Covenant Trends – 11/12/2018
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x Contact: Steven Miller
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Search and Recovery (Third of a series)
Continuing with our special series on leveraged loan recoveries, let’s turn to one of the most pondered questions on the subject; namely, how will covenant-lite loans fare in the next downturn? At a recent loan market conference, senior S&P analyst Ruth Yang reviewed the lite environment. She reminded attendees that broadly syndicated leveraged loans without…
Chart of the Week: Recovery-Lite
While data for cov-lite bankruptcies are limited, post-crisis recoveries were below pre-crisis levels.
Private Debt Intelligence – 11/12/2018
Strong Private Debt Performance Pushes Dry Powder to Record Highs Distressed debt has outperformed the other private debt strategies examined over the one-year horizon to December 2017, generating returns of 11%. Direct lending, however, has been the strongest strategy over the three- and five-year horizons, generating returns of 9.6% for the three years to December…
Loan Stats at a Glance – 11/12/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Select Deals in the Market – 11/5/2018
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PDI Picks – 11/5/2018
First-closing fee discounts can set GPs apart A surprising number of private markets managers don’t offer a break to their funds’ earliest investors. Private fund managers seem reticent to offer early-bird management fee discounts, according to two new surveys, closing a potential avenue to differentiate themselves as fundraising slows down. Private Debt Investor sister publication…
Leveraged Loan Insight & Analysis – 11/5/2018
After a tumultuous October, BDC price/NAV turns back up amid favorable earnings BDC share prices are back on the mend this month amid favorable 3Q18 earnings following an extremely volatilie October which wiped out price based returns for many. After going into negative territory in October, the Wells Fargo BDC Index is recovering lost ground…