Covenant Trends – Average EBITDA Adjustment Horizon (Months) for Synergies / Cost Savings
Contact: Steven Miller smiller@covenantreview
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Debtwire Middle-Market – 6/12/2017
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…
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Lead Left Interview – Tess Virmani
This week we chat 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. The Lead Left: Tess, thanks for joining us. I saw…
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The Pulse of Private Equity – 6/12/2017
Is this the new normal for buyout firms? View PitchBook’s 2017 Global PE Deal Multiples Report: Part II Here Multiple datasets can help convey certain aspects of why the current private equity environment may represent a new normal in terms of dealmaking, yet one of the more telling is one that depicts the type of the…
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The Case for Covenants (Part Four)
It’s not surprising so much fuss has been made about the proliferation of cov-lite structures in the leveraged loan market. After all, what was the exception even among larger issuers has become the rule (see our Chart of the Week). Indeed this trend has been growing since 2013 when almost 60% of loan volume lacked…
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Private Debt Intelligence – 6/12/2017
Private Debt Fundraising Pool Widens The closed-end private debt fundraising market is broadening, as more fund managers continue to form and bring funds to market. Consequently, the largest private debt firms are accounting for a smaller proportion of total fundraising activity,… Subscribe to Read MoreAlready a member? Log in here...
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Chart of the Week: Spreading the Lite
Almost three of every four institutional leveraged loans lack a maintenance financial test.
Loan Stats at a Glance – 6/12/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Private Debt Intelligence – 6/5/2017
Sovereign Wealth Funds Look to Private Debt Sovereign wealth fund investors are increasingly looking to make private debt investments an element of their portfolios. The latest research from Preqin finds that the proportion of sovereign wealth funds currently investing in the asset class has increased… Subscribe to Read MoreAlready a member? Log in here...
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Markit Recap – 6/5/2017
Banco Popular Senior and Sub move in opposite directions The CoCo market received all the plaudits following Banco Popular’s enforced “rescue” by Santander yesterday. But another, more established financial instrument will also be tested by the Spanish bank’s resolution. A question was put to the ISDA Determinations Committee yesterday, asking if a restructuring/governmental intervention has…
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