Covenant Trends – 7/25/2022
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller
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Leveraged Loan Insight & Analysis – 7/25/2022
Middle market unitranche leverage declines in 2Q22 Leverage on middle market unitranche loans tightened to 5.57x in 2Q22, its lowest level since 3Q20, as it continued to retreat from the record highs seen in 2021. From a pricing perspective, blended spreads were flat for middle market unitranches, averaging 600bp in the most recent quarter…. Subscribe
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Relative Value in Large and Midcaps
June’s CPI report showed inflation running at 9.1%, dashing hopes that consumer prices had peaked. Data came from across the economy, challenging the Fed’s rate hike pace. Will 75 bps be enough, or will the Fed kick it up to 1%? Equity markets seem to be buying the notion that longer-term inflation is still headed […]
PDI Picks – 7/25/2022
Pushing aside senior debt When is senior debt really senior debt? A new report into so-called ‘priming’ brings this into question. Last year saw senior debt shoot up in popularity, accounting for a record 45 percent of total private debt fundraising (see chart). But is senior debt really senior? It may sound like an odd…
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The Great Unwind (First of a Series)
One of the enduring mysteries of human behavior is our perpetual discomfort with the present. Why can’t today be more like yesterday? Yet when tomorrow brings the hoped-for change, we are invariably chagrined. Oscar Wilde captured this tendency when he wrote, “When the gods want to punish you, they answer your prayers.” Lenders like to…
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Chart of the Week: Misleading Indicator?
The Conference Board index of ten leading indicators points to only a modestly slowing economy.
Private Debt Intelligence – 7/25/2022
Rapid growth in fundraising of Asian private debt funds There has been a rapid uptake in fundraising by private debt funds in Asia over the past year. The aggregate capital raised by private debt funds in Asia was $6.3bn in Q2 of 2022, growing over 6x from the $1bn raised in the same quarter last…
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Loan Stats at a Glance – 7/25/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com