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Leveraged Loan Insight & Analysis – 10/7/2019
1-3Q19 Sponsored loan volume off 48%; LBO volume at 3-year low Less than US$90bn in syndicated loan volume backing PE sponsor activity was completed in the US market in 3Q19, the third lowest quarterly total in the last three years, and a 30% drop year over year. In turn, less than US$265bn in sponsored loan…
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LIBOR to SOFR: Pros and Cons
Anthony Mancinelli, the world’s oldest barber, passed away last week at the age of 108. Mr. Mancinelli started cutting hair in 1923, when Warren Harding was President, and only retired this past summer – 96 years later. When asked for his secret to longevity, the barber from Naples replied, “I eat thin spaghetti.” We haven’t […]
Stirred, Not Shaken
D28 made headline news last week. No, we’re not referring to a new Stars War character. And it’s not a winning move in German Bingo. D28 is an iceberg. In what glaciologists said was not a global warming-related event, D28 “calved” off from the Amery Ice Shelf in East Antarctica, making quite a splash. Depending…
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Chart of the Week: No Climate Change
Despite lower rates and higher spreads, CLO formation is on track for a good year.
Covenant Trends – 10/7/2019
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
Private Debt Intelligence – 10/7/2019
Private Debt Continued with a Slow Fundraising in Q3 Q3 showed no signs of recovery of, what has so far been, a slow fundraising year for private debt, closing just 24 funds for $22bn in capital, both quarterly lows for the year and the lowest amount of capital raised in any quarter since Q3 2016….
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LevFin Insights: High-Yield Bond Statistics – 10/7/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 10/7/2019
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…
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PDI Picks – 10/7/2019
Q3 fundraising holds up though number of funds closed falls 2017’s massive total of $239bn appears to be more of an aberration than a new norm. Fundraising activity in the third quarter of this year is set to match 2018 levels as appetite for the asset class holds steady. Preliminary figures for the PDI Q3…
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