Select Deals in the Market – 10/29/2018
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Covenant Trends – 10/29/2018
Average Adjustments for EBITDA Reconciliation as Percentage of PF Adjusted EBITDA (M&A-Driven vs. LBOs) Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 10/29/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Search and Recovery (First of a series)
You know we’re at some kind of inflection point when two former chairs of the Federal Reserve come out in the same week with warnings about risks in financial markets. First, in an interview with the Financial Times, Paul Volcker spoke about systemic risks: “There’s a lot of leverage going on now, a lot of…
Chart of the Week: Loss and Found
Higher leverage and weaker structures for leveraged loans is expected to result in worse than historic recoveries.
Private Debt Intelligence – 10/29/2018
What Are Private Debt Investors Up to? A significant majority (60%) of investor searches issued in Q3 2018 for new private debt fund commitments in the next 12 months were for mezzanine funds, up from 45% of searches in Q3 2017. In fact, there has been an uptick in interest across all strategies, an indication…
PDI Picks – 10/29/2018
Turning a blind eye? In Europe, talk of battening down the hatches for a change in circumstances seems at odds with a lack of appetite for European distressed strategies. “The more you sweat in peacetime, the less you bleed during war.” Turnaround specialist Richard Thomson of RLT Advisory reached for this striking Chinese proverb when…
Debtwire Middle-Market – 10/29/2018
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 – 10/29/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com