LevFin Insights: High-Yield Bond Statistics – 3/7/2022
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
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Private Debt Intelligence – 3/7/2022
Private debt AUM growth will spur product innovation Preqin expects private debt to be the fastest growing alternative asset class over the next five years, with forecast compound annual growth rate of 17.4% from 2021 to 2026 outpacing infrastructure (16.7%), private equity (15.8%), and real estate (7.1%). This growth would be an acceleration from 15.27%…
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Covenant Trends – 3/7/2022
Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller
PDI Picks – 3/7/2022
Safety first is good news for senior debt Investors coming from fixed income, and with anxiety around inflation, see the senior end of the spectrum as their natural entry point into private debt. The covid-19 pandemic has seen senior debt fundraising take more market share, with PDI’s 2021 Fundraising Report recording that 45 percent of…
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Loan Stats at a Glance – 3/7/2022
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Leveraged Loan Insight & Analysis – 2/28/2022
BDC loan valuations stabilize in most recent filing period The most recent data from BDC earnings season shows that debt valuations stabilized in 4Q21, as price appreciation finally eased off, following a huge rebound from the lows seen in 1Q20 when COVID first hit. Looking at the cohort of BDCs that have filed as of…
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The Pulse of Private Equity – 2/28/2022
Public PEGs got much bigger last year Download PitchBook’s Report here. 2021 was bumper year for public PE firms. PitchBook’s latest Analysis of Public US PE Firm Earnings has several interesting breakdowns, but YoY AUM trends stand out. Blackstone, KKR, Apollo, Carlyle and Ares all increased their AUMs, some more than others. KKR led the way,…
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Capital Markets Outlook: SOFR So Good
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 partner S&P / LCD surveyed buy-side, sell-side and advisory professionals to gauge sentiment for the year ahead… ▶︎ […]
2022 Capital Markets Outlook (Third of a series)
This week Churchill’s Kelli Marti and Jessica Nels continue their special series on the capital markets outlook for 2022 [link] with a discussion of the unitranche trend. 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…
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Chart of the Week: Mega Millions
The share of unitranche grew to over one-third of middle market financings last year.