It’s the Dough, Not the Dow

The oft-quoted baseball legend Yogi Berra once said, “When you come to a fork in the road, take it.” This has been cited as perfectly capturing the futility of some decisions under challenging circumstances. Turns out there was a bit more behind the quote than the Yankee catcher’s famously offbeat wisdom.

According to a 2009 biography, the quote came from actual directions Mr. Berra gave to a visiting friend. His house sits equidistant between two roads. Hence a traveler headed there, upon coming to the fork, can turn either right or left. Either choice leads you successfully to the house...

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Quote of the Week

“We're not on the verge of a recession.” – Isabelle Mateos y Lago, managing director, chief multi-asset strategist, BlackRock.

Featuring Charts

Chart of the Week: Ramping Up

February 13, 2019

Direct lending has attracted over $275 billion in capital since 2014 across various strategies.

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Chart of the Week: Steady As She Goes

February 6, 2019

Amid significant price volatility that occupied liquid markets, middle market loan trading levels were relatively stable.

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Chart of the Week: Rising Pipe Lifts Boats

January 31, 2019

It’s early days, but the middle market pipeline is off to a slightly better start than 2018.

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Chart of the Week: Seniors Only

January 24, 2019

LPC’s analysis of private club deals showed almost 93% of middle market volume was senior or unitranche.

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Chart of the Week: Annual Raise

January 16, 2019

2018 saw another increase in sponsored M&A volume in the middle market; up 12% from 2017.

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Chart of the Week: On the Rebound

January 9, 2019

Secondary prices for LPC’s top liquid loans rose almost 2%, as public markets have regained confidence over the past week.

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Features

Leveraged Loan Insight & Analysis – 2/11/2019

Global green loan volume nearly US$6bn one month into 2019 Barely five weeks into the new year, nearly US$6bn in green and ESG loan financings have worked their way through the global market. At first glance it may not seem impressive given the nearly US$9.5bn that was raised the same time last year, but green

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The Pulse of Private Equity – 2/11/2019

Bigger funds and lower margins Over 90% of 2018 vintage PE funds were larger than their predecessors. That’s the first time in more than ten years that percentage has crept above 90%, the last being 2006.Opportunism is certainly at play, though its much more modest this time around....

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PDI Picks – 2/11/2019

The rise of the few in Europe In 2018, three European mega-funds raised more than one out of every three dollars focused on the region. A dominant theme in recent headlines has been concentrated wealth in the hands of the very few – and I’m not talking about income status. I’m talking about private credit....

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Private Debt Intelligence – 2/11/2019

Strong Private Debt Deal Activity Leads to a Challenging Market The private debt industry has emerged as a vital part of the private investment market in recent years and due to strong fundraising, fund managers have had significant amounts of capital available to deploy: private debt dry powder reached a record $307bn as at June

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Leveraged Loan Insight & Analysis – 2/4/2019

Flex activity in the US institutional loan market snaps back to favoring issuers again Flex activity in the US institutional loan market snapped back to being issuer friendly in January, after December heavily leaned towards investors. This allowed LPC’s Flex Factor’s median flex score to drop to a very issuer friendly score of -1.0 last

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