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Relative Value in the Loan Market
In recent months, thanks to market volatility caused by higher interest rates, toppy inflation, and the perceived higher probability of a recession, large cap loan prices have traded down sharply. S&P/LCD’s leveraged loan index has dropped from 98.5 in February to 92 last week… ▶︎ Read July 11 2022 newsletter: here ▶︎ Chart of the […]
The Pulse of Private Equity – 7/18/2022
A tricky fundraising trail Download PitchBook’s Report here. PE fundraising is slowing, according to PitchBook’s latest US PE Breakdown, as a whole and in the middle market. For the past three years, the middle market has raised at least $150 billion, but that might not stretch to a fourth consecutive year. $71.3 billion has been raised…
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Covenant Trends – 7/18/2022
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller
Leveraged Loan Insight & Analysis – 7/18/2022
Unitranche minimum spread threshold shifts up One of the main themes of the loan market in 2Q22 was the disconnect between the broadly syndicated loan market and the direct lending market. Increased volatility and recession fears hit the institutional loan market and investors pushed back, resulting in much higher pricing. In the direct lending market,…
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LevFin Insights: High-Yield Bond Statistics – 7/18/2022
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Middle Market Deal Terms at a Glance – July 2022
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Private Debt Intelligence – 7/18/2022
The relentless growth of private debt mega funds Private debt funds continue to grow larger. The average size of funds has ballooned to $1.57bn in 2022 year to date, 66% higher than 2021 and more than double that of 2020. This is also considerably more than the average fund size of $762mn of private equity…
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PDI Picks – 7/18/2022
Positive thoughts amid volatility Recession may be looming but, in the private debt market, confidence remains high. The worst is yet to come. That’s the not entirely reassuring message from an LCD survey, which found that, when polled last month, 56 percent of respondents said peak market volatility still lies ahead. This represented a sharp…
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