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Post-COVID Private Credit: Leverage & Pricing

A private credit practitioner would have found no better place to spend the week than at the SuperReturn North America Virtual conference. As chair of Day One, and on three lender panels your correspondent had a front row seat listening to GPs and LPs describe how they were dealing with the effects of COVID-19 on […]

Debtwire Middle-Market – 9/21/2020

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

The Pulse of Private Equity – 9/21/2020

Healthcare investment outpaces overall PE market PE activity in the healthcare space has outpaced the broader PE market since 2009. A new PitchBook analyst note, to be released tomorrow morning, chronicles the trend: tailwinds include an aging population, an uptick in global per capita healthcare spending, strong growth rates and attractive margin profiles, and a

Private Credit – Better than Ever (Fourth of a Series)

We mentioned last week our turn at the SuperReturn North America Virtual conference. There we heard participants weigh in on various aspects of the pandemic on private credit, including impact on terms, structures and portfolio performance. But what about new business? A lot depends on managers’ strategies. Over the past five years, institutional investors have

Leveraged Loan Insight & Analysis - 9/21/2020

Libor floors remain in institutional market, but are shifting lower One of the many effects brought by the pandemic was the precipitous drop in Libor rates, which had already been in a steady decline for a while. The average 3-month Libor rate dropped almost 100bp to an average of 0.58% in 2Q20 and is at