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...
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...
At nearly $240 billion, 1H14 sponsored loan volume to date is on a steady upward trajectory, with a 21percent increase over 2H13 issuance (although still shy of 1H13 totals of $335 billion) with almost two weeks left in the quarter. … Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready
Over the last several years the biggest opportunity for PE firms was in solid companies that were struggling with generating growth and then to use their operation expertise to fix it up in order to… Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
2014 CLO issuance sits well over $50 billion so far this year. With more than $10 billion in CLOs pricing in each of the last three months, analysts dialed up their expectations for issuance for the year. … Subscribe to Read MoreAlready a member? Log in here...
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.
Have PE Firms Learned a Mega Buyout Lesson? Energy Future Holdings’ bankruptcy filing last month put to rest another chapter in the book of boom-era PE buyout failures…. Subscribe to Read MoreAlready a member? Log in here...