Loan Stats at a Glance – 9/2/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
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Direct Lenders: The New Big Loan Arrangers
This week commentary, we take a look at large sponsored financings led by direct lenders. After Ares underwrote Thoma Bravo’s $1 billion Qlik deal in 2016, market observers thought this might lead to a wave of similar mega-buyouts led by the non-banks. Private credit providers have raised record funds in a variety of vehicles, allowing […]
Leveraged Loan Insight & Analysis – 8/12/2019
Top US CLO retail holdings Top retail loan holdings in active US CLOs at the end of July include Albertson’s TLB, Bass Pro Shops TL and EG Group TL, with US$2.1bn, US$1.9bn and US$1.7bn of total issuer loan volume respectively. While loan debt of several defaulted retail issuers is still held in active CLOs, their…
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An All-Weather Asset Class: Private Debt Managers Invest Amid Rate and Tariff Uncertainties
Our commentary at Aug 5 2019 deals with the first fed rate cuts in over a decade, and the latest round of tariffs on China. How much weight will this uncertainty bear on the credit markets? A lot depends on whether this latest trade volley will be softened or retracted down the road. Depending on […]
The Pulse of Private Equity – 8/12/2019
Tea leaves for multiples News this week about the yield inversion will probably have an effect on investor psyche. Inversions have historically predated recessions by as many as 24 months—that particular lag (2005-07) also included a significant rise in the S&P. In four of the last five years, the lag between inversion and the start…
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Private Debt Intelligence – 8/12/2019
Private Debt Industry Puts Capital to Work The private debt industry has seen the growth in its AUM accelerate in recent years, and by December 2018 (our latest data available) funds held a total of $768bn in assets under management (AUM). The market is now more than three times bigger than it was ten years…
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PDI Picks – 8/12/2019
A PE fundraising lag is no cause for alarm Private equity had abnormally strong 2017 fundraising numbers, potentially depressing fundraising in the first half of the year. If capital raising for private equity is indicative of potential transactions for private credit managers, they could have hoped for a better number in the first half of…
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