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Chart of the Week: Refi Madness

The reversal of refinancings between direct lenders and the liquid market is dramatic. Source: PitchBook LCD(Past performance is no guarantee of future results.)

The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)

Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually a good and natural thing. For those companies willing to go through the ratings and syndication processes in the bank market, terms can be competitive. Because CLO equity investors benefit from much higher structural leverage,…

How to Stop Worrying About the Maturity Wall (Last of a Series)

We saw that confidence further underlined as the economy emerged intact from the global pandemic. And supported as well by the patience shown by financial markets as central banks pursued their aggressive battle against inflation. The reward has so far been the softest of landings, a possibility dismissed by many economists not long ago. Add […]

Leveraged Loan Insight & Analysis - 3/11/2024

Nearly US$15bn of US LBO loan volume completed as BSL market strengthens The US BSL market has completed nearly US$15bn of loan volume backing sponsor buyout activity so far this year, up over 2.5 times year ago totals. The loan market as a whole has been more constructive early in 2024 with the buyer/seller gap…

Private Debt Intelligence - 3/11/2024

LPs target private debt for reliable income streams Private debt investments provide LPs with reliable income streams through contractual repayments, which are particularly attractive in an uncertain macroeconomic environment. Portfolio diversification and high-risk adjusted returns were the second most common reasons cited by investors surveyed by Preqin for allocating to private debt…. Login to Read

The Pulse of Private Equity – 3/11/2024

Private equity Download PitchBook’s Report here. With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well above the 35.3% historical average for the asset class going back to 2000. PE funds as a whole delivered 33.9% of NAV back to LPs in distributions, also well above the historical average…

Covenant Trends - 3/11/2024

Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com