Covenant Trends – 9/27/2021
Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) Monthly (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
Supply Chain Blues (Fourth of a Series)
Even in the ordinary course of business, private equity sponsors pay ruthless attention to the cost structures of their portfolio companies. It is a time-tested tool in sponsors’ kits and often on the first page of their due diligence playbook. Covid has simultaneously raised the bar and challenged buyers in managing all aspects of companies’…
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Chart of the Week: Supply Pains
Global costs are higher to deliver goods and delays longer, thanks to Covid-related logistic challenges.
Private Debt Intelligence – 9/27/2021
Consumer discretionary and information tech top PD As an industry, consumer discretionary has seen the largest number of private debt deals in North America since 2011, with 1768 deals and aggregate deal value of $265.7bn. This is only slightly more deals than industrials, which saw 1757 deals, but reached an aggregate deal value of just…
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PDI Picks – 9/27/2021
Canada calling The Canadian market is relatively small but trends point to significant future growth. For a long time, a handful of domestic banks have dominated the private debt market in Canada. But that is slowly starting to change. Fund managers, both local and foreign, want a bigger piece of the pie and are beefing…
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Loan Stats at a Glance – 9/27/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
The Pulse of Private Equity – 9/20/2021
First-time fundraising bouncing back Download PitchBook’s Report here. Middle market fundraising posted a strong showing in H1, according to PitchBook’s latest US Middle Market Report. $68.4 billion was raised through June, which puts 2021 on pace to approach the 2019 record. Even if it doesn’t, the middle market is set to bounce back from a decline…
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Leveraged Loan Insight & Analysis – 9/20/2021
BDC newly originated second lien exposure climbs in 2Q21 BDC’s increased their second lien exposure to 12.1% of new originations in 2Q21, up from the 7.5% tracked in 1Q21. In comparison, first lien assets were relatively flat at 71.6% of originations, while equity positions slipped to 10%. At the fund level, second lien originations as a…
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