Chart of the Week: Bumping Up
Reported loan activity for sponsor-related syndications rose modestly last year over 2015; private “club” volume expected to be higher.
TheLeadLeft
Private Debt Intelligence – 1/9/2017
Private Debt: 2016 Fundraising Update
In 2016, the private debt industry saw a cool-off in fundraising following the banner year in 2015 when almost $100bn was raised. The year was also characterised by a concentration of capital among the larger, more experienced managers while the fundraising marketplace grew increasingly congested as investor appetite for private debt increases.
Overall, 119 funds closed globally raising a combined $74bn, with Preqin expecting these figures to rise by up to a further 10% as more information becomes available...
Loan Stats at a Glance – 1/9/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 1/2/2017
John Maynard Keynes said we live in a world of irreducible uncertainty, while neoclassical economists state that perfect information is available and people make rational expectations. The events of the last decade suggest that the former school of thought has more credence, though “freshwater” economists would no doubt disagree.
Uncertainty of the political variety looks set to be the overriding theme for 2017, regardless of whether one thinks the market is driven by rational agents or not. A new US president promising radical policy changes; elections in France, Germany and the Netherlands...
Special Report: Why Sponsors Matter
Beginning in September 2016 The Lead Left published a series of articles on sponsors. This report consolidates those articles.
A Year in Review (First of a Series)
The notion that the middle market has reached a level of maturity was supported by a plethora of evidence this past year. For one thing, arrangers showed astonishing underwriting capacity by taking on a number of large-cap sponsored buyouts. Probably the most precedent-setting was Qlik Technologies. At just over $1 billion, this Ares-led unitranche represented a…
Leveraged Loan Insight & Analysis -1/2/2017
Just shy of US$2tr 2016 US syndicated loan volume is flat year over year
US arrangers pushed almost US$2 Tr through retail syndication in 2016, levels on par with 2015 totals but down modestly compared to the US$2.1tr raised in 2014. The year got off to a slow start as the market volatility that was observed in the oil and gas and commodities sectors in late 2015 carried over to the first quarter of 2016, dampening lender appetite and limiting the pipeline of deals...
Covenant Trends – 1/2/2017
Average Free-and-Clear Tranche as a Multiple of PF EBITDA
Select Deals in the Market – 1/2/2017
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