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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 - 11/14/2016
Europe- and North America-Focused Real Estate Debt Funds
Real estate debt has seen considerable growth within European markets over the past few years and fundraising grew significantly from €0.5bn in 2012 to €4.3bn in 2015, while a further €3.7bn has already been secured in 2016 YTD. Nonetheless, North America-focused fundraising still dwarfs that of Europe, with funds already raising a record €12.3bn in 2016…
Lead Left Interview - Tom Cassidy (Part 2)
This week we chat with Tom Cassidy, Managing Director, US Bank. Mr. Cassidy is responsible for private equity Sponsor Finance…
Loan Stats at a Glance - 11/14/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Leveraged Loan Insight & Analysis -11/7/2016
Downward flexes dominated in October
Downward flexes continued to dominate flex activity in October. There were 21 downward price flexes on first-lien institutional term loans in October and only 8 upward flexes. Both downward and upward price flexes were down from September which recorded 28 price cuts and 12 upward price revisions…
Lead Left Interview - Tom Cassidy
This week we chat with Tom Cassidy, Managing Director, US Bank. Mr. Cassidy is responsible for private equity Sponsor Finance…
Covenant Trends - 11/7/2016
Builder Basket Trigger, for Loans Using Total Leverage (Average)
The Pulse of Private Equity - 11/7/2016
PE buyers still rooting for value in lower reaches of US middle market
The proliferation of private equity funds into all reaches of the US middle market has been well documented. Increased PE activity in the lower and core segments of the middle market is easy to see, particularly when assessing the median transaction size, which declined from a high in 2014 to $133.0 million last year and $128.6 million through the end of September. The slides aren’t dramatic, of course, but as can also be seen in the relatively more resilient proportions of PE dealmaking within the lower middle market…
Stat of the Week: Total Consumer Credit Owned and Securitized
Total Consumer Credit Owned and Securitized
The Art of the Add-On (Third of a Series)
The process of identifying successful add-ons is a complex one. Each sponsor has developed over the years a different style…
Loan Stats at a Glance - 11/7/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Piling On
Add-on volume for the overall market rebounded sharply during 2Q 2016 from the first quarter, though slowed last quarter.
Private Debt Intelligence - 11/7/2016
Private Debt Dry Powder by Fund Type
The past few years have seen a large amount of investor capital in private debt funds remain unspent by fund managers, with strong fundraising activity resulting in a significant ‘wall of capital’. In 2016 so far, private debt dry powder has climbed to $199bn, up from $191bn at the start of the year, although levels of uncommitted capital have fluctuated across different fund types.
Dry powder held by distressed debt managers has risen by nearly a third (31%) since the end of 2014 and now stands at $63bn, the highest of any fund type…
Leveraged Loan Insight & Analysis -10/31/2016
U.S. CLOs posted their best month since June 2015 with issuance of $8.4 billion in October, taking year to date issuance to $54.5 billion. In addition to new issuance, much of the energy in October was focused on refinancings and resets in advance of the upcoming risk retention deadline. After the new regulation comes into effect on December 24, compliance with risk retention rules will be required for deals that refinance…
Private Credit Comes of Age
At a loan conference some years ago we referred to middle market loans as the Rodney Dangerfield of capital markets.…