LevFin Insights: High-Yield Bond Statistics – 4/13/2020
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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PDI Picks – 4/13/2020
The hidden attraction of distress They may not be raking in fresh capital right now, but distressed debt managers have plenty of firepower to take advantage of current conditions. In last week’s Lead Left column, we noted that the proportion of fundraising by strategy in the first three months of this year was more or…
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Loan Stats at a Glance – 4/13/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Leveraged Loan Insight & Analysis – 4/6/2020
New money lending for MM sponsored deals drops for third quarter New money lending in the syndicated loan market backing middle market sponsored deals fell for the third consecutive quarter in 1Q20. Issuance only reached US$7.6bn, down 15% from 4Q19 levels and down 13% year-over-year. New deal momentum was off to a slow start in…
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The Pulse of Private Equity – 4/6/2020
Exits are already down Download PitchBook’s Report here. Exit activity is bound for a tough year, as preliminary Q1 numbers confirm. Historically, first quarter exit totals are typically on the low end anyway; it’s common to see a lull coming off of fourth quarter sprints. Q1 2020 was slow even by that forgiving standard, down 37.3%…
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Covid -19 and Direct Lenders
“We did not underwrite for this.” So said the partner of a top-tier middle market private equity firm, speaking of the challenges dealing with the impact to businesses of #COVID-19. “We always model downside scenarios for investments,” told us. “But the zero revenue case wasn’t one of them. This is such a dramatic shift from […]
DL Deals: News & Analysis – 4/6/2020
Monthly LBO lending decelerates, yet 1Q20 finishes strong; Outlook bleak LBOs decelerated in March, to 47% of monthly U.S. direct lending volume, according to Direct Lending Deals. The drop was from 63% in February, the biggest month for LBO volume since DLD started tracking transactions in mid-September last year…. Subscribe to Read MoreAlready a member?
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Covenant Trends – 4/6/2020
Percentage of Loans with F&C Tranche Growers Contact: Steven Miller
Debtwire Middle-Market – 4/6/2020
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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