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Covenant Trends - 9/20/2021

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Flex Trends: Pricing (% of all Flexes that Decrease All-in Spread) and Covenants (% with Zero Doc Score Flex) (Past performance is no guarantee of future results.) Contact: Steven Miller

PDI Picks – 9/20/2021

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Europe is also heating up It’s not just the US seeing transaction activity hit the heights. The leveraged buyout market is helping to create a boom in Europe, too. In last week’s edition of Lead Left, we reflected in this column on the “white hot” US deals market. In Europe, it’s a similar story, with…

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Supply Chain Blues: Out of Stock!

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Last spring we were shopping for garage doors. Lumber prices had skyrocketed – almost to the price of gold. So we chose steel. As did everyone else. Wood is now cheaper. And we’re still waiting for our doors. The industry publication Supply Chain Management Review reported that 2021 is on a record pace for factory […]

Leveraged Loan Insight & Analysis - 9/13/2021

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Unitranches continue to grow in size and scale The size and depth of the direct lending market has grown dramatically in recent years, with mega unitranches increasing in frequency. These larger deals have helped private lenders take market share from the broadly syndicated market and highlighted their growing scale. Back in 2019, there were 13…

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Debtwire Middle-Market – 9/13/2021

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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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Supply Chain Blues (Second of a Series)

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Over the past 18 months it’s been fascinating to watch the divergent, often contradictory economic narratives in headlines and data. While the Delta variant created a surge of infections that in some states rivaled the original virus, capital markets continued their barnstorming ways. Even including its recent pullback, the Dow is up 5% since Delta…

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