Loan Stats at a Glance – 1/2/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
TheLeadLeft
Markit Recap – 12/12/2016
It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.
But, caveats aside, there seems to be a consensus forming that 2017 will be tough year for one particular asset class: emerging market debt. A Trump presidency will usher in a new era of lower taxes – especially for high earners – and expansionary fiscal policy...
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Leveraged Loan Insight & Analysis -12/12/2016
2016 MM CLO volume hits highest level post credit crisis
While the upcoming risk retention rules have certainly slowed broadly syndicated CLO volume in 2016, the middle market has bucked the trend. Middle market CLO issuance has reached US$7.7bn so far in 2016, surpassing last year's $5.8bn and reaching the highest level since 2007. This is a pleasant surprise as most managers that took LPC's Middle Market Investor Survey at the beginning of the year were only expecting to see around US $4.5bn in issuance this year...
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The Middle Market Comes of Age
For those of us who have made the middle market our livelihood for a while, last week’s Wells Fargo 2016 Middle Market Opportunities Forum was an extraordinary event. To see the likes of Steve Schwartzman, Lloyd Blankfein, Leon Black, and (in a lunch keynote) Michael Milken, at a conference dedicated to the virtues of private…
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Chart of the Week: Volume Game
Month over month, both October and November have seen improvements over last year in middle market sponsored loan activity.
Covenant Trends – 12/12/2016
Average Total Leverage (Adjusted vs. Nonadjusted EBITDA)
Lead Left Interview – Andrew Brady
This week we chat with Andrew Brady, Managing Director and Leveraged Loan Portfolio Manager of Marathon Asset Management, L.P. Marathon is a global credit manager with approximately $13 billion of capital under management investing in the global credit markets. The Lead Left: Andrew, it’s been a while since our last conversation. What’s your view of…
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Private Debt Intelligence – 12/12/2016
UK-Based Private Debt Fundraising
It is perhaps unsurprising that the UK has become the predominant market for the European private debt industry ever since regulation fuelled the growth of the market in the aftermath of the Global Financial Crisis. The UK accounts for a higher proportion of fund managers than any other European country, with 133 of the continent’s 334 fund managers located in the UK, while 186 active investors are also headquartered in the country holding a combined $3.9tn in assets under management...
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The Pulse of Private Equity – 12/12/2016
PE outperformance to persist?
Only two private equity fund vintages are still underperforming relative to public indices, net of all fees, as calculated by PitchBook using the Russell 3000 Index. Funds in those particular vintages can safely be assumed to be overly impacted by the global financial crisis, while the significant outperformance of funds from vintages prior to the boom times of 2006 and 2007 can also be chalked up to a highly fervid dealmaking environment...
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Middle Market Deal Terms at a Glance – Dec 2016
Middle Market Deal Terms at a Glance