LOAN STATS AT A GLANCE
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
TheLeadLeft
THE PULSE OF PRIVATE EQUITY
At ACG Intergrowth last week I spent a fair amount of time talking with private equity deal guys (and one gal…another topic) about the current market. The clearest trend everyone could agree on, and one that nobody was particularly excited about, was the increase in company valuation multiples over the last 12 to 18 months….
MARKIT RECAP
Positive earnings, strong economic data, low default rates and – most importantly – a favourable monetary policy environment continue to place downward pressure on spreads. The Markit CDX.NA.IG was trading at 64bps in nearly May, which would be the tightest level this year if the roll effect in March is excluded…. Login to Read More...
Leveraged Loan Insight & Analysis
CLO issuance remains strong thanks to a broadening and growing AAA investor base and a growing number of first time managers. So far this year, almost $41 billion of CLO paper has been issued,up from the $33 billion issued through at this time last year. Dealing with a softer secondary, the average bid on the…
Lead Left Interview – Meredith Coffey
This week we speak with Meredith Coffey, Executive VP of Research, Loan Sales and Trading Association (LSTA), the leading industry association for the loan market. TLL: Meredith, you and the LSTA have been in the forefront of trying to knock some sense into regulators on how CLOs are being negatively impacted. How’s that battle going? MC: (Laughing)…
Place Your Bets
A few days before last month’s running of the 140th Kentucky Derby, the WSJ published a piece detailing six reasons why California Chrome wouldn’t win. Of course, the California-bred colt, a 5-2 favorite, dominated the field and took home the $1.2 million first-prize. No word on whether the sports editor has been reassigned. Against all odds, the CLO…
Chart of the Week
Taper Vapor The Fed’s continued reluctance to predict rate increases anytime soon, leaves Treasury yields range-bound while fixed income investors party on… Login to Read More...
Now Where Were We?
When we last reported on market conditions two years ago the Dow had closed at 12,929. Today it stands at 16,408 – a 27% improvement. Greek bonds back in April 2012 easily yielded mid-teens returns. Last week a five-year Greek bond auction was seven times oversubscribed and priced at 5%. After the first sixteen games…
Lead Left Interview – Marek Olszewski
This week we speak with Marek Olszewski, Managing Partner, Catalus Capital, a middle market investment firm with offices in Greenwich, CT and New York. TLL: Marek, your firm is probably not familiar to many of us. Tell us about what you guys do. Marek Olszewski: We are an investment fund that focuses on special situations….