U.S. new issue CLOs reached US$117bn in 2017 with an additional US$165bn in CLO refis and resets Although loan fund outflows have been more frequent since the fall, US$12.7bn flowed into mutual funds in 2017. Separate managed account money grew as pensions, endowments and family offices along with insurance companies, and sovereign wealth funds allocated…
Welcome to the private debt show Download PitchBook’s Report click here. Following the financial crisis, raising funds for private debt vehicles has mirrored—and in some cases exceeded—the exponential growth of the larger private capital market. 2017 was a record year in capital commitments, which totaled more than $118 billion globally…. Subscribe to Read MoreAlready a
Private Debt Dry Powder As at December 2017, private debt sits on a record amount of $235bn in dry powder, exceeding the previous record of $218 set in December 2015. The $235bn is also an increase of $17bn from December 2016, as well as being over twice the amount of dry powder seen seven years…
Italian bank CDS amid senior non-preferred issuance In our last article of 2017 we noted that it was widely billed as the year of political risk. Perhaps those in the fixed income world will call 2018 the year of TLAC (Total Loss Absorbing Capacity). It doesn’t have quite the same resonance, but there is little…
Middle market loan issuance jumps 23% in 2017 to $170B Middle market lending heated up in 2017 and is poised to remain even hotter in 2018. Issuance hit $170 billion in 2017, up 23% from 2016’s weak levels. The sponsored market is driving most of the momentum as LBO issuance of $28bn hit the second…
Why is PE so optimistic? Download PitchBook’s Report click here. Our friends and clients in the PE industry are a cheery bunch. No matter how much we analysts fret about deal multiples or the tepid exit market, buyers and sellers find reasons for optimism. Exhibit A comes from our latest PE Deal Multiples Report, released…
Private Debt Fundraising in 2017 by Geographic Focus North America saw the highest levels of private debt activity in 2017, with 75 funds focused on the region raising a total of $67bn. This amounted to over half (55%) of private debt funds closed, and the region made up 63% of capital raised. Although this is…
Is private equity at full capacity? Download PitchBook’s Report click here. 2017 may have been a watershed year for private equity. 2009 certainly was: for all the discussion about PE’s recovery post-crisis—a record seller’s market, record dry powder levels, another big fundraising boom—the number of new entrants slowed to a crawl in 2009 and never…
2017 US Syndicated loan volume tops US$2.5Tr to set new record Despite the din of geopolitical noise in the background, 2017 was a remarkably steady year in the loan market, punctuated by an especially strong finish in the last few weeks of 4Q17. At US$2.5Tr, full year 2017 US syndicated loan volume was up 26%…
Private Debt Fundraising in 2017 by Fund Type 2017 was a record year for private debt fundraising, as 126 vehicles secured a total of $98bn in capital. In comparison, 2016 saw 164 vehicles reach a final close, raising $99bn in capital. Preqin expects the 2017 figures to rise up to 10% as more information becomes…