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…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
PE alpha isn’t what it used to be Download PitchBook’s Report here. We tend to think of PE’s halcyon days as 2005-07, the dealmaking and fundraising bonanza years right before the music stopped. Industry players who have been around long enough probably remember better times and slightly better numbers. The industry is certainly much bigger and…
What is the biggest challenge in the CLO market today? When asked to write in what they believe is the biggest issue or challenge facing the CLO market today, many respondents noted persistently high liabilities spreads. Only nine percent of CLO arrangers, managers and investors across the stack surveyed by LPC expect that triple-A spreads…
☞ Click for a larger image.
The vast majority of “most-favored nation” provisions in loan agreements are gone after 12-18 months.
Firms bullish on an expanding investor base As alternative assets continue their rise, private fund managers may well keep notching additional LPs with each new product and successor fund. A majority of private fund managers expect to see growth across most aspects of their investor base, according to a survey conducted last month by Private…
As we continue our special series on covenants, we’ve noted how lenders and sponsors are pushing envelopes to deal with an increasingly competitive landscape. This includes areas of the credit agreement that might otherwise appear innocuous. Take financial statements. Quarterly numbers are typically due within 45 days after fiscal quarter-end, and annuals within 120 days…