1-3Q21 leveraged issuance sets new record at US$1.3Tr U.S. bank arrangers completed over US$250bn of leveraged loan issuance during the quarter, the strongest 3Q results since 2017 as liquidity and a resurgence of sponsor activity buoyed the market. At almost US$935bn, leveraged loan issuance for the first nine months of the year was just shy…
PE’s growth compared to the public market Download PitchBook’s Report here. As an asset class, private equity’s growth has exploded over the past two decades. According to PitchBook’s latest Quantitative Perspectives Report, there are now twice as many PE-backed companies as there are public companies in the United States. Those numbers, aided by figures from the…
Even in normal times, private equity sponsors pay ruthless attention to cost structures of portfolio companies. Covid has raised to new levels the challenges buyers have managing supply chains. “Eighteen months ago, Covid was a top-line issue; now it’s mostly a cost issue,” one partner told us. “We can pass price increases along, but with […]
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Last fall, the Harvard Business Review examined Covid’s impact on supply chains [link]. The pandemic, they wrote, “exposed vulnerabilities in the production strategies and supply chains of firms just about everywhere,” The study also presciently identified “the growing electronics content in modern vehicles” as a potential bottleneck. Today we are witnessing how the shortage of…
Increased bottlenecks from Covid-related issues have extended expected lead times.
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for PE-Backed First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller