“The Best Place to Be” (Third of a Series)

A dictionary of Latin words, called the “Thesaurus Linguae Latinae,” was begun in 1893 by a team of German researchers. So far their successors have reached the letter R. With extraordinary luck and effort, “zythum” (an Egyptian beverage) will be reached circa 2050.

For a so-called “dead language,” that seems like a lot of work for little gain. But turns out over 200,000 K-12 students are studying Latin in the U.S., not far behind the number of Mandarin learners. And about half of English words are derived from Latin. “Covenant” for example, comes from the Latin meaning “fantasy.” OK, maybe not.

Still, this usefulness of things ancient brings to mind how private credit has become more relevant than ever as we head into 2020...

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“Everyday’s move seems to be driven by trade on, trade off.” – Patrick Kaser, portfolio manager, Brandywine Global.

Featuring Charts

Chart of the Week: Rally Caps

December 11, 2019

Secondary liquid loan prices are lifting as CLO managers use conserved cash to buy higher yielding (B2/B3) assets.

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Chart of the Week: Fund Facts

December 3, 2019

The number of private debt funds closed through June 30 was significantly off last year’s pace.

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Chart of the Week: Capital Hill

November 27, 2019

Overall fundraising for private debt strategies peaked in 2017, but is poised for another solid year in 2019.

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Chart of the Week: Blending Club

November 20, 2019

First-lien/mezz is the costliest capital structure for sponsors; unitranche is coming down.

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Chart of the Week: Stretch Marks

November 13, 2019

Leverage for middle market unitranches has matched first-lien large cap leverage.

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Chart of the Week: The Price Isn’t Right

November 5, 2019

The volume of middle market spread flex-ups at $2.2 billion was the highest in four years.

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Features

Leveraged Loan Insight & Analysis – 12/9/2019

US secondary loan bids get a boost from improved single-B sentiment Average bids in the US secondary loan market have been on the upswing of late. The LPC 100, Refinitiv LPC’s cohort of the 100 largest and most liquid loans, closed Monday bid at 98.02, its highest level since August 2. The LPC 100 was

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The Pulse of Private Equity – 12/9/2019

Middle market firms rarely target the public market Download PitchBook’s Report here. Middle market investors aren’t known for prolific take-private activity, but the percentages are surprisingly low. For the past two years, middle-market take-privates have accounted for less than 2% of all middle market activity. 2% is pretty skimpy. Dating back to 2014, MM buyouts have

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DL Deals: News & Analysis – 12/9/2019

Direct Lending: Add-ons maintain share over buyouts in November Add-on acquisitions continued to drive financings over buyouts in November, accounting for half the tally, compared to 42% for LBOs, according to Direct Lending Deals. Other proceeds, which include growth financing, accounted for 8% of volume, according to DLD. ...

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Private Debt Intelligence – 12/9/2019

Europe-Focused Private Debt Fundraising Hits Record High Private debt fundraising has been slowing down globally since 2017 – so far this year the asset class has raised $92.7bn, the lowest fundraising figure seen since 2014. Normally, a big proportion of private debt trends are attributed to the most developed markets of North America and Europe,

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PDI Picks – 12/9/2019

LPs expecting lower private debt returns in 2020 The asset class has experienced intense competition over the years, and that might be starting to show up in LPs’ return expectations. Investors broadly expect to enjoy solid private debt returns next year, with 78 percent anticipating returns at or above their benchmarks, according to our annual

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Special Report: Private Debt – Search for Transparency

October 24, 2019

In June 2019 The Lead Left published a series of articles on private debt. This report consolidates those articles.

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

October 17, 2019

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

Special Report: Covenantive Easing

September 5, 2019

In May 2019 The Lead Left published a series of articles on covenant trends. This report consolidates those articles.