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 comprises of more…
Are PE multiples reasonable? Investors think so View PitchBook’s Global PE Deal Multiples Report Here There’s an old joke in political science circles that applies, in a way, to today’s PE market. Do you approve of the job congress is doing? Not at all says the vast majority, vote them all out. How about your congressman,…
Frequency of Loans with Market Capitalization Carveout Based on RP Capacity Contact: Steven Miller smiller@covenantreview
Since the correction of August 2015, all-in institutional spreads for single-B loans have contracted 200 bps.
Private Debt Fund Managers Gauge Investor Appetite Preqin’s mid-year survey of private debt fund managers found that the vast majority have seen investors become even more keen to participate in the asset class over the past 12 months. Ninety percent of surveyed firms reported that they had seen investor appetite increase in the 12 months…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Hurricanes impact reinsurers Hurricane Harvey wreaked devastation across central America and the United States (particularly Texas and Louisiana), leaving an incalculable human cost. But what of the economic cost? As usual with natural disasters it will be some time before it is possible to attach a firm number. But Moody’s estimate that the total cost…
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Leveraged market set to keep things rolling post-Labor Day The leveraged loan market has not looked like it will slow down anytime soon. Year-to-date completed issuance stands at US$972bn through the end of August. That is higher than any post-crisis year through 3Q while another roughly $35bn sits in the pipeline for September. While the…