TheLeadLeft
The Everything Rally
Inflection points are often apparent only in hindsight. While it’s premature to call a top to the current rate and inflation cycle, signs are evident that change is underway. Last week’s Fed rate hike of 25 bps, a deceleration from its previous three monthly moves, is a case in point. At 4.50-4.75% we are within…
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Chart of the Week: Healing Time
Secondary BSL bids are edging up in concert with optimism in public equities.
PDI Picks – 2/6/2023
Direct lending stays in favour with LPs With few signs of trouble emerging the strategy is still going strong, but for distress the outlook is more mixed. Direct lending strategies remain top of the shopping list for investors in private debt, with 47 percent of LPs planning to invest more in those strategies during 2023…
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Loan Stats at a Glance – 2/6/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Debtwire Middle-Market – 1/30/2023
Leveraged loans & HY bonds post gains in secondary market to start 2023 Source: Debtwire Par The new year kicked off with positive news from the Bureau of Labor Statistics, reporting on 6 January that the unemployment rate had fallen to 3.5% during December, and that 223,000 jobs were added to the workforce. Loans and bonds…
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The Pulse of Private Equity – 1/30/2023
A big drop for small funds Download PitchBook’s Report here. Another 193 middle-market funds closed last year, according to PitchBook’s latest US PE Breakdown. Collectively the funds are worth $161.5 billion—both figures being in line with prior years. But fundraising at the smallest end of the market didn’t fare as well. Among funds of $200 million…
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M&A Trends – Year in Review
There’s no better lens through which to examine the effects of the current economic environment than US middle market M&A activity. A wide range of indicators – volume, valuations, financing and sector rotation – were flashing in the wake of rate hikes, volatility, and economic headwinds… ▶︎ Read Jan 23 2023 newsletter: here ▶︎ Chart […]
Covenant Trends – 1/30/2023
Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-) (Past performance is no guarantee of future results.) Contact: Steven Miller