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Private Debt Intelligence – 3/27/2023
Private debt fairly valued according to investors Institutional investors believe private debt to be fairly valued, according to the latest survey for the Preqin Investor Outlook. In November 2022, 74% of respondents to the survey believed private debt was undervalued or fairly valued…. Subscribe to Read MoreAlready a member? Log in here...
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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. Then having few clues before each Fed meeting what the central bank will do with rates. Finally, there’s the worry that too-high rates will send the…
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Chart of the Week: Pushing Cushions
The rapid escalation of benchmark rates has negatively impacted borrower coverage.
Covenant Trends – 3/27/2023
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller
The Pulse of Private Equity – 3/20/2023
Middle-market valuations down in 2022 Download PitchBook’s Report here. Middle-market multiples peaked much earlier than the overall market, which saw its highest price tags in 2021. That said, middle-market EV/EBITDA multiples continue to subside, according to PitchBook’s US PE Middle Market Report. After peaking at 16.0x in 2019, the headline number came down about a turn…
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Banking in the Spotlight
The collapse of Silicon Valley Bank and Signature Bank gave flashbacks to those of us who lived through the financial crisis. It also raised concerns about the underlying health of bank balance sheets overall… ▶︎ Read Mar 13 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily Shot) (Any “forward-looking” information may […]
LevFin Insights: High-Yield Bond Statistics – 3/20/2023
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 3/20/2023
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…
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