Loan Stats at a Glance – 11/8/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
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Leveraged Loan Insight & Analysis – 11/1/2021
BDC visible loans benchmark shifts higher in 2021 BDC earnings season is underway with 22 funds having released their 3Q21 reports so far through November 3. This cohort of BDCs has seen their NAV per share increase by an average of 5.6% in the first three quarters of 2021. The appreciation in asset valuations this…
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SuperReturn Private Credit US
We reported (in person!) this week from the SuperReturn Private Credit conference in Chicago, an event that always attracts top-shelf credit investors and managers. In a keynote interview with economist and former Federal Reserve governor, Randall Kroszner, we explored the contrast between two US economies: Covid-challenged, like restaurants, that are still in a recession, and […]
Debtwire Middle-Market – 11/1/2021
Lower rated borrowers send high yield bond pricing higher in October Source: Debtwire Par High yield bond issuance slowed in October, falling to its lowest level this year at just USD 20.9bn – marking the lowest monthly issuance total for high yield paper since the onset of the coronavirus (COVID-19) pandemic last March. With the…
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LevFin Insights: High-Yield Bond Statistics – 11/1/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
The Pulse of Private Equity – 11/1/2021
Add-ons now 73% of all buyouts Download PitchBook’s Report here. It’s getting repetitive, but the buy-and-build strategy is becoming the dominant approach for private equity. According to PitchBook’s latest US Breakdown Report, add-ons are comprising 73.2% of all buyouts this year. In 2007-2008, at the height of the buyout boom, the percentage was hovering around 50%….
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A Market in Full (Fourth of a Series)
Having moderated three private credit panels in the past ten days, a recurring theme is the record level of deal volume. What’s driving this unprecedented activity? In its recently published 3Q survey [link], William Blair reported $155.3 billion of institutional loans, nearly the highest number they’ve recorded. Almost 60% – $92.4 billion – was dedicated…
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Chart of the Week: Home in the Range
Despite reports of aggressive leverage, one source suggests a more measured middle market.
