TheLeadLeft
The Pulse of Private Equity – 5/9/2016
U.S. PE firms pull back in Canada Last year saw a decade high of 201 U.S.-headquartered private equity firms invest in Canada, far outstripping the 129 domestic firms that were active in the same timeframe. Through the end of 1Q 2016, however, U.S. and Canadian PE firms are nearly evenly matched. This equalizing occurred as…
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Leveraged Loan Insight & Analysis – 5/9/2016
The share of unitranche financings in the Mittelstand leveraged loan market has risen to 22% of of total issuance on a deal count basis in the first quarter of 2016, an all-time high according to numbers compiled by Thomson Reuters LPC. Mittelstand is the middle market for the Germany, Austria and Switzerland region, comprising corporates…
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Loan Stats at a Glance – 5/9/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 5/2/2016
April saw a continued positive shift in the difference between credit default swap (CDS) spreads and cash spread equivalent, known as the CDS-bond basis, among US dollar denominated corporate bonds. Calmer global markets and stronger oil and commodity prices encouraged continued recovery in battered bond prices in the oil & gas sector, with EQT Corp…
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Leveraged Loan Insight & Analysis – 5/2/2016
Lender Survey: Are you seeing cracks in your portfolio? Yes, we are seeing signs of cracks in credit quality in our portfolios, said roughly 42% of the nearly 400 attendees gathered at the Marriott in Times Square for Thomson Reuters LPC’s 4th Annual Middle Market Loans Conference last week. While these respondents said some companies…
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Preqin Private Debt Intelligence – 5/2/2016
Investor Appetite for Private Debt For the first time in the history of the private debt asset class, investors surveyed by Preqin in December 2015 are planning to commit more capital to Europe-focused funds than North America-focused funds. While both of these regions have traditionally attracted strong investor interest, only in recent years has regulation,…
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Private Credit and Business Cycles (First of a Series)
Just when we thought we were out of the economic woods with a strong report on April jobless claims (lowest since 1973), there came the 1Q GDP report showing anemic growth of 0.5%. That was enough to send equities down over 1% for the week. This good news-bad news pattern is discouragingly familiar to market…
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Lead Left Interview – Art Penn (Part 2)
This week we continue our conversation with Art Penn, Founder and Managing Partner, PennantPark. PennantPark Investment Advisers– founded in 2007 – is a leading investment firm focused on partnering with middle-market companies to provide them with creative and flexible capital. Second of two parts – View part one. The Lead Left: You’re among the few managers I’ve…
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Chart of the Week – Club Room
First quarter activity in the non-syndicated middle market slowed, but less sharply than for syndicated deals. Club/Private Middle Market Issuance Source: Thomson Reuters LPC