Covenant Trends – 7/30/2018
Percentage of Deals with 75+ bps MFN Contact: Steven Miller
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Chart of the Week: Blending Down
As all-in senior debt spreads have compressed, so have blended spreads for one-stop credit solutions.
Private Debt Intelligence – 7/30/2018
Private Debt Assets under Management Break New Records Preqin finds that private debt assets under management have risen for the third consecutive year, reaching a record $667bn at the end of 2017. This represents a 13% increase from December 2016 when private debt assets under management had yet to hit the $600bn mark. Private debt…
Loan Stats at a Glance – 7/30/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Debtwire Middle-Market – 7/23/2018
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…
Leveraged Loan Insight & Analysis – 7/23/2018
Unitranche volume exploded in 2Q18 Unitranche volume hit a new high in 2Q18 since LPC began tracking this facility. 2Q18 issuance exploded to $8.67bn, up a whopping 178% from 1Q18’s low levels. Middle market lenders financed bigger deals in 2Q18 which also was a contributor to the pick up in unitranche volume. The average deal…
The Pulse of Private Equity – 7/23/2018
First-time MM fundraising hums along Download PitchBook’s 2Q 2018 US PE Middle Market report here. We discussed last week the faltering fundraising market in the overall private equity market. But like most PE-related discussions, there’s usually a discrepancy between the PE middle market and the PE market as a whole. That’s especially true when looking…
Select Deals in the Market – 7/23/2018
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Covenant Trends – 7/23/2018
Percentage of Loans with F&C Tranche / Pro Forma Adjusted EBITDA >0.9x Contact: Steven Miller