Covenant Trends – 12/14/2020
Average Unadjusted Leverage for M&A-Driven Loan Deals Contact: Steven Miller
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LevFin Insights: High-Yield Bond Statistics – 12/14/2020
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private Debt Intelligence – 12/14/2020
Will Venture Debt go up in 2021? Venture debt is a type of debt financing provided to venture capital-backed companies by a specialized financier to fund working capital or capital expenses. Fundraising of this strategy has had a pattern of highs and lows in capital raised over the last 10 years…. Subscribe to Read MoreAlready
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PDI Picks – 12/14/2020
A New Year’s wish: More of the same After a tumultuous year, private debt managers are hoping the strategies that have served them well so far will retain LP support. “Sticking to the knitting” is a phrase beloved of private markets fund managers. What it’s meant to convey is that, when chaos is all around…
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Loan Stats at a Glance – 12/14/2020
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
SPACs: Colorful blank checks
For Thanksgiving the noted sommelier and “lifestyle director” Sara Lehman reviewed eleven wines – cabernets, pinot grigios and rosés – all under $10. Selections came from Trader Joe’s (“It’s reminding me of apple juice”), Costco (“Give it a nice swirl first”), and BJ’s (“I’m getting some barnyard”). The winner? Target: “If I were to bring […]
The Pulse of Private Equity – 12/7/2020
2021 prediction: 20% of buyouts over 20x A bold prediction coming from our upcoming PE Outlook note: 20% of buyouts will be priced above 20x EBITDA. Our numbers suggest around 18% of them are trading above the 20x mark through late November, though there are caveats galore when looking at 2020 activity. Many of the…
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Leveraged Loan Insight & Analysis – 12/7/2020
Over half of US CLOs report less than 1% of portfolio assets in default Before COVID-19, 78% of post-crisis US CLOs reported less than 1% of their portfolio in default, 15% reported between 1% and <2% of their principal balance in default, while 7% reported more than 2% in default. By August, only 44% of…
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DL Deals: News & Analysis – 12/7/2020
U.S Direct Lending: Purpose November 2020 Direct lending in November for buyouts surged to 47%, leveling the lopsided pull of add-on acquisitions that had dominated the pipeline since the pandemic hit, according to DLD. In fact, November generated the best share for LBO financing since February’s 61%. Add-on activity slipped slightly to 48% last month,…
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