LevFin Insights: High-Yield Bond Statistics – 6/21/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
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The State of Private Credit in Europe (Second of a Series)
Our fondness for colorful metaphors led us, in our 2016 series, to compare European direct lending to Burger King’s new hot dog venture. The burger giant’s thesis was to apply “sixty years of flaming-grilling expertise,“ but also recognized they’d have to “chop the onions a little differently.” Apparently, hamburger prowess didn’t translate to frankfurters. The…
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Chart of the Week: Rebound Zone
As in the US, European manufacturing and services has jumped higher than pre-Covid levels.
Private Debt Intelligence – 6/21/2021
Cybersecurity and software drive mega deal trend in private debt 2021 has seen 22 private debt megadeals ($1bn+ deals) so far, three of which were in the software sector and two of which were in IT security/cybersecurity. The biggest was the $12.3bn all-cash acquisition of US cybersecurity company Proofpoint by Thoma Bravo, which Fitch Ratings…
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Debtwire Middle-Market – 6/21/2021
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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Covenant Trends – 6/21/2021
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller
Reorg Credit Intelligence – 6/21/2021
Catalina, Bi-Lo, Extraction Lead Gainers; Cenveo, Appvion, Garrett Motion Lead Decliners; Hertz Expects to Emerge by End of June The following chart reports the week’s top gainers and losers in percentage terms of average quotes, as reported by Solve Advisors. Recent news on certain of the gainers and decliners is shown in this chart as…
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PDI Picks – 6/21/2021
Germany’s direct lenders make their mark The country’s once-dominant banks have seen their share of the lending market steadily eroded by alternative finance sources. It must have been around four or five years ago. The venue was London and a delegate at Private Debt Investor’s latest Capital Structure Forum was expressing the view that Germany…
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