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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 
PE-backed exits trend down in size
PE-backed exits trend down in size
For the second year in a row, the median private equity-backed exit in North America and Europe has trended downward in size across all three primary routes of liquidity. The typical corporate acquisition in 2016 cleared $138.1 million, a 13.7% decline from the $160 million notched in 2015. After the significant growth in median exit sizes from roughly 2013 to 2015, it is important to note that the numbers recorded in 2016 were still aligned somewhat with those seen in 2010 and 2011. Given that these figures are still relatively healthy on a historical basis…
Private Debt Intelligence - 2/27/2017
Private Debt Management Fees Drop to Eight-Year Low
Fund terms within the alternative assets industry have been of particular focus over the last few years as investors have largely united to push managers for greater transparency and improved alignment of interest.
Within the private debt industry, this approach appears to be paying dividends with the average management fee reaching an eight-year low for 2016 vintage funds which charge a mean fee of 1.63%…
Relative Value
The attractiveness of the middle-market loan asset class is highlighted by its consistent premium over traditional high yield bonds.
Loan Stats at a Glance - 2/27/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 2/20/2017
The political polling industry is suffering a crisis of credibility after failing to predict Brexit and Donald Trump’s victory in the US presidential election. A thorough overhaul of its methods is surely needed.
But in a world where political risk is more potent than ever, investors have little else to go on, and polls still have the potential to trigger considerable market volatility. A prime example this week was France, where polls showed far-right – and anti-euro – candidate Marine le Pen increasing her lead in the first-round presidential vote. The reaction in the credit markets was significant – French sovereign CDS widened from 56bps to 68bps in the space of three days, and is now over 40bps wider than levels reached in the post-Brexit aftermath of September 2016…
Brexit Shmexit
According to Preqin, low interest rates is top factor affecting credit portfolios, with central banks and the US economy next.
Covenant Trends - 2/20/2017
Average Adjustments for PF EBITDA as % of Reported EBITDA M&A Loans Only Contact: Steven Miller smiller@covenantreview
Stat of the Week: Number of Shareholder Activism Campaigns Internationally
Repricing wave will push institutional issuance close to quarterly record
Repricing wave will push institutional issuance close to quarterly record
Strong demand for floating rate assets has caused a frenzy in the leveraged loan market this quarter where issuers have been flocking to market to lower the spread on their institutional facilities. This has in turn caused institutional loan volume to spike, reaching US$149.5bn in completed issuance through February 15th. With roughly half a quarter remaining, completed institutional issuance is the fifth highest on record and about US$50bn lower than the US$199bn record set in 1Q13. Breaking down the numbers highlights the refinancing boom…
Lead Left Interview - Stephanie Link
This week we chat with Stephanie Link. Stephanie is a managing director and equity portfolio manager for TIAA Global Asset…
The Pulse of Private Equity - 2/20/2017
Steady volume of funds geared toward US lower middle market
Since 2013, a significant uptick in the number of private equity funds geared toward the lower middle market—sized between $100 million and $500 million, according to PitchBook methodology—has occurred. 2013 was undoubtedly a peak, with 107 closed in that year alone, but the volume has hardly slackened much since, as 94 vehicles were wrapped in 2016. One driver of this trend has undoubtedly been the entrance of new fund managers into the market…
Private Debt Intelligence - 2/20/2017
Credit Strategies Start 2017 with Positive Performance in January
Preqin research finds that credit strategies have maintained their positive performance from 2016, with a strong start to the year through January 2017, as investor and fund manager confidence in the strategy grows.
Credit strategies were the second best performing leading hedge fund strategy last year with annual returns of 8.50%, well outstripping the Preqin All-Strategies Hedge Fund benchmark (7.40%)…
Loan Stats at a Glance - 2/20/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Leveraged Loan Insight & Analysis - 2/13/2017
Covenant-lite volume will likely hit another record high in 1Q17
Covenant-lite loan volume has already reached US$90 bn in 1Q17 with two more months still left to go this quarter. With another US$35bn still in process, 1Q17 will likely be a brand new record high for covenant-lite issuance. Covy-lite volume had just hit a brand new record high last quarter at US$128bn, smashing the previous record set in 1Q14. These robust volumes are largely taking place during big refinancing waves like in the current environment…
2017 – A Look Ahead (Last of a Series)
In this special series on the outlook for leveraged lending for the year, we’ve looked at what our readers can…