TheLeadLeft

Covenant Trends - 1/22/2024

Published by on 0

Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Leveraged Loan Insight & Analysis - 1/22/2024

Published by on

Daily Analytic: US unitranche issuance climbed sharply in 4Q23 across both the large corporate and middle markets Unitranche lending moved markedly higher in 4Q23, with volume totaling US$44.4bn, the third busiest quarter on record. The jump in unitranche volume was evident across both the large corporate and middle markets…. Subscribe to Read MoreAlready a member?

Subscribe to Read More
Already a member? Log in here
PDI Picks – 1/22/2024

Published by on

Investors stick with tried and trusted North America and direct lending are more in favour than ever, PDI’s LP Perspectives survey discovered. In this column last week, we reflected on some of the headline findings from our LP Perspectives survey, which obtained the views of 117 institutional investors on the current state of private markets….

Subscribe to Read More
Already a member? Log in here
Chart of the Week: Buy and Cellar

Published by on 0

With higher rates creating financing and valuation challenges, M&A has plummeted. Source: PitchBook(Past performance is no guarantee of future results.)

Four for ’24 (Fourth of a Series)

Published by on

Last week we wrote about the growing gap between private capital winners and losers. That will only accelerate as today’s winners emerge from the higher rate market. Experienced managers with healthy, high-quality portfolios can and will continue to play offense and take market share. Our own portfolio expanded nicely despite a marked decline in overall…

Subscribe to Read More
Already a member? Log in here
Four for ’24 (Second of a Series)

Published by on

The US economy continues to roll along. December’s labor report showed 261,000 new jobs, a vigorous uptick from the 173,000 number in November. Market observers took this as a sign that the Fed’s projected three rate cuts for 2024 may be more back-ended. Quantitative tightening, which has been draining liquidity from the financial system, may also be […]