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Markit Recap – 11/12/2018

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When market makers start sending runs based on nation states rather than sectors it may be a harbinger of fundamental change in how European credit is traded. That is precisely what we are seeing as the Brexit process descended into chaos. A number of UK cabinet members have resigned in protest at Theresa May’s draft

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Debtwire Middle-Market – 11/12/2018

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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

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Leveraged Loan Insight & Analysis - 11/12/2018

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Combined AUM surpassed $750bn for U.S. CLOs and retail loan funds CLOs manage roughly half of current institutional loan outstandings with retail loan funds managing an additional 14%. Their respective shares have been steady, hovering around these levels since mid-2015 when CLOs first reached a 50% share of outstandings. Meanwhile, the pie has certainly grown

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The Pulse of Private Equity – 11/12/2018

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Why the secondaries surge? Download PitchBook’s Report here. Secondaries fundraising continues apace, gathering another $26.3 billion through early Q4. That puts 2018 slightly behind last year’s record, but this year will still mark a third consecutive year with strong numbers. As a strategy, secondaries have garnered attention recently—buy-side LPs are pushing for PE exposure at the

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