private 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

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Leveraged 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....

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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

Special Report: Spot-lite on Cov-lite

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

State of the Capital Markets – Fourth Quarter 2017 Review and First Quarter 2018 Outlook

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