Private debt funds positioned for busier year Aggregate private debt deal value declined 31% in 2021 after a record year in 2020. The differing rates of decline in the sub-strategies are an indication of managers’ risk appetites and deal availability. Senior tranche lending saw annual deal values and volumes down 28%, and in the riskier…
Jumbo loan buy-out financings make up increased share of market in 2021 Source: Debtwire Par Leveraged loan and high-yield bond issuance backing buy-outs set a record in 2021, increasing 95% over the 2020 figure to USD 240.3bn. Leveraged loans accounted for USD 212.7bn of issuance, up 98% from last year, while HY bonds made up…
The fundraising fightback Following the peak of 2017, private debt capital raising had suffered something of a lean time. Last year changed all that. Last year was the year private debt fundraising came back with a bang. After capital raising hit a low of $183.9 billion in 2020 amid the initial outbreak of the covid-19…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Over five hundred registrants tuned in this week to our first “Lead Left Presents” webinar. The topic, M&A Outlook for 2022, featured four top middle market investment bankers discussing what happened in the deal market in 2021, and what’s to come for 2022. Those who missed it can watch our replay [link]. There’s a lot…
New business applications are up in many sectors; down big-time in retail.
We’re kicking off the new year next week with our first “Lead Left Presents” webinar. Four top middle market investment bankers will be talking about the deal market, what happened last year, and what’s to come for 2022. What’s motivating buyers and sellers? How did Covid impact processes and outcomes? How is extreme liquidity affecting […]
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…
Unitranche spreads, yields hit 2021 low in December Competition moved unitranche spreads 25 bps lower in December to an average of L+540, a monthly low in 2021, despite the stabilizing effect heavy volume in the fourth quarter had on pricing for smaller borrowers and non-unitranche LBO financing. The decline dropped all-in yields to 6.7%, also…