1H17 US Syndicated loan volume hits record high at over US$1.2Tr US syndicated loan issuance hit a new milestone in 1H17 to mark the highest half year total on record at over US$1.2T (an additional US$21.6bn of clubbed loans also worked their way through the market to bring US corporate issuance to nearly US$1.4Tr in…
This week we continue our conversation with Mary Katherine DuBose, Co-Head of Asset Backed Finance and Securitization, Asset-Backed Finance, Wells Fargo Securities. ABF provides direct structured lending as well as the underwriting and distribution of asset-backed securities for over 500 clients and a risk portfolio of approximately $120BN across consumer, commercial, residential and corporate debt…
Public Pension Funds in Private Debt Public pension funds are among the most important institutional investors active in the private debt asset class. They comprise some of the largest and most influential limited partners,… Subscribe to Read MoreAlready a member? Log in here...
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…
Global PE Buyout Multiples and Deal Flow View PitchBook’s 2017 Analyst Note: Where can PE firms find attractive valuations? Here Global buyout activity has gradually surpassed median EBITDA levels following the financial crisis. Creeping up to 10.2x on the eve of the crisis, LBO valuations have oscillated in the 8x-9x range dating back to 2010,…
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Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Italian bank sub paper now worthless We noted last week that investors need to be aware of idiosyncratic risk and not be lulled into complacency by the languid market conditions. Monetary policy surprises were also highlighted as potential events that could disrupt the somnolent summer…. Subscribe to Read MoreAlready a member? Log in here...
Large Corporate LBO Leverage Jumped in 2Q17 to 6.4x Leverage levels on large corporate LBO deals closed in 2Q17 has reached the highest level tracked since 4Q14. Leverage averaged roughly 4.84 times first lien by 6.39 times total debt to EBITDA this quarter for broadly syndicated LBO deals,… Subscribe to Read MoreAlready a member? Log