In April 2015 we introduced the concept of the “cargo-pants strategy.” For direct lenders to compete against banks for leveraged loans, they needed to hold larger commitments. So managers raised CLOs, separate managed accounts, commingled funds, and BDCs to create loan storage pockets. They could then allocate large commitments across vehicles without any one holding […]
The top-heavy fundraising market Download PitchBook’s Report here. Last week we highlighted PitchBook’s new Quantitative Perspectives report, US PE: Recovery and Beyond, which features a number of vivid findings that are worth checking out. The chart above highlights how much oxygen is taken up by the biggest PE funds in the United States. In 2021, for…
Middle market syndicated M&A volume reaches US$49.2bn year-to-date Middle market syndicated loan M&A volume has reached US$49.2bn year-to-date, surpassing the US$46.1bn and US$44.4bn posted in 2018 and 2019, respectively. The last three quarters have been particularly busy on the back of buoyant M&A activity, with loan volume climbing to US$14.5bn in the current quarter, far outpacing…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Institutional loans & high yield bonds log another strong month in November Source: Debtwire Par The leveraged debt capital markets remained strong through November, with leverage loan volume holding steady and high yield bond issuance seeing a month-over-month improvement. Leading up to the Thanksgiving holiday, the syndication pipeline was bursting, with approximately USD 51.5bn of…
Inflation and interest rates are linked, but not always in straightforward ways. Fear of higher prices can drive rates up, while markets may ignore actual inflation having anticipated it. This year we devoted a special series to inflation (link) and, with expert help from our favorite economists, have written extensively about rate expectations. Recent data…
Long-term inflation protected Treasury yields have bottomed out to record lows.