Chart of the Week: End of a Cycle
The onset of COVID-19 also signaled the expansion’s end; 1Q GDP slumped 4.8%, worst since 2008.
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The Great Stay-In (Last of a Series)
As we wrap up our multi-part series on the COVID-19 crisis, we turn our attention to the path ahead, as unclear as that is. Or as one economist put it succinctly: “Anyone who thinks we’re going to keep moving up in a straight line is living in La-La Land.” The good news is that the…
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LevFin Insights: High-Yield Bond Statistics – 5/4/2020
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private Debt Intelligence – 5/4/2020
Investors’ Response to COVID-19 As a result of a survey conducted by Preqin to investors in April 2020, 59% of investors said that the number of commitments they plan to make to alternatives in 2020 has “slightly” or “significantly” decreased. Investors are also reducing the amount of capital they intend to commit to alternatives; sixty…
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Covenant Trends – 5/4/2020
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
Debtwire Middle-Market – 5/4/2020
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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PDI Picks – 5/4/2020
The passing opportunity for direct lenders Companies that may have gone to the syndicated finance market are looking closely at more private alternatives. In Europe, a leveraged finance market which had effectively been on hold since the covid-19 outbreak emerged in March has been slowly waking up. But, as it does so, banks are beginning…
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Loan Stats at a Glance – 5/4/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
The Pulse of Private Equity – 4/27/2020
Socially distancing from high multiples Download PitchBook’s Report here. The median M&A multiple clocked in at 8.2x in Q1. That’s down from last year’s 9.8x median, according to PitchBook’s just-released North American M&A Report. One quarter does not a year make, but 2020 is probably an exception. The Q1 dip included two normal months, which won’t…
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Leveraged Loan Insight & Analysis – 4/27/2020
Retailers expected to file Chapter 11 in the coming weeks as loan bids drop between 46%-66% this year The retail sector, hit hard by the coronavirus economic shutdown, has seen a flurry Chapter 11-related activity in the last several weeks. Last week, 24 Hour Fitness hired a restructuring advisor, while JC Penny, forced to close…
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