The PE-strategic battle continues PE firms and strategic buyers have been waging a deal war the past few years. Both sides have complained about the advantages the other side has, but most PE executives will readily admit… Subscribe to Read MoreAlready a member? Log in here...
The institutional loan calendar has quieted in mid-February, hovering just south of $40 billion in the last week, down from roughly $47 billion the same time last year and nearly $73 billion during the third week of February 2013… Subscribe to Read MoreAlready a member? Log in here...
Hold times are leveling out Hold times for PE portfolio companies have been steadily creeping upward since about 2009, peaking around five and a half to six year medians…. Subscribe to Read MoreAlready a member? Log in here...
European investment grade credit has comfortably outperformed its US counterpart over the past 12 months. Based on the differing fortunes of the respective economies in the two regions, this might seem surprising. But the basis between the Markit iTraxx Europe… Subscribe to Read MoreAlready a member? Log in here...
As managers grapple with possible structures to work within the context of new finalized risk retention rules, the process of amending CLOs that are not Volcker compliant also continues…. Subscribe to Read MoreAlready a member? Log in here...
This week we saw the first signs of contagion, albeit tentative, from the impasse in Greece. Spain, where the anti-austerity Podemos party is leading the opinion polls, saw its CDS spreads widen 11bps to 94bps (2003 ISDA definitions), while Italy was 13bps wider at 113bps…. Subscribe to Read MoreAlready a member? Log in here...
While loan fund assets under management continue to shrink, CLO outstandings have been steadily increasing, surpassing $370 billion. Although last year’s record $123 billion in CLO issuance was partially offset by CLO… Subscribe to Read MoreAlready a member? Log in here...
Are funds-of-funds becoming obsolete? Funds-of-funds have been in the news lately, but not for good reasons. Some major LPs are talking about cutting their exposure to the asset class, possibly altogether…. Subscribe to Read MoreAlready a member? Log in here...
Greece was relegated to “emerging market” status by several index providers last year, and its recent turmoil seems to justify the reclassification. But the ongoing problems in the Hellenic Republic shouldn’t overshadow issues in sovereigns more familiar to EM investors…. Subscribe to Read MoreAlready a member? Log in here...
LBO leverage levels have started out in 2015 at more conservative levels than we saw in 2014. So far, the average LBO debt to EBITDA level for large corporate and institutional middle market buyout deals has dropped to 6.3 times and 5.3 times… Subscribe to Read MoreAlready a member? Log in here...