Covenant Trends – 12/04/2023
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Millersmiller@covenantreview.com
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Leveraged Loan Insight & Analysis – 12/04/2023
2023 US LBO purchase price multiples are the lowest since 2018 US LBO purchase price multiples have decreased two steps this year, to 11.2x on average, the lowest mark since 2018. At the same time, the average LBO purchase price has increased to US$4.86bn this year, the highest since the credit crunch year of 2007….
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DL Deals: News & Analysis – 12/04/2023
Year-to-Date Default Volume, Count Contact: Eric Rosenthaleric.rosenthal@kbra.com
PDI Picks – 12/04/2023
APAC takes a fundraising hit as China suffers After years of plenty, life has become much harder for fundraisers in Asia Pacific – especially for those with exposure to an ailing China. The overall trend of recent years has been for Asia Pacific private debt to gain traction among investors. In all, 32 APAC funds…
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Private Debt Intelligence – 12/04/2023
Private debt deal value in Canada rebounds in 2023 After a three-year slump, private debt disclosed deal value in Canada has nearly tripled, rising to $6.4bn in 2023 YTD from $2.2bn in 2022. Canada’s aggregate deal value grew 190% in 2023 compared to 2022, despite a 74% drop in aggregate deal value in the whole…
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Chart of the Week: More in ‘24
Economic growth estimates for next year have improved in recent months. Source: Bloomberg, The Daily Shot(Past performance is no guarantee of future results.)
The New Paradigm (Fourth of a Series)
Why is private credit getting called out for potential bubbles and systemic risk when banks have been the ones failing? We posed that question to Van Hesser, the chief strategist for KBRA. Mr. Hesser produces a weekly podcast, “Three Things in Credit.” His October 27th conversation about private credit, capital markets and the economy caught…
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Loan Stats at a Glance – 12/4/2023
Source: PitchBook LCDContact: Marina Lukatskymarina.lukatsky@pitchbook.com
No Signs of Slowing (Except Defaults)
▶︎ Read November 13 2023 commentary: here Two economic dynamics are driving capital markets. First, GDP strength which, by many measures, remains steady if not buoyant. One of our favorite contributors is Caterpillar. Hard to think of a better representative of cyclical industrials than the Peoria, IL-based manufacturer of heavy “yellow-iron” equipment. The company reported […]