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Capital Markets Outlook: Cov-lite Spotlight

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Historically, covenant-lite was not a topic for much conversation in the middle market, as these loans were seen mostly in the broadly syndicated market. However, as the market has evolved, competition has intensified and lines have blurred between public and private credit. Cov-lite has increasingly gained share among smaller, unrated loans. What prompted this change? […]

2022 Capital Markets Outlook (Second of a series)

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Churchill’s Kelli Marti and Jessica Nels continue their commentaries related to the firm’s 2022 Capital Markets Outlook [link]: From loan issuance, to LBO and M&A activity, to record CLO volume, 2021 was an unprecedented year in many forms. Coming off that record-breaking activity, we consider what lies ahead in 2022. In December 2021, our content…

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Leveraged Loan Insight & Analysis - 2/21/2022

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BDCs post further NAV gains BDC earnings season is underway, with funds that have filed to date posting positive performance overall in 4Q21, topping off a strong year for the asset class. BDC earnings climbed in 2021 against a backdrop of robust portfolio company performance and record origination activity.   BDC origination activity was bolstered…

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The Pulse of Private Equity – 2/21/2022

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Fewer emerging lenders in 2021 Download PitchBook’s Report here. 2021 marked a decade low for “emerging firm” private debt fundraising, according to PitchBook’s Annual Global Private Debt Report. Only 64 private debt funds were raised last year by emerging firms, down from 145 in 2020. Before 2021’s slowdown, emerging lenders raised at least 100 private debt…

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Debtwire Middle-Market – 2/21/2022

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Leveraged debt issuance slows from 2021 pace Source: Debtwire Par Leveraged lending kicked off the new year at a slower pace than seen in the prior two years, with institutional loan issuance of USD 48.3bn and high yield bond issuance of USD 16.9bn. While it is a month-over-month improvement from the December 2021 low, compared…

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