As we wrap up our special series on how credit agreement terms are eroding, we asked our distinguished team of lawyers from Morgan Lewis: What should we expect, as issuers and credit providers, to come up in deals with financial covenants? “Financial maintenance covenants are often included in loan documents, even in larger deals,” said…
AUM growth expectations at odds with consolidation trend Many private markets managers expect rapid growth in the coming years, but some of those optimistic firms may find themselves being bought – just ask some BDC managers. One of the marquee stories in the finance world post-global financial crisis has been the rise of alternative assets….
Add-on financings claim larger share of institutional loan market in 2019 Source: Debtwire Par Add-on financings have claimed a larger share of the institutional loan market this year, representing 15% of issuance so far in 2019, up from 12% in 2018 and 6% in 2017…. Subscribe to Read MoreAlready a member? Log in here...
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
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Loan mutual fund AUM continued to decline, ending May at US$137bn Loan retail outflows sent the AUM (market value) for loan mutual funds & ETFs lower to US$137.7bn as of the end of May, a decline of US$1.92bn or -1.4% month on month, and US$9.9bn or -7% since the beginning of the year. Loan funds’…
GP stakes fundraising starting to boom Download PitchBook’s Report here. An awaited flood of GP stakes fundraising is starting to take shape. The funds currently in the market will eventually amass more capital for the strategy than the past decade combined, according to our recently released analyst note. The majority of those raises will be housed…
Our special series on envelope-pushing in the world of loan covenants continues with a look at “limited condition transaction” provisions. These provisions allow the borrower to decide, at its option, when it wants to test the conditions to entering into a transaction (typically an acquisition) that is not subject to a financing condition – sometimes…