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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 
Leveraged Loan Insight & Analysis -10/10/2016
3Q16 Loan volume down nearly 40% q-o-q, 1-3Q16 totals down 11% y-o-y Issuance in the US loan market got off to…
State of the Capital Markets – Third Quarter 2016 Review and Fourth Quarter 2016 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage/ Review of Credit Quality/ Outlook for Fourth Quarter 2016
Lead Left Interview - Steven Miller
This week we chat with Steven Miller, CEO, Fulcrum Financial Data. Fulcrum publishes Covenant Review, CapitalStructure and PacerMonitor and has…
Home in the Range
Spreads for middle market sponsored loans have generally remained range-bound around L+500 for the past four years.
Average EBITDA Adjustment Cap for Synergies/Cost Savings
Contact: Steven Miller smiller@covenantreview.com
The Pulse of Private Equity - 10/10/2016
Sustained High Multiples Contributing to Deal Values in the US Lower Middle Market In a recent Lead Left column, we…
Private Debt Intelligence - 10/10/2016
Private Debt Fundraising Remains Low in Q3 2016 Preqin’s Q3 update on the private debt fundraising market finds that the…
Loan Stats at a Glance - 10/10/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 10/3/2016
Numerous press articles in recent years have predicted the death of single name CDS. Onerous capital requirements, costly changes in…
Leveraged Loan Insight & Analysis -10/3/2016
Despite strong market technicals, 3Q16 global loan volume down 33%; 1-3Q16 volume down 13% y-o-y Despite strong market technicals, at…
Why Sponsors Matter (Fourth of a Series)
Given all the benefits of having a private equity firm as your partner, why would you even finance a company…
Off Season
Second quarter non-sponsored loan volume was down 5% from the first quarter but off sharply from the second quarter last…
Distribution of Free-and-Clear Over Pro Forma EBITDA
Contact: Steven Miller smiller@covenantreview.com
Why Sponsors Matter (Last of a Series)
So far in this special series we’ve examined the implications of lending to companies owned by private equity sponsors – and those that aren’t. But there’s a third category of owners that don’t get much attention, and growing in importance.
So-called “fundless” sponsors – also called independent, or non-traditional sponsors – act as a hybrid of three parties. They combine the deal sourcing of investment bankers with the targeted allocation of capital by limited partners, and the expertise of GPs who perform a multitude of functions…