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Covenant Trends – 3/14/2022
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor (Past performance is no guarantee of future results.) Contact: Steven Miller
The Market Now (First of a Series)
It was almost a clean getaway. Two years almost to the day since it emerged, Covid was crumbling. The combination of vaccinations (77% of Americans with at least one shot) and infection immunity was finally having an effect. Hawaii became the last state to announce an end to indoor masking. Across the nation school children…
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Chart of the Week: Stepping on the Gas
Dropping for decades, energy’s share of the consumer wallet appears to be lifting.
Debtwire Middle-Market – 3/14/2022
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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Loan Stats at a Glance – 3/14/2022
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
The Pulse of Private Equity – 3/7/2022
Private debt overhang drops Download PitchBook’s Report here. The cumulative capital overhang for the private debt industry dropped for the first time in more than a decade, according to PitchBook’s Annual Global Private Debt Report. It’s another indication of how accelerant today’s PE market is, considering almost $1 trillion of private debt capital has been raised…
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2022 Capital Markets Outlook (Fourth of a series)
This week Churchill’s Carol Loundon, managing director, underwriting and portfolio management, joins her colleagues Kelli Marti and Jessica Nels as we continue our special series for 2022 [link] with a discussion of ESG and private credit. Increased focus on ESG in the past five years has mirrored the rise of private credit as an established…
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Capital Markets Outlook: Uni Power
Once considered a novel concept, the unitranche – a one-stop senior secured financing melding senior and subordinated tranches into one – has captured the attention of private equity sponsors and lenders alike. Unitranche structures accounted for a remarkable 36% of middle market LBO financings in 2021, up from 10% in 2016… ▶︎ Read Feb 28 […]
Chart of the Week: Dynamic Duo
Institutional investors believe that ESG factors and borrower performance work in concert.