State of the Capital Markets – Second Quarter 2018 Review and Third Quarter 2018 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Third Quarter 2018
TheLeadLeft
Half-Time Report (Last of a Series)
Every now and then stuff happens in leveraged lending that reassures us things we’ve learned about the market are actually true. Such was the case last Friday when a big bank credit trading desk noted unusual data on retail loan fund flows. Weekly outflows of $3.5 billion had been reported. That would have been a
Lead Left Interview – Jessica Reiss and Kerry Kantin (Part 2)
This week we continue our conversation with Jessica Reiss, the head of leveraged loan research at Covenant Review. Also joining the conversation is Kerry Kantin, a managing director covering leveraged loans at sister company LevFin Insights. Begun in 2006, Covenant Review is the world’s first boutique research firm focused on bond and loan covenants. LevFin
Private Debt Intelligence – 7/16/2018
Investors Take Notice of Distressed Debt Preqin currently tracks more than 3,300 private debt investors globally. The majority (55%) of these investors are based in North America. A further 25% are based in Europe and 14% are based in the Asia-Pacific region. The 10 largest investors allocate a total of $66bn to the private debt
Markit Recap – 7/16/2018
The news wires are full of headlines around Trump, trade wars and Brexit. A mercantilist USA and a UK government clinging on by its fingertips are not conducive to positive market sentiment. Yet spreads appear unaffected by the political chaos; spreads have tightened, rather than widened. The Markit iTraxx Europe is trading at 65bps, a
PDI Picks – 7/16/2018
US-based managers dominate fundraising Many of the behemoth alternative asset managers are based in America and have raised some of the largest funds this year. For all that’s said about the rise of private debt in Europe and Asia, managers headquartered in the US ruled fundraising in the first six months of the year, according
LevFin Insights: High-Yield Bond Statistics – 7/16/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
The Pulse of Private Equity – 7/16/2018
Is the fundraising boom over? Download PitchBook’s 2Q 2018 US PE Breakdown report here. It isn’t news that US private equity fundraising has been on a tear in recent years. The flood began in 2013, which saw $195 billion raised across 290 vehicles. At the time, both figures were head-and-shoulders above 2012 totals, but it
Debtwire Middle-Market – 7/16/2018
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
Chart of the Week: No Floors
With Libor higher than the historic 1% leveraged loan floor, the rationale for that rate subsidy is going away.