With a total of 483 U.S. deals being completed in the second quarter, private equity deal activity notched a decline of 35% from the first quarter. The decline in 2Q deal flow is likely the result of high purchase price multiples… Login to Read More...
This week we continue our conversation 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. Second of two parts – View part one TLL: Waive fees to preserve the dividend for investors? That is unusual. BG: With almost $2 billion…
Arbitrage This While yields for middle market loans have generally contracted over the past four years, the cost of triple-A liabilities for middle market CLOs has been range-bound at L+175, about 25-50 bps higher than their BSL equivalents. MM Loans vs. MM CLO AAA Spreads… Login to Read More...
The World Cup group stages have been finalised yesterday with many surprise exits, and it appears South American nations will be dominating the second stage of the world’s largest sports event…. Login to Read More...
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
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...