Covenant Trends – 9/5/2022
Accordion Inside Maturity (Past performance is no guarantee of future results.) Contact: Steven Miller
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A League of Its Own
We all have a few sad childhood memories. One of our lowest moments was coming home for Thanksgiving freshman year to discover our younger brother had traded away our baseball card collection. We had gifted him the shoebox full of Topps stars that summer, assuming he would prize it highly. Turns out he prized his…
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Chart of the Week: Collectors’ Item
Covid, likely helped by volatility and inflation, has been a boost to trading card returns.
PDI Picks – 9/5/2022
Fundraising caution, but no collapse The numbers are holding up reasonably well, but getting LPs to part with capital is becoming a tougher task in many cases. The sense of a market feeling its way through a new set of economic realities is apparent in Private Debt Investor’s fundraising figures for the first half of…
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Loan Stats at a Glance – 9/5/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Private Debt Intelligence – 8/15/2022
Private debt continues to outraise real estate Private debt has raised more capital than real estate so far this year, building on the past two years in which the asset class has been increasing its share of private capital fundraising. Private equity remains by far the biggest asset class, with 58% of all private capital…
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The Pulse of Private Equity – 8/15/2022
Shrinking dry powder Download PitchBook’s Report here. Private equity’s pile of dry powder has eroded the past two years, according to PitchBook’s latest Private Market Fundraising Report. Globally, the industry has about $1.24 trillion of uninvested capital. That’s down about 18% from its 2020 peak, a little over $1.5 trillion. It’s not the only asset class…
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DL Deals: News & Analysis – 8/15/2022
Dry July: Jumbo volume deflates Private jumbo financings (>=$1B) have the advantage under current market conditions, but deals going forward are expected to trend smaller for the first time since DLD started tracking these credits in September 2019. There are several issues affecting capacity: 1) managers invested much of last year’s record capital in the…
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QT and The Great Unwind
Last week we called the economy a “precession.” But July’s “blowout” labor report – 528,000 jobs added – hardly seems like the prelude to a recession. But a hot job market means higher wages for the Fed to consider before September’s meeting. Offsetting that, though, was July’s lower CPI numbers (8.5%, down from June’s 9.1%)… […]