LevFin Insights: High-Yield Bond Statistics – 3/23/2020
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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Covenant Trends – 3/23/2020
Average Minimum Day-One Capped Basket Capacity, YoY Contact: Steven Miller
Debtwire Middle-Market – 3/23/2020
Oil & gas loan prices plummet 32 points amid coronavirus, oil price crash Source: Debtwire Par, Markit The weighted average bid for term loans issued by oil & gas sector borrowers has plummeted by roughly 32 points to 49.36 between 21 February and 23 March, exceeding the drop in the overall market, which has declined…
Private Debt Intelligence – 3/23/2020
Private Debt: Rise of Covenant-Lite Loans The growth in covenant-lite issuance in the loan market has sparked heavy discussion. The growth of supply in mid-market lending has led to a loss of value, which has in turn brought about a rise in weaker covenants. As investors allocate to private debt, they find themselves increasingly unable…
PDI Picks – 3/23/2020
Why it’s now even harder for first timers The lack of in-person meetings as a result of covid-19 is an added hurdle for debut funds, but a deal-by-deal approach could still win support. First-time funds have not had an easy time amid a competitive fundraising environment and the rapid spread of covid-19 will only make…
Loan Stats at a Glance – 3/23/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
COVID-19 and the leveraged loan market
This week we’ve been doing bedchecks on our friends in the #CreditMarkets. We caught up with one long-time practitioner, hanging out in the home office with family in “bathrobes and bunny slippers.” “The capital markets went from price perfection to price combustion,” he told us. “There’s a lot going on behind the scenes, nothing in […]
Leveraged Loan Insight & Analysis – 3/16/2020
CRC and Chesapeake TLs lead largest losers in falling oil and gas loan prices As oil and gas companies try to weather these tumultuous times, some investors are worried that reduced revenue may push some oil and gas issuers to default on their corporate debt. This concern has been pushing oil and gas loan prices…
The Great Stay-In (Second of a Series)
This week we’ve been doing bedchecks on our lender friends in the credit markets. We caught up with one long-time practitioner, hanging out in the home office with family (as he put it) in “bathrobes and bunny slippers.” But clearly plugged in. “The capital markets went from price perfection to price combustion,” he told us….
Chart of the Week: Price Choppier
The average bid for the most liquid leverage loans cratered as the effects of the coronavirus have taken hold.