Select Deals in the Market – 7/3/2017
☞ Click for a larger image.
TheLeadLeft
Loan Stats at a Glance – 7/3/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 6/26/2017
Italian bank sub paper now worthless We noted last week that investors need to be aware of idiosyncratic risk and not be lulled into complacency by the languid market conditions. Monetary policy surprises were also highlighted as potential events that could disrupt the somnolent summer…. Subscribe to Read MoreAlready a member? Log in here...
Already a member? Log in here
Leveraged Loan Insight & Analysis – 6/26/2017
Large Corporate LBO Leverage Jumped in 2Q17 to 6.4x Leverage levels on large corporate LBO deals closed in 2Q17 has reached the highest level tracked since 4Q14. Leverage averaged roughly 4.84 times first lien by 6.39 times total debt to EBITDA this quarter for broadly syndicated LBO deals,… Subscribe to Read MoreAlready a member? Log
Already a member? Log in here
Covenant Trends – Percentage of Loans with Asset Sale Step-Downs, Sponsored vs. Public (YTD)
Contact: Steven Miller smiller@covenantreview
Debtwire Middle-Market – 6/26/2017
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…
Already a member? Log in here
The 80/20 Rule of Private Credit
“Capital is destiny.” We’re not sure this pronouncement will make it into the next edition of Bartlett’s Familiar Quotations, but the notion sprung to mind as we recently addressed a top business school class. Topic? How private equity sponsors finance leveraged buyouts. To show students how debt markets work, we discussed how issuers benefit when…
Already a member? Log in here
Lead Left Interview – Mary Katherine DuBose
This week we chat with Mary Katherine DuBose, Co-Head of Asset Backed Finance and Securitization, Asset-Backed Finance, Wells Fargo Securities. ABF provides direct structured lending as well as the underwriting and distribution of asset-backed securities for over 500 clients and a risk portfolio of approximately $120BN across consumer, commercial, residential and corporate debt sectors. The…
Already a member? Log in here
Chart of the Week: The Price is Lite
Driven by China and commodities worries in August 2015, loan prices dipped in unison, then recovered, though cov-lite lags.
The Pulse of Private Equity – 6/26/2017
Digesting Elephants: What Happens Next with SBOs? View PitchBook’s 2017 PE & VC Exits Here Secondary buyouts have been artificially propped up by the inflated volume of crisis-era investments for the past few years. “Like a snake digesting an elephant’s worth of assets,” as Bain & Co. phrased it, PE deals made from 2005 to 2008…
Already a member? Log in here