Bye-bor

By all accounts it was worth waiting for.

The 10th Procrastination Research Conference, held last month in Chicago, featured sixty professionals – mostly psychologists and behavioral economists – from around the world. Besides reviewing the latest findings in this unusual field, attendees discussed why so many people – one in five of us – qualify as procrastinators.

Even this high-level gathering was sensitive to the issue of putting off things until the last minute. “There’s no day-of registration,” the wife of the conference chair reported.

Speaking of delaying tactics, UK banking regulators announced in July that the London Interbank Offered Rate, also known as Libor, will be replaced. But not anytime soon. The financial industry has until 2021 to establish a new benchmark rate....

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QUOTE OF THE WEEK

“The way the S&P has reacted, It doesn’t seem like people are pricing in nuclear war.”
Frank Cappelleri, executive director of brokerage, Instinet.

Chart of the Week: Floor Covering

Since mid-May both one-month and three-month Libor rates have been consistently above the 1% benchmark floor for many leverage loans.

Lead Left Spotlight

Marc Daniel

Managing Director, Mergers & Acquisitions

SunTrust Robinson Humphrey

"LPs are committing new money to PE funds at the fastest pace since 2008."

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Ted Goldthorpe

Head of Credit

BC Partners

"For our sponsored transactions, we source them by the traditional approach. For non-sponsored deals we target certain industry sectors we know well."

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George Majoros

Co-Managing Partner

EagleTree Capital

"Understanding trends remains critically important for private equity."

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Mary Katherine DuBose

Co-Head of Asset Backed Finance and Securitization

Wells Fargo Securities

"The market is diversified and fragmented, therefore the middle market encompasses a large opportunity."

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Tess Virmani

SVP and Associate General Counsel

Loan Syndications and Trading Association (LSTA)

"Fed, OCC, and FDIC have worked to be more aligned, so there's less "regulator arbitrage"."

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Chris Ullman

Managing Director & Director of Global Communications

The Carlyle Group

"Everyone has a whistle. You just have to find it."

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Features

Private Debt Intelligence – 8/14/2017

Deal Concentration by Location and Industry Recent Preqin data saw that deals completed in H1 2017 were both concentrated by location as well as primary industry focus. Preqin found that most private debt deal activity was concentrated in North America and most completed deals occurred in the industrials sector....

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Markit Recap – 8/7/2017

South Korea widens as rhetoric ramps up Donald Trump’s promise to bring “fire and fury” to North Korea if it continues to threaten the United States has certainly caused consternation across the world. But has Trump’s rhetoric affected the credit markets? In the space of a couple of days it has had an impact, though

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Leveraged Loan Insight & Analysis – 8/7/2017

MM Fundraising hits US$35B YTD, on track to match 2016 levels Fundraising for middle market lending continues strong in 2017. Year to date LPC has tracked almost US$35 billion in inflows on the back of US$60B just last year. Direct lending funds continue to make up the biggest piece of the pie raking in 64%

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The Pulse of Private Equity – 8/7/2017

Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the

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Middle Market Deal Terms at a Glance

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Special Report: The Art of the Add-On

Beginning in October 2016 The Lead Left published a series of articles on add-on. This report consolidates those articles.

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

Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Third Quarter 2017

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

Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Second Quarter 2017