Direct to Consumer
We mentioned last week Apollo’s $1.8 billion financing for New Media Investment Group’s acquisition of Gannett & Co. It seemed like one of the largest non-bank buy-out deals ever. A banker friend of The Lead Left agreed:
“You remember Ares’ Qlik deal in 2016.” she said. “That was a shock to the market when it happened. While there have been a number of larger buyouts led by the non-banks, the $1 billion-plus transactions have been fewer than some expected.”
Can you point to others? “Earlier this year there was a UK deal for the Daisy Group, also led by Ares,” she told us...
Quote of the Week
“Investors’ new daily ritual will be watching the daily fixed rate on the yuan.” – Keith Lerner, chief market strategist, SunTrust Advisory Services.
Featuring Charts
Chart of the Week: Larger Than Life
The number of leveraged loans for buyouts over $1 billion has grown steadily since the Great Recession.
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Chart of the Week: Channel Crossing
The illiquid non-correlated nature of smaller loans are attractive features amidst today’s market volatility.
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Chart of the Week: Stretching for Value
Over half of sponsored transactions are displaying greater than 10x purchase price multiples.
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Chart of the Week: Shopping List
To select a private debt manager, investors must perform due diligence on a variety of factors.
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Chart of the Week: Life Expectancy
Thanks to consistent repayments since the credit crisis, direct loans have an effective life of less than three years.
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Chart of the Week: Premium Outlets
Cliffwater’s analysis of risk premiums across asset classes shows a broad range of returns above Treasurys.
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Features
Leveraged Loan Insight & Analysis – 8/12/2019
Top US CLO retail holdings Top retail loan holdings in active US CLOs at the end of July include Albertson’s TLB, Bass Pro Shops TL and EG Group TL, with US$2.1bn, US$1.9bn and US$1.7bn of total issuer loan volume respectively. While loan debt of several defaulted retail issuers is still held in active CLOs, their
View ArticleThe Pulse of Private Equity – 8/12/2019
Tea leaves for multiples News this week about the yield inversion will probably have an effect on investor psyche. Inversions have historically predated recessions by as many as 24 months—that particular lag (2005-07) also included a significant rise in the S&P. In four of the last five years, the lag between inversion and the start
View ArticlePrivate Debt Intelligence – 8/12/2019
Private Debt Industry Puts Capital to Work The private debt industry has seen the growth in its AUM accelerate in recent years, and by December 2018 (our latest data available) funds held a total of $768bn in assets under management (AUM). The market is now more than three times bigger than it was ten years
View ArticlePDI Picks – 8/12/2019
A PE fundraising lag is no cause for alarm Private equity had abnormally strong 2017 fundraising numbers, potentially depressing fundraising in the first half of the year. If capital raising for private equity is indicative of potential transactions for private credit managers, they could have hoped for a better number in the first half of
View ArticleLeveraged Loan Insight & Analysis – 8/5/2019
Aided by an increase in junior debt, total leverage on large corporate US LBO loans increases to 7x this quarter LBO activity in the US syndicated loan market remains robust this quarter. 3Q19 completed and in process LBO volume totals over US$23bn as new money deals continue to be a driver of leveraged lending. Meanwhile,
View ArticleMiddle Market Deal Terms at a Glance
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Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Third Quarter 2019
Beginning in April 2019 The Lead Left published a series of articles on valuations. This report consolidates those articles.
Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.
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