Covenant Trends – 11/6/2017
Percentage of Loans with Maturity or Acquisition-Related MFN Carveouts (2017) Contact: Steven Miller
TheLeadLeft
State of the Loan Market (Second of a Series)
The backdrop for US credit got a boost from several corners last week. First, the nomination of Jerome Powell to be the next Fed chief ensured monetary policy would be, if not unchanged, at least in experienced hands. Also, the October labor report – 261,000 new jobs added– came in pretty much where economists expected….
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Leveraged Loan Insight & Analysis – 11/6/2017
Investors have increasingly warmed to riskier issuers since 2016 Since the second half of 2016, investors have increasingly gotten more comfortable with riskier names. According to the Flex Factor, which aggregates price and structural flex activity on institutional loans, B3 rated issuers have seen more issuer friendly changes to their loans now compared to a…
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Debtwire Middle-Market – 11/6/2017
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…
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The Pulse of Private Equity – 11/6/2017
US-Canada PE activity rising, despite politics Download PitchBook’s Report click here. Cross-border private equity activity remains high in Canada, despite trade-related fears at the onset of the incoming Trump administration. According to our latest Canada Breakdown report, available to download here, PE activity involving US investors is on a quick pace in 2017. The 163…
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Chart of the Week: The Price is Lite
Bid levels for all covenant-lite loans have risen to 98, the highest in over two years.
LevFin Insights: High-Yield Bond Statistics – 11/6/2017
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Lead Left Interview – Tim Hopper (Part 2)
This week we continue our conversation with Tim Hopper, founder of Macro Fund Advisors. Previously Tim was managing director and chief economist for TIAA. Tim has over 20 years of experience writing and speaking about the global economy. Prior to joining TIAA, Mr. Hopper held various leadership positions in global banking and real estate. He…
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Private Debt Intelligence – 11/6/2017
US-Focused Mezzanine Funds After a record year for US-focused mezzanine fundraising in 2016, 2017 has seen a significant slowdown. In fact, 2016 saw 31 funds secure $28bn in capital, surpassing the previous record levels seen in 2008 when 23 funds closed on $24bn. Following the Global Financial Crisis, 2009 saw a record low in fundraising…
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Loan Stats at a Glance – 11/6/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com