The onset of renewed market volatility last week reminded credit participants that exogenous events do impact prices and new issuance, though to differing degrees. Broadly syndicated loan and high-yield bond markets both saw price declines in secondary trading. But new junk issuance slowed to a crawl after the Brexit vote, while loan activity continued uninterrupted. This…
The decline in US private equity activity deepens US private equity activity continues to fall. Even if Q2 numbers are revised upward as time goes on, with additional datapoints backfilled, a quarter-over-quarter decline will still have occurred in the first half of 2016. As of early July, completed deal count for Q2 is more in…
Almost two-thirds of middle market leveraged loans have two or more maintenance covenants; only 2.5% of middle market loans are cov-lite. US middle market covenant counts Source: Thomson Reuters LPC; SEC Filings
This week we chat with Michael Babiarz of Clayton, Dubilier and Rice. Michael is a partner of the firm and been with CD&R since 1990. The Lead Left: Michael, you’ve been with CD&R for 26 years. Tell us how the firm has evolved? Michael Babiarz: In many ways, we still operate with the mindset that…
Private Debt Fundraising Shows Signs of Acceleration in Q2 Preqin’s quarterly fundraising update on the private debt industry finds that Q2 showed healthy signs of acceleration, boosting hopes the industry will return to the record fundraising levels seen over the twelve month period between Q4 2014 and Q3 2015. Over the quarter, 28 vehicles… Subscribe
????Click for a larger image.
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Those of us who stayed up to watch the Brexit television coverage knew that in a few hours’ time the June 24 trading session would go down in history. The mainstream media were inevitably obsessing about the post-Brexit collapse in sterling, but the credit markets were focused on the Markit iTraxx indices. Big moves were…
“Thank God for the Electoral College.” Thus the co-head of a major credit trading desk put a brave face on the US political outlook after last week’s stunning Brexit vote. And while the wisdom of our Founding Fathers may shield us from a similar upheaval in the direct popular vote for President, there’s no guarantee…