Credit Strategies Start 2018 with Positive Performance Preqin finds that credit strategy hedge funds have maintained their streak of positive performance, having generated positive returns on a yearly basis since 2009, and seeing returns of 7.41% in 2017. The strategy has started 2018 with a bang, producing positive performance in the first two months of…
Debt dynasty In a competitive atmosphere, LPs seem to like their GPs well enough that four-fifths would commit to a successor fund if the right chance presents itself. Despite the plethora of upstart private credit managers that have rolled out in recent years, it is still better to be an incumbent fund manager than a…
Leverage for mid cap healthcare loans has grown steadily, with senior debt/ebitda now over five times.
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
We’ve had eight business days of trading since the index roll on March 20, a date that will be remembered in the CDS world for the introduction of the new senior non-preferred tier (SNRLAC). Perhaps it is too early to give a definitive assessment of how the tier is performing relative to the rest of…
Looking ahead: PE’s near-term outlook Download Related Report click here. Private equity has enjoyed a historically long business cycle alongside historically low interest rates. With high multiples and lots of dry powder floating around, today’s market bears some resemblance to 2005-2007, but not too much. The latest crop of funds (2016 vintages and later) will…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Primary leveraged yields widen across the board due to rising Libor rate The increase in Libor rates has boosted yields on institutional term loans this quarter. The average yield, assuming a three-year term to repayment is at 5.42% so far in 1Q18; up from 4Q17’s 5.02%. Driving up the yields is the increase in the…
Average Adjustments for EBITDA Reconciliation, M&A-Related Loans Contact: Steven Miller
We continue our special series on healthcare with a look this week at how the sector is playing out in the capital markets. (See also our Lead Lead Spotlight with Brad Raymond, Head of Investment Banking at Stifel Financial). As we covered last week, healthcare benefits from tailwinds unique to the industry. Those characteristics have…