Commentary
How Big is the Middle Market? (Second of a Series)
To get a better handle on the total universe of middle market loans, let’s define what we mean by the…
Read MoreHow Big is the Middle Market? (First of a Series)
As great mysteries of life go, it’s not quite in the same category as what’s the universe made of, how…
Read MoreRefi Madness
If sheer volume means anything, total syndicated loan activity in the US for the first half of the year was…
Read MoreFall Risk
It was probably mission impossible, but we gamely tried this week to complete a personal Top Ten list. This one…
Read MoreThe 80/20 Rule of Private Credit
“Capital is destiny.” We’re not sure this pronouncement will make it into the next edition of Bartlett’s Familiar Quotations, but…
Read MoreThe Case for Covenants (Last of a Series)
“When things are good, people don’t pay attention to covenants, but when things go sour, covenants are their only line…
Read MoreThe Case for Covenants (Part Four)
It’s not surprising so much fuss has been made about the proliferation of cov-lite structures in the leveraged loan market.…
Read MoreThe Case for Covenants (Part Three)
At a recent debt conference we did what most of our direct lending colleagues are doing these days: complain. Speaking with…
Read MoreThe Case for Covenants (Part Two)
An astute Lead Left reader appreciated the first part of our special series on covenants. He alerted us to a…
Read MoreThe Case for Covenants (Part One)
It’s a fact of life in leveraged lending that terms are market-driven. During periods of excess liquidity – when loan…
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