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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 
Private Debt Intelligence - 12/5/2016
The Lead Left: Asia-Focused Funds in Market
Preqin’s Private Debt Online database currently tracks 24 private debt funds in market with a primary geographic focus on Asia. Collectively, they are targeting $5.9bn of investor capital with an average target size of $283mn.
Of the five largest funds in market, three are opting to make direct lending investments and the remaining two are choosing to target special situations and distressed debt opportunities. It is interesting to note that although there are only four distressed debt funds in market…
Loan Stats at a Glance - 12/5/2016
Contact: Cuong Huynh cuong.huynh@spglobal.com
Markit Recap – 11/28/2016
When a company announces that it is increasing the amount paid out to shareholders, it is not typically greeted with enthusiasm by credit investors. But Glencore is no ordinary company in the CDS world, and its announcement on December 1 wasn’t a standard chance in financial policy.
The Swiss firm said that it would be resuming dividend payments after a hiatus of more than a year. Back in September 2015, Glencore was under enormous pressure as it groaned under the weight of its high debt burden and struggled to cope with falling commodity prices. Five-year CDS spreads widened from 350bps to 850bps in the space of two weeks…
Leveraged Loan Insight & Analysis -11/28/2016
U.S. CLO portfolio trade prices climb
U.S. CLO portfolio trade prices have climbed from their early 2016 levels. The weighted average purchase was 98.92 in September, with the average sale price at 97.31. For the October trades collected so far, the weighted average purchase price is at 99.24, while selling prices average 97.67. Selling prices were more dispersed than purchase prices in 3Q16, as a higher share of portfolio sales were in the sub-98 and par-plus categories. CLOs sold loans at higher prices in the third quarter, with 50% of sales in the par-plus category, up from 37% in 2Q16…
The Pulse of Private Equity - 11/28/2016
How long will recent PE fund vintages keep returning at a fast clip?
One of the ongoing narratives presented by recent private equity fund returns data has been the recovery of vintages most impacted by the recession. As is evidenced by the chart above, the average distributions-to-paid-in multiple of 2007 and 2008 vintages have benefited considerably from the past few years’ selling frenzy, with a high-priced M&A …
Covenant Trends - 11/28/2016
LBO Deals: Average Restricted Payments as a Percentage of Initial Capital Contribution.
Lead Left Interview - Mickey Levy
This week we chat with Mickey D. Levy, chief economist for US and Asia, Berenberg Capital Markets. Mickey is a…
Industrial Strength
Five sectors comprise 60% of all middle market institutional loans.
Private Debt Intelligence - 11/28/2016
Credit Strategies Asset Flows
Credit strategy hedge funds have recorded strong recent performance in 2016 YTD, making gains of 7.03% as of the end of October. Despite this, the strategy has struggled to attract investor capital, and suffered net outflows through the first two quarters of the year. This has led to a diminution of the strategy’s total assets under management (AUM) from the end of 2015, but net inflows in Q3 suggest that recent returns have been bolstering investor confidence
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Loan Stats at a Glance - 11/28/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 11/21/2016
The European Commission announced on November 23 a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures.
But one change under the BRRD caught our eye, as it will have a material impact on how the bond market – and possibly the CDS market – trades. The EC proposes a harmonised framework for bondholder hierarchy…
Primary yields widen slightly so far in November
Primary yields widen slightly so far in November
Yields have widened slightly in November to the highest average since July. The average yield, assuming a three year term to repayment on first-lien institutional loans is in the 5.36% context so far in November, slightly up from 5.1% in October. Demand for loans remains strong, and some issuers continue to successfully tap the market to cut costs, but weaker credits are facing some pushback. In turn, the number of downward and upward price flexes are roughly the same so far this month. In contrast, downward price flexes outnumbered upward price revisions by 2.3 times in October…
Covenant Trends - 11/21/2016
Contact: Steven Miller smiller@covenantreview.com
Trump and the Middle Market
At this writing it’s only been three weeks since the November 8 “tectonic shift” – as veteran financier Henry Kaufman…