Select Deals in the Market – 2/4/2019
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Covenant Trends – 2/4/2019
Accordion Inside Maturity Contact: Steven Miller
That’s Why It’s Called a ‘Market’
F. Scott Fitzgerald wrote, “The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.” For observers of the capital markets, this quote is especially apt. Today’s cross-currents are bewildering. Unemployment is up, yet the number of people finding…
Chart of the Week: Steady As She Goes
Amid significant price volatility that occupied liquid markets, middle market loan trading levels were relatively stable.
LevFin Insights: High-Yield Bond Statistics – 2/4/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private Debt Intelligence – 2/4/2019
Are First-Time Private Debt Funds Worth It? The private debt fund market has been somewhat unforgiving towards first-time funds. Investors are wary of investing with a fund that lacks a proven track record and as a result, first-time private debt fundraising is falling further and further behind…. Login to Read More...
The Pulse of Private Equity – 2/4/2019
The institutionalization of M&A Download PitchBook’s Report here. Last week we highlighted the growing convergence of public and private multiples. For investors who dabble in both markets, there’s a baked-in assumption of a private market discount, since money tied up in buyout funds is illiquid, partially justified by cheaper entry prices and higher returns…. Login to
PDI Picks – 2/4/2019
Pedal off the metal Fundraising tumbled in 2018, in part explained by an unwillingness to add to the stockpile of capital dedicated to distress. Rather like Superbowl LIII, private debt fundraising in 2018 was intriguing but unspectacular. Compared with the record-breaking $211 billion collected globally in 2017, a rather more humdrum figure of $135 billion…
Debtwire Middle-Market – 2/4/2019
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…
Loan Stats at a Glance – 2/4/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com