TheLeadLeft
Select Deals in the Market – 2/22/2016
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Leveraged Loan Insight & Analysis – 2/22/2016
Despite significant market volatility, PE shops are moving full speed ahead on select mega deals in 2016. While the dataset is still limited, the average purchase price for large corporate buyout deals so far in 2016 has skyrocketed to US$5.8bn, up from just US$1.8bn in 2015 and surpassing the US$5.1bn record set in 2007…. Subscribe
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Loan Stats at a Glance – 2/22/2016
Contact: Timothy Stubbs timothy.stubbs@spcapitaliq.com
Markit Recap – 2/15/2016
The shrinking of balance sheets has become a common theme in recent years, particularly in the financial sector. Investors are punishing banks that either unwilling or unable to implement a more conservative financial strategy. It is increasingly clear that the same phenomenon is now observed in the commodities sector. Mining firms need to scale back their…
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Leveraged Loan Insight & Analysis – 2/15/2016
Discounts on first-lien institutional term loans haven’t been this wide since 2011. The average original issue discount (OID) is 98.02 so far this quarter, almost on par with 4Q15’s 97.98 average. Only 13% of first-lien institutional term loans have been done at an OID of 99.5 or narrower this quarter, slightly down from 16% last…
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A Review of European Direct Lending (First of a Series)
Over the years the US has been by far the dominant supplier of leveraged loans globally. (See our Chart of the Week) But given similar regulatory pressure being exerted on overseas banks as here, Europe is gaining media attention as a source of debt opportunities for both managers and investors. How should these opportunities be…
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Chart of the Week – Tale of Two Markets
The volume of institutional leveraged loans in the US is over six times as large as that of Europe on average over the past fifteen years. Source: S&P Capital IQ; Annual institutional loan volume in US dollars
Lead Left Interview – Kathryn Dick (Part 2)
This week we continue our conversation with Kathryn Dick, Managing Director, Promontory Financial Group. Kathy advises clients on regulatory issues, risk management, and capital market activities. Prior to Promontory, Kathy had a 26-year tenure at the Office of the Controller of the Currency. Second of two parts – View part one The Lead Left: There’s concern among…
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The Pulse of Private Equity – 2/15/2016
2015 Sees U.S. PE Fundraisers Slow Down U.S. private equity fund managers have had a fair measure of success lately. Last year, the median time it took a fund to close was 12.8 months, one of the shorter times on record, while over 87% of funds raised hit their target, for the second year in…
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