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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 
Covenant Trends - 1/23/2017
Contact: Steven Miller smiller@covenantreview.com
The Pulse of Private Equity - 1/23/2017
US PE company inventory still poses questions
As of the end of 2016, there were 7,168 companies backed by private equity firms in the US. That represents a 46% increase over the 4,923 recorded in 2009. Even though the majority of those businesses are on the younger side in terms of when they were invested in, there is still a significant portion that has been held for over six years. Part of that is due to slowing exit activity throughout last year, but it also raises questions about portfolio company quality…
Lead Left Interview - Michael Ewald
This week we chat with Michael Ewald. Michael is a Managing Director, the head of the Private Credit Group and…
Private Debt Intelligence - 1/23/2017
Mezzanine Vehicles Drive Private Debt Fundraising in 2016
2016 saw 141 private debt vehicles reach a final close raising a combined $89bn, a slight slowdown from the 156 funds that secured a record $97bn of investor capital in 2015. However, 2016 still marked another year of extremely robust fundraising with investor appetite for the asset class showing no signs of diminishing.
Direct lending funds accounted for the highest number of vehicles closed through the year with 51 vehicles raising a combined $24bn…
Trading Places
Spreads for facility sizes of $100 million or less approached 500 bps over Libor at year-end; larger deals contracted to around 450 bps.
Loan Stats at a Glance - 1/23/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 1/16/2017
Speeches by UK prime ministers were rarely market moving events, despite what some of the more breathless commentators in the broadcast media would have you think. But perhaps this has changed since the Brexit referendum in June last year, even if the spin doctors manage the message in advance.
The main thrust of Theresa May’s speech this week was leaked in the days leading up to her address, so traders and investors were not exactly hanging on her every word. But there were still some pronouncements that did affect sentiment, particularly in the FX markets, such as the confirmation that the final deal will be put to parliament…
Non-sponsored MM new money picked up in 2016; refinancings dropped
Non-sponsored MM new money picked up in 2016; refinancings dropped
Non-sponsored lending dropped to US$86bn in 2016 from US$93bn in 2015. In contrast with every other major market segment (overall, leveraged, investment-grade, institutional, middle market sponsored) which witnessed a quarter over quarter increase in volume in 4Q16, non-sponsored middle market lending of US$22bn, was down 7%. Refinancings, the main driver of volume since the credit crisis, were down 21% in 2016 to US$53bn. Most of the refinancings were done in previous years and there was not that much in the form of opportunistic refinancings as pricing has somewhat stabilized in this market…
A Year in Review (Third of a Series)
“How’s your pipeline?” we asked the head of one of the leading middle market arrangers in December. He shook his…
Lead Left Interview - David Petrucco, Ed Cerny, and Mark Gudis (Part 2)
This week we continue our conversation with David Petrucco, Ed Cerny, and Mark Gudis – founding partners of Backcast Partners…
A Year in Review (Last of a Series)
2016 was the Chinese Year of the Monkey. We’re not sure what this meant, or how it applied to the…