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Leveraged Loan Insight & Analysis - 11/18/2019

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Distressed percentage accelerates on BDC loans For several years in an asset and yield starved market, BDCs stretched up the risk spectrum in an effort to keep up their lofty dividend yields. As the credit environment becomes tougher this year amid slowing global growth, more cracks are beginning to surface in BDC holdings. So far…

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Finding the Line: Senior Stretch vs. Unitranche (Second of Two Parts)

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Speaking of long flights [link], news reached us of an overweight passenger punished for traveling in the main cabin. Or more precisely, the passenger’s owner was penalized. Viktor, a 22-pound cat of uncertain breed, was smuggled aboard Aeroflot in Latvia heading to Vladivostok – an eight-hour trip. Knowing his pet was over-the-limit, Mikhail Galin swapped…

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Private Debt Intelligence - 11/18/2019

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Direct Lending Fundraising Recovers Private debt fundraising kept decreasing in 2019, driven by a fall in mezzanine and distressed debt fundraising. However, direct lending continues to represent the largest bulk of fundraising activity, and 2019 has seen a big recover for this strategy. Direct lending fell in 2018 closing 84 funds securing $52bn, after seeing…

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Debtwire Middle-Market – 11/18/2019

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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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