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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 - 12/12/2016
Average Total Leverage (Adjusted vs. Nonadjusted EBITDA)
Lead Left Interview - Andrew Brady
This week we chat with Andrew Brady, Managing Director and Leveraged Loan Portfolio Manager of Marathon Asset Management, L.P. Marathon…
Private Debt Intelligence - 12/12/2016
UK-Based Private Debt Fundraising
It is perhaps unsurprising that the UK has become the predominant market for the European private debt industry ever since regulation fuelled the growth of the market in the aftermath of the Global Financial Crisis. The UK accounts for a higher proportion of fund managers than any other European country, with 133 of the continent’s 334 fund managers located in the UK, while 186 active investors are also headquartered in the country holding a combined $3.9tn in assets under management…
The Pulse of Private Equity - 12/12/2016
PE outperformance to persist?
Only two private equity fund vintages are still underperforming relative to public indices, net of all fees, as calculated by PitchBook using the Russell 3000 Index. Funds in those particular vintages can safely be assumed to be overly impacted by the global financial crisis, while the significant outperformance of funds from vintages prior to the boom times of 2006 and 2007 can also be chalked up to a highly fervid dealmaking environment…
Middle Market Deal Terms at a Glance - Dec 2016
Middle Market Deal Terms at a Glance
Loan Stats at a Glance - 12/12/2016
Contact: Cuong Huynh cuong.huynh@spglobal.com
Flex factor highlights investor pushback in November
Flex factor highlights investor pushback in November
Flex activity in the U.S. institutional loan market favored investors in November. Thomson Reuters LPC’s Flex Factor registered an average flex score of 1.5 last month, signifying a higher ratio of investor friendly changes made to deal terms. It was the first time it has been above one since February’s average score of 3.5. In all, 19 deals flexed higher in November against 13 reverse flexes. It was the least amount of reverse flexes in a month since March…
Covenant Trends - 12/5/2016
Contact: Steven Miller smiller@covenantreview.com
Lead Left Interview - Mickey Levy (Part 2)
This week we continue our conversation with Mickey D. Levy, chief economist for US and Asia, Berenberg Capital Markets. Mickey…
One-Stop Shopping
3Q 2016 was the most active quarter in the past several years for unitranche financings, as middle market sponsors increasingly access the non-bank market.
The Pulse of Private Equity - 12/5/2016
US PE firms dial down their pace of investing in Canadian startups
In 2015, no fewer than 159 private equity firms with headquarters in the US cut a deal with a Canadian company, a clear high for the decade. That pace has slowed considerably even as general Canadian PE activity has declined, with 105 firms active within the country through the end of October. The drivers of the decline are likely the same as in the US: a lack of quality targets given the surge in buying over the last couple of years, competition, and a surplus of dry powder contributing to loftier prices…
Running Out the Clock
Among the unlikelier events of this post-election season – other than the consideration of former World Wrestling Entertainment executive, Linda…