Chart of the Week: Round the Horn
US interest rate policy is captured in a feedback loop as Fed lets exogenous worries undermine future action. Source: BofA Merrill Lynch Global Research, The Daily Shot
TheLeadLeft
Lead Left Interview – William G. Winterer (Part 2)
This week we continue our conversation with William G. Winterer, partner, Parthenon Capital Partners. Bill is head of capital markets and a member of Parthenon’s investment committee. Parthenon is a private equity investment firm that has managed funds with over $3.5 billion in total capital commitment with offices in Boston and San Francisco and approximately…
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Select Deals in the Market – 6/13/2016
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Loan Stats at a Glance – 6/13/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Preqin Private Debt Intelligence – 6/13/2016
Investors Planning Larger Allocations to Private Debt Across all Regions Preqin research into the private debt industry finds that while investors in all regions are currently below their target allocation to the asset class, there is significant fluctuation between regions. Despite private debt in North America and Europe playing a crucial role in fundraising… Subscribe
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Markit Recap – 6/6/2016
Tumbling volatility over the past months has seen US and European corporate credit risk converge, despite credit investors bracing themselves for diverging monetary policies. In a speech yesterday, Fed chair Janet Yellen remained positive about an interest rate hike in the coming months, while tomorrow marks the start of the ECB’s corporate bond buying programme….
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Price Club
Last week’s disappointing employment report was another brushback pitch to the Fed as it hopes to hike rates sometime this summer. While some economists worried that diminished job creation could foretell a slowing in US GDP, others pointed to real wage growth, better consuming spending, and improved housing starts. We have noted before the Fed’s…
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Chart of the Week: Less Liquid = Less Volatile
Buy-and-hold middle market loans (“MM Club/Private TLB”) don’t typically trade among holders, so are less subject to abrupt price swings. Sources: Thomson Reuters LPC; represents all-in yield (3 years)
Leveraged Loan Insight & Analysis – 6/6/2016
Large arrangers have gained enough confidence to arrange and syndicate second lien facilities this quarter in the leveraged loan market. So far in 2Q16, US$2.4bn in second lien tranches have closed, a 60% improvement from the US$1.52bn last quarter. And several second liens have even been used to finance dividend recaps – a testament to…
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