TheLeadLeft

Debtwire Middle-Market – 1/23/2023

Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

Leveraged Loan Insight & Analysis - 1/23/2023

There was 4.1x more MM LBO volume in the direct lending market vs. syndicated market in 2022 With very challenging conditions in the syndicated loan market, more and more sponsors turned to the direct lending market for funds in 2022. Even in the fourth quarter, when direct lending contracted, the ratio of direct to syndicated…

The Pulse of Private Equity – 1/23/2023

The stalled exit environment Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown, the annual version, showed a seismic decline in PE exits last year. Estimated exit volume fell by 28% while exit value fell a much sharper 63%. In all, PitchBook estimates $322.9 billion in exit value, which is the lowest total since 2013…. Login

The 2023 M&A Outlook - Continued

The beauty of time off from work is the opportunity to reflect on the big picture. For us at the Lead Left it means moving beyond 2022 rates and recessions to a thoughtful consideration of what comes next… ▶︎ Read Jan 16 2023 newsletter: here ▶︎ Chart of the Week: here (by Nuveen, Bloomberg) (Any […]

Covenant Trends - 1/23/2023

Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller

Private Debt Intelligence - 1/23/2023

Private debt dry powder balanced with AUM Private debt dry powder continues to rise in line with the growth of assets under management (AUM) over 2022, although the ratio of dry powder to AUM fell slightly in the first half of 2022. As of June 2022, dry powder at managers based in Europe, North America…

PDI Picks – 1/23/2023

Rates become chief performance concern Inflation and interest rates enter investors’ list of top three worries this year, as fears of a recession persist. Rising interest rates and inflation have become the key concerns for investors taking part in Private Debt Investor’s LP Perspectives 2023 Study, for the first time pushing extreme market valuations out…