Covenant Trends – 4/10/2023
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
Glasses Half Full (Last of a Series)
In conversations with dozens of institutional investors over the past several months, consistent themes recur. First, there’s the sense of continually being bombarded by unexpected bad news rocking markets… ▶︎ Read Mar 27 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database (Interest Coverage Ratio = Ebitda – Capex/Actual LTM Interest)) […]
Private Debt Intelligence – 4/3/2023
Investors expect increased opportunities in distressed debt There has been a big increase in the proportion of investors seeing distressed debt and special situations as the private debt strategies presenting the best opportunities, according to Preqin’s Investor Outlook: Alternative Assets 2023. While direct lending remains attractive and is likely to continue to be the largest…
Already a member? Log in here
Leveraged Loan Insight & Analysis – 4/3/2023
1Q23 middle market syndicated lending dropped to US$27bn At US$26.7bn, 1Q23 middle market syndicated lending dropped to its lowest level since the pandemic. The year began on slow footing with depressed M&A activity and lower quality dealflow. Then in March the banking crisis hit, leading to a lot more caution from issuers, sponsors, and lenders….
Already a member? Log in here
LevFin Insights: High-Yield Bond Statistics – 4/3/2023
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Covenant Trends – 4/3/2023
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller
The Pulse of Private Equity – 4/3/2023
“Newcomers” to private debt Download PitchBook’s Report here. The private debt market is attracting a lot of new players. New, but not “new” new: If Apollo raises a debut fund in a new strategy, should that fund count as a “first-time fund”? They might be considered newcomers to private debt, for example, but LPs know who…
Already a member? Log in here
Debtwire Middle-Market – 4/3/2023
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
Already a member? Log in here