Treble Ahead New providers of triple-A CLO liabilities are expected to help tighten spreads to 135-140 bps by year-end. Beyond that, uncertainty on vehicle structures could reverse that trend…. Subscribe to Read MoreAlready a member? Log in here...
This week we speak with Scott Gluck, counsel at Venable LLP. Venable is a law firm with 600 attorneys in nine US offices. Scott assists private equity funds on a variety of corporate, legislative and regulatory matters. The Lead Left: Scott, tell us about your role at Venable. Scott Gluck: Thanks, Randy. My practice focuses on federal government…
We have been pointing out the growing increase in Add-on activity for years, but it only continues to go up to new levels – so we will keep talking about it. In the first half of this year… Subscribe to Read MoreAlready a member? Log in here...
At $244 billion, 2Q14 leveraged loan issuance was down 14 percent from 1Q14 levels and a much higher 31 percent year-over-year. And for 1H14, leveraged lending of $527 billion… Subscribe to Read MoreAlready a member? Log in here...
High-yield bond issuance in Europe has outpaced leveraged loan issuance so far in 2014, inverting a trend that has stood firm in Europe for decades. High-yield bond issuance in Europe has hit $131.8 billion… Subscribe to Read MoreAlready a member? Log in here...
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… Subscribe to Read MoreAlready a member? Log in here...
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… Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...