It’s a fact of life in leveraged lending that terms are market-driven. During periods of excess liquidity – when loan demand exceeds supply – structures become issuer-friendly. When investors pull back, for any reason, terms swing in favor of lenders. When concerns about China and commodities roiled markets in August 2015, the Dow dropped 2000…
This week we continue our conversation with David Brackett, Managing Partner and Co-CEO, Antares Capital. Founded in 1996, Antares is a premier credit solutions provider to middle-market, private-equity backed companies. Second of two parts – View part one. Download Antares’ Report: “2017: Leading with optimism in times of uncertainty” here TLL: What about a BDC? David Brackett: They…
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…
Finishing strong View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here In the prior installment of the Pulse of Private Equity, we discussed how the cyclicality of the PE industry was coming to bear, as the momentum and speed with which more recent fund vintages could return money to their investors…
The share of cov-lite middle market leveraged loans is growing relative to larger loans; May’s number is over 60%.
Contact: Steven Miller smiller@covenantreview
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Contact: Timothy Stubbs timothy.stubbs@spglobal.com
BDC performance wavers in May on the back of mixed earnings The upward march of BDC share prices in 2017 seems to have come to a halt in May on the back of mixed earnings announcements for 1Q17. Rising non-accruals, earnings misses, heavy prepayments, declining yields, tough market conditions and extreme competition are all… Subscribe