Chart of the Week: Recovering Data
The lower on the capital stack an debt investor’s position goes, the more challenged is the recovery.
TheLeadLeft
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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Loan Stats at a Glance – 3/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 3/6/2017
We noted last month that credit markets are still sensitive to political polls, despite doubts about their accuracy.
In particular, sovereign cds in Western Europe was responding to polls showing National Front leader Marine Le Pen surging ahead in the race to become France’s next president. Le Pen has stated that she is in favour of leaving the EU under the current framework, so it was no surprise to see France’s spreads widen when she took the lead in the polls.
But it was the behavior in the “ISDA basis” - the difference between sovereign CDS trading under 2014 and 2003 definitions - that caught our attention. Before Le Pen’s surge in popularity, the basis was stable at around 3bps. After her gains in the polls, the basis increased to 23bps in the final week of January...
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Covenant Trends – Average Starter Basket / Equity Contribution to LBO
Average Starter Basket / Equity Contribution to LBO
Leveraged Loan Insight & Analysis – 3/6/2017
More middle market lenders expect to meet lending goals in 2017
Middle market lenders' outlook has changed a bit after coming off of a year where competition intensified and the majority of banks surveyed along with half of nonn-banks reported falling below lending goals. But, according to Thomson Reuters LPC's most recent survey, the share of those who expect to fall short again in 2017 is much lower. Only one third of banks and one fifth of non-banks don’t expect success, stating that continued competition and aggressive structures will hold them back...
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