Covenant Trends – 10/25/2021
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
Loan Stats at a Glance – 10/25/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
A Market in Full: Liquid Credit
Of the many unanticipated consequences of Covid, one catching our eye was the recent NYT headline: “Birds Thrived During Lockdowns.” Seems that while we were stuck at home last spring, our feathered friends were out partying. Urban areas, otherwise crowding out some species, saw hummingbirds and bald eagles return at 14 times pre-pandemic levels. “I […]
Leveraged Loan Insight & Analysis – 10/18/2021
Wholesale is the top sector for non-sponsored MM volume this year US syndicated middle market non-sponsored volume totaled US$82bn in 1Q-3Q21, an over 80% increase year-over-year. Leading the way was the wholesale sector with US$9.5bn in volume, 102% higher than 1-3Q20’s level. Refinancing activity has been the big driver of wholesale issuance this year,…
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LevFin Insights: High-Yield Bond Statistics – 10/18/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Reorg Credit Intelligence – 10/18/2021
Jababeka Contemplated $350M Issuance Likely Negatively Affected By Worsening Leverage, Limited Financing Diversity, Decreasing Recurring Revenues as Power Plant Faces Oversupplied Grid; Improving Marketing Sales, Substantial Landbank Positives Indonesian industrial real estate developer and infrastructure provider PT Kawasan Industri Jababeka Tbk (Jababeka) is in the midst of seeking shareholders’ approval to issue up to $350…
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A Market in Full (Second of a Series)
News reached us recently of a young walrus that had wandered south from his Arctic range in search of ice floes. Landing in Ireland, Wally began boarding luxury yachts. The property damage turned the whiskered wayfarer from “visiting celebrity to public enemy number one.” It all worked out, though, when a marine biologist enticed the…
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Chart of the Week: Pay to Play
In recent months wage growth has spiked and is closing in on price levels.
Debtwire Middle-Market – 10/18/2021
Sponsors cash out on demand for leveraged loans in 2021 Source: Dealogic, Debtwire Par Year-to-date dividend recapitalization financings have surpassed the full-year figures seen in the previous five years, as borrowers and financial sponsors alike capitalize on investor demand for leveraged loans. Issuance of USD 36.2bn through 20 October has already surpassed the 2020 figure…
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