Until recently, institutional investors have always had a love-hate relationship with the middle market – minus the love. Compared to reassuringly large, liquid credits, companies with less than $50 million in Ebitda tend to be private, their debt unrated, their businesses niche-oriented, their access to public markets limited, and their management teams entrepreneurially lean. Further,…
This week we speak with Robert Grunewald, chief investment officer at BDCA Advisor, LLC. BDCA (Business Development Corporation of America) is a BDC focused on senior debt investments in middle market companies. The Lead Left: Bob, please give us a little of your background. Bob Grunewald: I’m the CIO for BDCA Advisors. We manage…
After publication last week, we were concerned we had been a bit rough on our bank friends in dismissing the ability of regulated institutions to adapt as readily as CLO’s when loans became troubled. An informal survey of those friends revealed that, if anything, we had been too generous. “You were spot on with your…
Two-Bit Performance While two quarters does not a full year make, CLO issuance for 2Q this year will be the best second quarter in loan market history. That would beat 2007’s record of almost $33 billion, when annual volume hit just under $105 billion…. Login to Read More...
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
At nearly $240 billion, 1H14 sponsored loan volume to date is on a steady upward trajectory, with a 21percent increase over 2H13 issuance (although still shy of 1H13 totals of $335 billion) with almost two weeks left in the quarter. … Login to Read More...
We remarked last week that, while Argentina is among the favourites to lift the World Cup, it is the outstanding favourite to be the next sovereign to default. Events since have strengthened that assertion – the football team has made an impressive start, and the country’s CDS spreads have widened sharply…. Login to Read More...
Over the last several years the biggest opportunity for PE firms was in solid companies that were struggling with generating growth and then to use their operation expertise to fix it up in order to… Login to Read More...
In the classic comedic bit from the early 1960’s, Mel Brooks, as a two thousand year old man, is asked what he thought mankind’s greatest invention was. “Saran Wrap,” he answers promptly. Not the discovery of space? “That was good,” he admits. We’re not sure what the venerable Mr. Brooks would say today if posed…