U.S. new issue CLO volume outpaces refinancings for first time in 2017 May marked the first month this year where U.S. new issue CLO volume outpaced refinancing volume. CLO new issue amounted to $9.8 billion in May, slightly down from the $10.2 billion posted in April, taking 2017 issuance to $37.5 billion…. Subscribe to Read
Contact: Steven Miller smiller@covenantreview
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…
At a recent debt conference we did what most of our direct lending colleagues are doing these days: complain. Speaking with one long-time practitioner, we mentioned a middle market transaction which was both cov-lite and ebitda adjustment-heavy. “Yeah, it’s ridiculous,” he said. “But it’ll get done.” Therein lies the problem. As we discussed last week, loan…
The difference between reported and adjusted ebitda for all M&A related loans has expanded to over 30%.
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The maturation of the buyout industry View PitchBook’s 2017 Global PE & VC Fund Benchmarking Report: Part II Here To conclude our analysis of select topics grounded in fund performance data, we must discuss a topic that has become increasingly prevalent as of late: the maturation of the buyout industry and what that entails for…
This week we continue our conversation with Chris Ullman, Managing Director and Director of Global Communications at The Carlyle Group. Prior to Carlyle, Chris was Director of Communications at the US Office of Management and Budget, and before that, Director of Public Affairs for the SEC. He is author of the soon-to-be-published memoir and inspirational…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com