TheLeadLeft
Covenant Trends – 2/13/2017
Industry Average: Free & Clear Incremental Tranche / EBITDA (LTM)
Select Deals in the Market – 2/13/2017
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2017 – A Look Ahead (Third of a Series)
Last week we punctured the myth that the influx of new private debt funds is creating excess demand for the level of deal supply of middle market senior loans [link]. We now turn our attention to credit quality. How will this year fare for credit investors relative to years past, and expectations? First, let’s separate…
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The Pulse of Private Equity – 2/13/2017
Will elevated US PE inventory contribute to continued secondary buyout activity?
It is difficult to get a sense of just how many middle-market companies there are in the US, which is a critical statistic to have on hand when analyzing the impact of the heightened private equity inventory. According to a recent installment of the Middle Market Power Index from American Express and Dun & Bradstreet, there were 182,578 firms that had between $10 million and $999 million in revenue in 2016...
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Chart of the Week: Great Expectations
The vast majority of respondents to William Blair’s survey on leverage lending conditions believe leverage and terms will either loosen or remain unchanged.
Lead Left Interview – Eric Green and Mark O’Keeffe (Part 2)
This week we continue our conversation with Eric Green and Mark O’Keeffe of Muzinich and Co. Muzinich is a global institutional asset manager specializing in corporate credit; headquartered in New York, the firm has offices in London, Manchester, Paris, Frankfurt, Zurich, Milan and Madrid. Second of two parts – View part one The Lead Left: Tell us…
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Private Debt Intelligence – 2/13/2017
Private Debt Investors Delighted with Fund Performance
At the end of 2016, Preqin conducted surveys with over 90 private debt investors in order to gauge their satisfaction with the performance of the private debt asset class and to ascertain their investment plans for both 2017 and long-term future.
More than a quarter (27%) of private debt investors surveyed stated that the performance had exceeded their expectations, an increase of nine percentage points compared to the end of 2015...
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Loan Stats at a Glance – 2/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Leveraged Loan Insight & Analysis – 2/6/2017
Overall LBO leverage on the rise in 1Q17
Average leverage levels on both large corporate and institutional middle market LBO deals have shown a meaningful jump in 1Q17. With refinancings and repricings dominating the leveraged loan market, investors seem more willing to stretch on new money LBO deals. The average leverage level so far in 1Q17 is at 5.0 times first lien and 6.50 times total debt to EBITDA, up from 4.6 times senior by 6.1 times total last quarter...
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