U.S. PE-backed hold times in the middle market remain high Reflecting the decline in private equity-backed exit activity observed across the whole market in the first quarter of 2016, U.S. PE-backed exits in the middle market were also quite low, with only 170 sales for nearly $13 billion recorded. After the banner run PE sellers…
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Contact: Nicholas Boekel nicholas.boekel@spglobal.com
Japanese bonds rise despite BOJ disappointment Japanese sovereign bonds managed to deliver positive returns today, while almost every other asset class suffered from the Bank of Japan’s decision to reject further loosening of monetary policy. Japanese government bonds tightened by 3 bps today but corporate bonds saw risk surge Corporate bond CDS spreads jumped by…
Credit concerns have increased this year as defaults, while still low by historical standards, continue to move higher. The U.S. leveraged loan default rate ended the first quarter at 2.8%, up from 2% in the previous quarter, and up from 1% a year ago, according to Moody’s. In the first quarter, $7.3 billion of leveraged…
News reached us last week of a daring nighttime escape from the National Aquarium of New Zealand. An octopus named Inky sneaked out of a small hole in his tank, across the floor, and down a 164-foot drain pipe into Hawke’s Bay. “Didn’t even leave us a message,” said the aquarium manager, Rob Yarrall. What…
This week we chat 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. The Lead Left: Art, you’ve had nearly 30 years of experience in middle market debt. Where are…
European Direct Lending Surpasses North America Direct lending has become a staple element of the private debt market in both North America and Europe in recent years, providing investors with an alternative risk/return profile compared to more traditional mezzanine or distressed debt opportunities. However, differing regulatory environments between the two regions have proved a boon…
Secondary loan prices have edged up since year-end, on increased investor confidence and lack of new supply. Leveraged Loan Bid Levels Source: S&P Capital IQ; data for selected flow names