Covenant Trends – Percentage of Loans with an MFN Sunset
Contact: Steven Miller smiller@covenantreview
TheLeadLeft
Debtwire Middle-Market – 3/13/2017
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…
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Middle Market Deal Terms at a Glance – Mar 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Private Credit vs. Public Debt (Third of a Series)
The fundamental thesis governing credit risk for bond holders relative to loan holders is that the latter is advantaged by the seniority and secured position in the issuer’s capital stack. As our Chart of the Week shows, these two elements work together to give loan investors the best chance for the highest recovery in case…
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Chart of the Week: Recovering Data
The lower on the capital stack an debt investor’s position goes, the more challenged is the recovery.
Lead Left Interview – Stephen Nesbitt (Part 2)
This week we continue our conversation with Stephen Nesbitt, Chief Executive Officer of Cliffwater LLC. Cliffwater is one of the largest alternatives advisory firms, assisting clients globally in their allocations to hedge funds, private equity and real assets. Second of two parts – View part one The Lead Left: What’s the outlook for fixed income in this…
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The Pulse of Private Equity – 3/13/2017
Longer fundraising times indicate future for PE fund managers?
The time between closing of funds was by far the longest of the decade for private equity fund managers last year, whether you looked at the median or the mean. Especially in the wake of the significant uptick in 2015 the increase is striking, and adds considerable color to the current fundraising scene. Firstly, in light of fund sizes creeping upward by and large, the simple fact that it takes longer to raise a larger fund should be noted...
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Select Deals in the Market – 3/13/2017
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Private Debt Intelligence – 3/13/2017
Private Debt Industry Assets Approach $600bn
The private debt industry has continued to grow in recent years, and as of the end of H1 2016 reached a record $595bn in assets under management. This comprises $224bn in capital available to fund managers (‘dry powder’) and $371bn in unrealized investments held by private debt vehicles. Both of these components have increased over the first half of the year, up from $216bn and $339bn respectively as of the end of 2015...
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