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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Loan Stats at a Glance - 3/20/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 3/13/2017
Its mid-March, spring is upon on us and the credit markets are rallying. A rate hike by the US Federal Reserve was greeted positively by the market thanks to a dovish tone struck by Janet Yellen and her colleagues.
Technical factors also played their part. Option expiry occurs on the third Wednesday of the month, and position covering no doubt contributed to the tightening in the indices…
What is the #1 factor to winning a deal in today’s environment?
What is the #1 factor to winning a deal in today’s environment?
When asked to select the #1 biggest driver in helping them win deals in this increasingly competitive environment, middle market banks were mixed. According to Thomson Reuters LPC’s recent survey, one quarter said it comes down to the relationship, especially in the non-sponsored market where issuers rely heavily on that long term relationship. Perhaps more surprising, only 4% of non-banks ranked reputation and relationship as the number one factor. One quarter of banks chose willingness to stretch especially with regard to sponsors who are often asking for large corporate term sheets on smaller deals. One fifth of non-regulated lenders agreed…
Covenant Trends - Percentage of Loans with an MFN Sunset
Contact: Steven Miller smiller@covenantreview
Middle Market Deal Terms at a Glance - Mar 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Recovering Data
The lower on the capital stack an debt investor’s position goes, the more challenged is the recovery.
Lead Left Interview - Stephen Nesbitt (Part 2)
This week we continue our conversation with Stephen Nesbitt, Chief Executive Officer of Cliffwater LLC. Cliffwater is one of the…
The Pulse of Private Equity - 3/13/2017
Longer fundraising times indicate future for PE fund managers?
The time between closing of funds was by far the longest of the decade for private equity fund managers last year, whether you looked at the median or the mean. Especially in the wake of the significant uptick in 2015 the increase is striking, and adds considerable color to the current fundraising scene. Firstly, in light of fund sizes creeping upward by and large, the simple fact that it takes longer to raise a larger fund should be noted…
Private Debt Intelligence - 3/13/2017
Private Debt Industry Assets Approach $600bn
The private debt industry has continued to grow in recent years, and as of the end of H1 2016 reached a record $595bn in assets under management. This comprises $224bn in capital available to fund managers (‘dry powder’) and $371bn in unrealized investments held by private debt vehicles. Both of these components have increased over the first half of the year, up from $216bn and $339bn respectively as of the end of 2015…
Loan Stats at a Glance - 3/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 3/6/2017
We noted last month that credit markets are still sensitive to political polls, despite doubts about their accuracy.
In particular, sovereign cds in Western Europe was responding to polls showing National Front leader Marine Le Pen surging ahead in the race to become France’s next president. Le Pen has stated that she is in favour of leaving the EU under the current framework, so it was no surprise to see France’s spreads widen when she took the lead in the polls.
But it was the behavior in the “ISDA basis” – the difference between sovereign CDS trading under 2014 and 2003 definitions – that caught our attention. Before Le Pen’s surge in popularity, the basis was stable at around 3bps. After her gains in the polls, the basis increased to 23bps in the final week of January…
Covenant Trends - Average Starter Basket / Equity Contribution to LBO
Average Starter Basket / Equity Contribution to LBO
Private Credit vs. Public Debt (Third of a Series)
The fundamental thesis governing credit risk for bond holders relative to loan holders is that the latter is advantaged by…