BDC portfolio non-accrual rates hit 5.53% so far in 2Q20 Digging into portfolio performance remains the top priority for BDC research analysts on BDC earnings calls this week. Even though most BDCs are showing a rebound in asset values, its mostly being driven by a spread tightening envionment with credit performance still an issue. After…
Special Situation Funds are on the Raise The private debt industry had a very slow start of the year, but in Q2 2020, fundraising peaked, being distressed debt and special situations the catalyst for this bounce-back. Special situations fundraising has had peaks and troughs over the last ten years, reaching the highest amount of capital…
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related) Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
High-yield bond market off to a busy start in August Source: Debtwire Par Following a slowdown in July which saw high yield bond issuance slip to USD 26.4bn from the monthly issuance record of USD 64.3bn set in June, borrowers have piled back into the high yield primary market in August, recording over USD 25bn…
The question investors of all stripes face today is, what is the “new normal” for businesses? Unfortunately, as a recent Accenture study notes [link], “normal isn’t available to us anymore.” In the absence of normality, sponsors and lenders are adapting. “We historically focused on six sectors,” the partner of a top middle market private equity…
The mix of businesses represented by July’s direct lending activity skews to non-COVID industries.