The Creditors’ Ball

The Who’s Who of leveraged finance showed up for the Wells Fargo Investment Thought Leadership Forum at the Plaza Hotel in NYC last week.

In what has become the Davos of Credit, titans of our industry such as Howard Marks, Leon Black, and Larry Fink held forth on broad themes around what the smartest and biggest money is thinking and doing in today’s challenging investing environment.

Direct lenders David Golub, Josh Easterly, Jim Zelter and Bennett Goodman addressed issues confronting these non-bank market leaders. Particular attention was paid to how their firms were positioning themselves for the next downturn...

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QUOTE OF THE WEEK

“I would simply say I am very worried about the sustainability of the US debt trajectory.”
– Janet Yellen, Chair, Board of Governors, Federal Reserve System.

Chart of the Week: To the Moon, Alice

A record 52% of all middle market buyout financings are leveraged at or more than six times ebitda; 15% over 7x.

Lead Left Spotlight

Derek Gluckman

Vice President & Senior Covenant Officer

Moody's

"The more current loans differ from last-generation loans, the more investors will suffer in a downturn scenario."

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Mark MacTavish

Managing Director

ONCAP

"We approaches the private equity market as a long-term owner of businesses, rather than as a portfolio manager focused on shorter-term investment results."

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Daniel Winick & Andrew Young

Partner | Senior Associate

Clifford Chance

"Cov-lite has become a movement against the traditional banking philosophy of providing only for the needs of the business."

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Tim Hopper

Founder

Macro Fund Advisors

"Corporate debt issuance is on the rise and all investors are crammed into ever riskier and scarce high yield instruments."

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Niels Bodenheim

Senior Director of Debt Research

bfinance

"Private markets are certainly one of the fastest growing categories. Within that, private credit is the biggest contributors to that growth."

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Ilan Nissan

Senior Partner

Goodwin Procter

"Lenders are falling over themselves to provide aggressive terms."

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Features

Markit Recap – 12/11/2017

Italy CDS – watch the ISDA basis This year was widely touted by many – including yours truly – as the year of political risk. As we now know it didn’t turn out that way. Emmanuel Macron fought off the challenge of the National Front, Mark Rutte was re-elected as Dutch Prime Minister and Italy

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Leveraged Loan Insight & Analysis – 12/11/2017

Flex activity swings back in favor of issuers this week So far this week, flex activity has swung back in favor of issuers after investors pushed back on several deals in prior weeks. The Flex Factor averages a very issuer friendly flex score of -1.9 this week, after occupying investor friendly territory the prior two

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The Pulse of Private Equity – 12/11/2017

Buyout funds, distressed debt strategies outperform their peers Download PitchBook’s Report click here. How do private asset classes compare on a real and risk-adjusted basis? Our latest analyst note (Is the risk worth the wait?) gauged the risk/return profile of buyout funds between 2000 and 2012 against PE growth, PE energy and venture capital strategies,

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Private Debt Intelligence – 12/11/2017

India-Based Private Debt Market Although the private debt industry is still an emerging asset class in India, it represents 13% of the market across the Asia-Pacific. Additionally, since 2014, India-based private debt assets under management has grown steadily from $2.6bn in December 2014 to $3.3bn in December 2016. Additionally, as at December 2016, dry powder

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Middle Market Deal Terms at a Glance

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Special Report: Private Credit vs. Public Debt

Beginning in March 2017 The Lead Left published a series of articles on private credit and public debt. This report consolidates those articles.

Special Report: How Big is the Middle Market?

Beginning in July 2017 The Lead Left published a series of articles on the size of middle market. This report consolidates those articles.

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

Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Fourth Quarter 2017