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Benchmarks Compared: BSL and MM

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A question came from a reader on our series about the Lincoln Senior Debt Index. She asked: “I’m curious how the benchmark accounts for where the loan is in the cap structure? Recovery rates for unitranche, 1st lien and second lien are different. So any portfolio would have to match the composition to effectively compare […]

Leveraged Loan Insight & Analysis - 5/17/2021

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M&A loan volume kicks up in 2Q; WarnerMedia/Discovery provides further boost Both high grade and leveraged loan arranger alluded to the flurry of M&A discussions that had kicked up at the end of 1Q21 and their hopes for a steady pipeline of deals into 2Q.  Barely six weeks into the second quarter, nearly US$80bn in…

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The Pulse of Private Equity – 5/17/2021

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Institutionalizing sports investing Download PitchBook’s Report here. Buying ownership stakes in professional teams has become a new credential for the most successful investors. A new PitchBook analyst note goes into detail about why that trend may continue, but with an institutional twist. In the last handful of years, the NBA, MLB and MLS have all altered…

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Inflation Nation (First of a Series)

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“Inflation (noun): 2. A continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services.” “Transitory (adjective): 1. Of brief duration: temporary. 2. Tending to pass away: not persistent.” Thanks to Merriam-Webster for these clarifying entries, which together define one perspective…

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