Covenant Trends – 2/26/2024
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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PDI Picks – 2/26/2024
Private markets get the nod over the long term Investors are confident in the future of private markets, but fund managers have shown combining public and private market investment through flexible mandates can work well. Our recently published LP Perspectives 2024 study asked investors to compare prospects for public and private markets over the short,…
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Chart of the Week: Wait Expectations
Expectations for Fed rate cuts soften as the economy remains strong. Source: The Daily Shot(Past performance is no guarantee of future results.)
The New Order: Leverage Finance in an Asset Management World (First of a Series)
We were perusing recently a piece on the future of private equity in an excellent state of the market study from Evercore’s private funds group. One of the paragraph section subtitles read: “The corporate governance fix that became an asset class.” The thesis was that private equity sponsors solve strategic problems for growing (or challenged)…
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Loan Stats at a Glance – 2/26/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Four for ’24 (Last of a Series)
In the absence of fully functioning public markets during the Fed’s intense anti-inflation campaign, liquidity was drained, not just from the economy but from bank reserves, trading desks, CLO formation and retail fund flows. Top middle market arrangers have built powerful one-stop platforms, allowing private equity sponsors to select from a wide range of sophisticated […]
LevFin Insights: High-Yield Bond Statistics – 2/19/2024
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Leveraged Loan Insight & Analysis – 2/19/2024
Daily Analytic: Share of portfolios marked below 80% varies widely across BDCs *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 Looking at the universe of 24 BDCs that have published their 4Q23 results as of February 20, we see that credit quality statistics have been relatively stable, with notable differences…
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Loan Stats at a Glance – 2/19/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Middle Market Deal Terms at a Glance – February 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com