The Lead Left

Direct Lending Sees Banner Q3 Although private debt fundraising activity slowed in Q3 2018, with the quarter recording 31 funds holding a final close and securing a total of $24bn in capital, direct lending had a banner quarter. In Q3, four distressed debt vehicles raised $2.4bn, eight mezzanine funds raised $1.5bn and 15 direct lending

Syndicated middle market sponsored volume tanked in 3Q18 The summer of 2018 was not noteworthy for those middle market lenders that focus on sponsored deals. Syndicated issuance took a nose dive to just US$13.7bn in 3Q18, down 43% and 30% from 2Q18 and 3Q17 levels respectively. “We are only able to get crumbs in terms

Credit market veterans are all too aware that the determination of CDS credit events is far from straightforward. This can be seen as a weakness of the product, but it is difficult to avoid given the irregularity of bond contracts and the smorgasbord of insolvency laws across different jurisduictions. The case of Astaldi is a

Foreign investment in the spotlight Download PitchBook’s Report here. Foreign PE investment in US-based companies has been strong going back to 2014. And consistent. Since 2014, non-US investors were involved in about 12% of all US-based PE investments per year. The US private equity market is easily the most developed market available, and while the European

The importance of explaining Brexit Brexit makes a majority of LPs nervous about European credit markets, according to a PDI survey. Investors may have had almost two-and-a-half years to process and prepare for the UK’s departure from the EU, but that doesn’t mean they aren’t still wary of the end result, data from a PDI