TheLeadLeft

Markit Recap – 6/19/2017

Noble Group clings on A year ago this week, the credit markets were digesting the shock of a ‘leave’ vote in the Brexit referendum. What followed was a period of extreme volatility and it seemed that 2017 was set for more of the same…. Subscribe to Read MoreAlready a member? Log in here...

Leveraged Loan Insight & Analysis - 6/19/2017

Middle market sponsor-backed issuers are seeing fewer repricings than large corp. issuers Private equity shops have taken advantage of strong liquidity in the loan market to refinance/reprice many of their portfolio companies into longer dated maturities, looser structures and cheaper pricing…. Subscribe to Read MoreAlready a member? Log in here...

Debtwire Middle-Market – 6/19/2017

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…

The Pulse of Private Equity - 6/19/2017

Exit multiples have stayed steady at an elevated level View PitchBook’s 2017 PE & VC Exits Here Slowly but surely, exit multiples for secondary buyouts and corporate acquisitions have risen over the past two years, with figures for the former topping off at 9.4x last year. Thus far in 2017, the aggregate figure for all transaction…

The Case for Covenants (Last of a Series)

“When things are good, people don’t pay attention to covenants, but when things go sour, covenants are their only line of protection.” So said one head of credit research of a large asset manager in a recent Bloomberg article. He was referring to bond covenants, but the lesson applies equally to loans. And things have…

Lead Left Interview - Tess Virmani (Part 2)

This week we continue our conversation with Tess Virmani, SVP and Associate General Counsel of the Loan Syndications and Trading Association (LSTA). Tess works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on legal projects. She also works on advocacy and regulatory matters. Second of two parts – View part one. The Lead Left:…