Chart of the Week: Interest Waits
Markets are now beginning to believe the Fed’s message in higher for longer.
TheLeadLeft
The Pulse of Private Equity – 2/6/2023
PE IRRs down two quarters Download PitchBook’s Report here. Following a stalwart 2021, global PE fund returns fell swiftly in 2022, according to PitchBook’s Global Fund Performance Report. While Q1 remained positive, Q2 dipped into negative territory at -2.4%, and our preliminary Q3 numbers show another negative reading at -0.6%…. Subscribe to Read MoreAlready a member?
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Leveraged Loan Insight & Analysis – 2/6/2023
Returns jump across US corporate credit to start the year Total returns on US corporate credit have jumped to start the year, driven by more favorable sentiment across the capital markets, as investors react to a third straight month of declining inflation and the expectation that the Federal Reserve is closer to completing rate hikes….
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Bankers’ M&A Outlook for 2023
After a deep-dive into the various elements of the M&A market last year, a panel of five top bankers told 650 registrants of our exclusive Lead Left Presents webinar that conditions for 2023 are beginning with “wait and see.”… ▶︎ Read Jan 30 2023 newsletter: here ▶︎ Chart of the Week: here (by WSJ, Jefferies, […]
DL Deals: News & Analysis – 2/6/2023
Benign decline: Volume eases 14% YoY in DLD’s Private Data set KBRA DLD tracked $3.8 billion in new-issue volume last month across sponsored, U.S. borrowers. Managers said new business felt slower than usual for the start of the year, and indeed, the tally in our Private Data set was down 14% from January 2022. The…
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Covenant Trends – 2/6/2023
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 2/6/2023
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private Debt Intelligence – 2/6/2023
Industrials lead private debt deals in North America A month into 2023, industrials are the dominant sector among private debt deals in North America with 10 deals out of 36 deals in total (28%), a three-deal lead over consumer discretionary. Activity in the sector is consistent with previous years, as industrials deal numbers generally occupy…
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Debtwire Middle-Market – 2/6/2023
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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