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Covenant Trends - 11/14/2022

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Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller

Private Credit: Why Now?

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In recent weeks we’ve talked about how the Fed’s Great Unwind and rate hikes have impacted the economy, capital markets, and private credit. Top economist have helped interpret data on where US and global economies are headed. And we’ve analyzed how private credit terms are impacting both… ▶︎ Read Oct 31 2022 newsletter: here ▶︎ […]

Leveraged Loan Insight & Analysis - 11/7/2022

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BDC share price-to-book value ticks up but remains below recent highs BDC share price-to-book values have moved around recently in tandem with shifts in the equities market and investor sentiment. The average share price-to-book value is at 0.86x as of November 4, up from 0.76x in late September but down from 0.95x in mid-August…. Subscribe

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Debtwire Middle-Market – 11/7/2022

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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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The Pulse of Private Equity – 11/7/2022

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Europe resilient, for now Download PitchBook’s Report here. PE trends in Europe are bucking trends in the United States—so far, anyway. PitchBook’s Q3 2022 European PE Breakdown recorded a 16.9% YoY increase in deal counts. Deal value was flat YoY. Both are in contrast to the US market, where 2022 numbers face the tough task of…

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Covenant Trends - 11/7/2022

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Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller