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Leveraged Loan Insight & Analysis – 11/22/2021
Including direct lending loans, 2021 US LBO volume is at an all-time high When including direct lending deals, US LBO loan volume has reached an all-time high this year. Year-to-date through November 22, there has been US$194bn in syndicated US LBO volume and US$34bn of middle market direct lending LBO volume (direct lending data as…
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Private Debt Intelligence – 11/22/2021
North American private debt AUM growth vs. Europe Up until the Global Financial Crisis, the majority of Europe-focused financing came from banks. After 2008, borrowers were forced to turn to other sources of debt finance as banks tightened the purse strings. Since then, the private debt industry in Europe has grown a lot, with AUM…
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DL Deals: News & Analysis – 11/22/2021
Private Market Steals Contact: Kelly Thompsonkelly.thompson@dldeals.com
PDI Picks – 11/22/2021
German buyouts set new records As mid-market activity soars, debt funds continue their relentless advance and the banks have revived too. One quick conclusion that can be drawn from the latest version of MidCap Monitor, published by investment bank GCA Altium, is that the German leveraged buyout market is in fine shape. The 102 successfully…
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Debtwire Middle-Market – 11/22/2021
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…
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Covenant Trends – 11/22/2021
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller
Loan Stats at a Glance – 11/22/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
A Market in Full’s Year-End
Our friends at William Blair ended their 3Q survey with issues most impacting leveraged loans through year-end. Here are a few: Supply/demand equilibrium. Which comes first, supply or demand? Retail cash inflows and CLO capacity largely drive liquid loan demand. With private credit, it’s all about manager dry powder. There’s plenty of that. But as […]