Loan Stats at a Glance – 3/14/2022
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
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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.
Debtwire Middle-Market – 3/7/2022
Loan secondary pricing slumps amid Russia-Ukraine tensions Source: Debtwire Par, Markit Average bids on term loans in the US secondary market tumbled 156 basis points (bps) since hitting a high of 98.11 in January, as a combination of high inflation and escalating tensions between Russia and Ukraine sent jitters through financial markets. The downturn marks…
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Leveraged Loan Insight & Analysis – 3/7/2022
US LBO first-lien leverage at all-time high Total leverage on US LBO deals continues to hover around the 7.1x mark in 1Q22, the same area its averaged over the last seven quarters. What is different this quarter is an increase in first-lien leverage which is averaging 5.9x so far, the highest level tracked all-time. So…
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