Chart of the Week: Cov-Liter
While middle market cov-lite loans only had a brief run pre-crisis, they’ve been a market feature since 2011.
TheLeadLeft
The Pulse of Private Equity – 10/2/2017
Less debt today, lower returns tomorrow? Download PitchBook’s 2017 Global PE Deal Multiples Report: III Here According to our just-released 3Q Deal Terms Survey results, average equity contributions have climbed to 57% of EV year-to-date. That’s the highest percentage in our dataset, which includes survey results dating back to 2012. Whenever we release these datapoints, we caution…
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Loan Stats at a Glance – 10/2/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Covenant Trends – 9/25/2017
Avg. Unadjusted Leverage for M&A-Related Loans Contact: Steven Miller smiller@covenantreview
Leveraged Loan Insight & Analysis – 9/25/2017
Lender Survey: Are the structural characteristics of loans changing for good? Just over half of the audience gathered during Thomson Reuters LPC’s 23rd Annual Loan & CLO Conference said that structures have not changed for good but rather the pendulum will swing back when credit quality deteriorates. However, just over one fifth disagreed, reporting that…
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Select Deals in the Market – 9/25/2017
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Feeding the Beast
The world’s oldest fruitcake was found in Antartica in a building left from the expedition of Robert Falcon Scott. The British explorer died during his 1912 attempt to reach the South Pole. But not apparently from eating the fruitcake. The perennial delicacy was found covered in ice, and left “wrapped in paper..and in its original…
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Lead Left Interview – Stephen Boyko (Part 2)
This week we continue our conversation with Stephen Boyko of Proskauer. Steve is a partner in the firm’s corporate department and co-head of the private credit and finance groups. He represents one of the largest client rosters in the industry, including an array of specialty finance companies, private debt funds, and BDCs. Second of two parts…
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Debtwire Middle-Market – 9/25/2017
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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