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Leveraged Loan Insight & Analysis - 2/29/2016

Flex activity in the leveraged loan market amped up in February as market volatility continued and lenders tried to push deals through that had been shelved since last year. Thomson Reuters LPC’s Flex Factor, which aggregates price and structural flex activity to gauge investor sentiment, increased to an average score of 3.2… Subscribe to Read

A Review of European Direct Lending (Third of a Series)

“Europe is not a market,” a keen observer of Europe’s debt market informed us. “First of all,” he said, “there’s the difference in legal jurisdictions. These are real hurdles and won’t change anytime soon. If anything, the EU is becoming less unified.” “Here local teams matter. Even London-based teams have trouble managing deals on the…

Chart of the Week - Head Start

By 2002 the share of US leveraged loans by institutional investors had surpassed 60%; it took Europe twelve more years to reach the same point. Institutional Investors’ Share of the Primary Market Source: S&P Capital IQ; 2009 date not meaningful

Lead Left Interview - Edwin Cass (Part 2)

This week we continue our conversation with Edwin Cass, Chief Investment Strategist, Canada Pension Plan Investment Board. Mr. Cass is responsible for CPPIB’s overall fund level investment strategy. He also chairs the Investment Planning Committee, which approves all new investment programs and oversees all portfolio risks, including passive, active, credit and liquidity risk. Second of two…

The Pulse of Private Equity - 2/29/2016

PE’s Other Overhang For several years now, the increase in the inventory of companies backed by private equity in North America and Europe has essentially plateaued. In stark contrast to the steady ramp-up in inventory during the buyout boom era, this trend can be ascribed to a few key drivers, including the healthy exit… Subscribe

Markit Recap – 2/22/2016

Last summer saw investors turn to shorting bond ETFs as the bond market kicked back to into life amid the Greek crisis. Volatility has continued in earnest in 2016 as the Markit iTraxx Europe index, which tracks CDS spreads across investment grade issuers, hit a three year high of 121 bps earlier this month. The…

A Review of European Direct Lending (Second of a Series)

Burger King isn’t just selling Whoppers any more. Last week the second largest burger giant began serving hot dogs at all its locations year-round. “We’re applying sixty years of flame-grilling expertise,” said Alex Macedo, President of North America. “We also have to chop the onions a little differently,” he added. The thesis regarding opportunities today…