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Select Deals in the Market – 10/23/2017
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Spot-lite on Cov-lite (Final of a Series)
Blame it on the Vikings. When those ancient Scandinavians settled Iceland around 870 AD, they cut down most of the trees for firewood and to clear land for planting and livestock. A thousand years later that country of volcanos and glaciers is struggling to reforest. Despite planting three million trees across a land mass the…
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Debtwire Middle-Market – 10/23/2017
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 – 10/23/2017
Feels like the first time Download PitchBook’s Report click here. Like Aaron Judge of the New York Yankees, rookies are sometimes better than the veterans. In our latest Analyst Report, we analyzed first-time PE fund returns against the broader PE landscape. Even with the disadvantages that come with rookie funds—less experienced staff, smaller infrastructure, fewer…
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Chart of the Week: Blending Down
After slow declines in the past three years, unitranche spreads have dropped dramatically, thanks to competitive first lien/second lien structures.
Private Debt Intelligence – 10/23/2017
Direct Lending Drives Private Debt Performance Preqin’s latest review of private debt fund performance finds that direct lending funds have been the driving force behind the asset class posting strong recent returns. The strategy has posted horizon IRRs of 15.9% in the year to the end of 2016, significantly higher than any other fund type….
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Loan Stats at a Glance – 10/23/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 10/16/2017
Wind CDS orphaned? We noted last month that orphaned CDS seemed to be on the rise, with both EDP in Portugal and Italy’s Wind possibly losing their relationships with deliverable obligations. The picture was clear with EDP – bonds will be issued out of EDP Finance BV and this was reflected in the entity’s inclusion…
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Leveraged Loan Insight & Analysis – 10/16/2017
Strong investor appetite supports institutional issuance but tougher credits command better terms Despite robust market technicals including two weeks of retail fund inflows and a steady CLO pipeline, institutional lenders are reconciling strong demand for assets with discipline around credit quality. Roughly $34Bn of institutional loan volume has come to market early in 4Q17 and…
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