LevFin Insights: High-Yield Bond Statistics – 11/29/2021
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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The Pulse of Private Equity – 11/29/2021
A very healthy infrastructure market Download PitchBook’s Report here. Global infrastructure fundraising remains an in-demand category for LPs, according to PitchBook’s latest Global Real Assets Report. Through three quarters, about $73.3 billion has been raised in the strategy, in line with annual totals going back to 2014. The amount of new funds is way down, with…
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Debtwire Middle-Market – 11/29/2021
M&A transactions increasingly funded with add-on debt Source: Dealogic, Debtwire Par Issuers have been tapping the institutional loan market for add-on debt at a rapid pace, blowing past the previous five years in add-on volume with the month of December still to come. Record levels of add-on loan issuacne in September (USD 13.5bn) followed by…
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All Ahead Full: Private Credit Outlook 2022 (Third of a Series)
At recent private credit conferences we’ve been asked how managers think about portfolio construction. The answer depends on your experience over the past twenty-two months. Covid clearly threw a wrench in investors’ business assumptions. As one private equity partner told us, “we had a base case and a down-side case, but we didn’t have a…
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Chart of the Week: Return to Health
Much improved operating performance has driven down loan leverage metrics.
Private Debt Intelligence – 11/29/2021
Direct Lending vs. Distressed Debt Over time, direct lending has slowly taken over from distressed debt as private debt’s largest strategy. At the end of 2016, direct lending had AUM of $156bn compared to distressed debt’s $185bn. But since then, direct lending has grown steadily to $452bn while distressed debt had grown more slowly, hitting…
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Covenant Trends – 11/29/2021
Rolling Tallies of MFN Sunsets (LevFin Insights) (Past performance is no guarantee of future results.) Contact: Steven Miller
PDI Picks – 11/29/2021
The year our manager ranking doubled in size As we moved from 50 fundraisers to 100 in our annual ranking, investor appetite for private debt has soared to new record levels. This year, we published the PDI 100 ranking of private debt’s top fundraisers over a five-year period. Having started with the PDI 30, we…
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