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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 
Markit Recap – 1/2/2017
John Maynard Keynes said we live in a world of irreducible uncertainty, while neoclassical economists state that perfect information is available and people make rational expectations. The events of the last decade suggest that the former school of thought has more credence, though “freshwater” economists would no doubt disagree.
Uncertainty of the political variety looks set to be the overriding theme for 2017, regardless of whether one thinks the market is driven by rational agents or not. A new US president promising radical policy changes; elections in France, Germany and the Netherlands…
Special Report: Why Sponsors Matter
Beginning in September 2016 The Lead Left published a series of articles on sponsors. This report consolidates those articles.
Leveraged Loan Insight & Analysis -1/2/2017
Just shy of US$2tr 2016 US syndicated loan volume is flat year over year
US arrangers pushed almost US$2 Tr through retail syndication in 2016, levels on par with 2015 totals but down modestly compared to the US$2.1tr raised in 2014. The year got off to a slow start as the market volatility that was observed in the oil and gas and commodities sectors in late 2015 carried over to the first quarter of 2016, dampening lender appetite and limiting the pipeline of deals…
Covenant Trends - 1/2/2017
Average Free-and-Clear Tranche as a Multiple of PF EBITDA
Lead Left Interview - Andrew Brady (Part 2)
This week we continue our conversation with Andrew Brady, Managing Director and Leveraged Loan Portfolio Manager of Marathon Asset Management,…
Reversal of Fortune
The second half of 2016, climaxing in December’s Fed hike, saw leveraged loans find increasing favor with institutional investors.
Private Debt Intelligence - 1/2/2017
Infrastructure Debt Rises in Prominence
Although banks are the primary providers of financing for global infrastructure projects, liquidity and capital requirements can prevent them from fully serving the market. This has led to an opportunity for the unlisted fund management industry to become a significant niche player in the provision of debt financing for infrastructure…
The Pulse of Private Equity - 1/2/2017
What is in store for US private equity in 2017?
After a high-water mark for US private equity activity in 2015, last year experienced a significant slowing in not only the number of closed deals but also total deal value, the latter ameliorated by a bevy of blockbuster transactions. This was driven in part by the progression of a typical investment cycle, wherein after a steady ramp-up in dealmaking the market attracts more and more firms looking to cut deals and consequently becomes pricier…
Loan Stats at a Glance - 1/2/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 12/12/2016
It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.
But, caveats aside, there seems to be a consensus forming that 2017 will be tough year for one particular asset class: emerging market debt. A Trump presidency will usher in a new era of lower taxes – especially for high earners – and expansionary fiscal policy…
Leveraged Loan Insight & Analysis -12/12/2016
2016 MM CLO volume hits highest level post credit crisis
While the upcoming risk retention rules have certainly slowed broadly syndicated CLO volume in 2016, the middle market has bucked the trend. Middle market CLO issuance has reached US$7.7bn so far in 2016, surpassing last year’s $5.8bn and reaching the highest level since 2007. This is a pleasant surprise as most managers that took LPC’s Middle Market Investor Survey at the beginning of the year were only expecting to see around US $4.5bn in issuance this year…
The Middle Market Comes of Age
For those of us who have made the middle market our livelihood for a while, last week’s Wells Fargo 2016…
Volume Game
Month over month, both October and November have seen improvements over last year in middle market sponsored loan activity.
A Year in Review (First of a Series)
The notion that the middle market has reached a level of maturity was supported by a plethora of evidence this…