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Markit Recap - 6/30/2014

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....

Markit Recap - 6/23/2014

We remarked last week that, while Argentina is among the favourites to lift the World Cup, it is the outstanding favourite to be the next sovereign to default. Events since have strengthened that assertion – the football team has made an impressive start, and the country’s CDS spreads have widened sharply....

THE PULSE OF PRIVATE EQUITY

No Curve in the Path Anytime Soon Once each quarter we pause to pull together survey and transaction data to try and understand where the private equity deal market is at in terms of pricing, multiples, leverage and fees....

MARKIT RECAP

Trading volumes usually fall during the summer, but the decline may start earlier than usual this year. World Cup fever has struck the financial markets, though it has to be said the atmosphere is probably more febrile outside of North America....

Leveraged Loan Insight & Analysis

Loans are appealing to investors because they offer a cash coupon, an interest rate hedge, security,  seniority in the capital structure and covenants.  Oh wait, did we say covenants? Our bad!  Not only is covenant lite running rampant in the loan market, but covenanted deals are also providing investors with less protection today compared to the past.  Based on leveraged deals with at least one covenant tracked by LPC via SEC filings, the amount of covenants in covenanted deals is at an all time low.