Loan Stats at a Glance – 12/12/2016
Contact: Cuong Huynh cuong.huynh@spglobal.com
TheLeadLeft
Leveraged Loan Insight & Analysis -12/5/2016
Flex factor highlights investor pushback in November
Flex activity in the U.S. institutional loan market favored investors in November. Thomson Reuters LPC's Flex Factor registered an average flex score of 1.5 last month, signifying a higher ratio of investor friendly changes made to deal terms. It was the first time it has been above one since February's average score of 3.5. In all, 19 deals flexed higher in November against 13 reverse flexes. It was the least amount of reverse flexes in a month since March...
Covenant Trends – 12/5/2016
Contact: Steven Miller smiller@covenantreview.com
Running Out the Clock
Among the unlikelier events of this post-election season – other than the consideration of former World Wrestling Entertainment executive, Linda McMahon, to be head of the Small Business Administration – has been the confidence with which institutional investors have rotated into leveraged credit. This despite the uncertainty surrounding the future of all sorts of policy…
Lead Left Interview – Mickey Levy (Part 2)
This week we continue our conversation with Mickey D. Levy, chief economist for US and Asia, Berenberg Capital Markets. Mickey is a long-standing member of the Shadow Open Market Committee and conducts research on a wide range of global economic, financial and policy issues. Second of two parts – View part one TLL: The Fed seems poised…
Chart of the Week: One-Stop Shopping
3Q 2016 was the most active quarter in the past several years for unitranche financings, as middle market sponsors increasingly access the non-bank market.
Select Deals in the Market – 12/5/2016
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The Pulse of Private Equity – 12/5/2016
US PE firms dial down their pace of investing in Canadian startups
In 2015, no fewer than 159 private equity firms with headquarters in the US cut a deal with a Canadian company, a clear high for the decade. That pace has slowed considerably even as general Canadian PE activity has declined, with 105 firms active within the country through the end of October. The drivers of the decline are likely the same as in the US: a lack of quality targets given the surge in buying over the last couple of years, competition, and a surplus of dry powder contributing to loftier prices...
Private Debt Intelligence – 12/5/2016
The Lead Left: Asia-Focused Funds in Market
Preqin’s Private Debt Online database currently tracks 24 private debt funds in market with a primary geographic focus on Asia. Collectively, they are targeting $5.9bn of investor capital with an average target size of $283mn.
Of the five largest funds in market, three are opting to make direct lending investments and the remaining two are choosing to target special situations and distressed debt opportunities. It is interesting to note that although there are only four distressed debt funds in market...