Last week we tuned into Fitch’s European Leveraged Finance Mid-Year Update. The discussion – covering the economy, ratings, and structures – was virtually indistinguishable from recent US market conferences. Apart from the distinguished accents. Volume, for example, has returned to pre-Covid levels. Terms, that were so investor-friendly a year ago, are now decidedly issuer-friendly. Price […]
2Q21 M&A loan volume nearly 3 times year ago totals; 1H21 volume two times 1H20 results Nearly US$175bn in M&A loan volume was completed in 2Q21, a 40% increase over 1Q21 results and almost three times the comparable year ago totals. The market completed almost US$300bn in M&A loan volume during the first six months…
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…
2021 on a record-setting pace PitchBook’s latest PE Breakdown Report, which will publish this Monday, shows a record-setting pace through the second quarter. Both volume and value figures are well above average at this point of the year. Q2 was especially active—we’re estimating the second biggest quarter on record, trailing only Q4 of last year….
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Fiesta Restaurant Group Agrees to Sell Taco Cabana Business to Yadav Enterprises Affiliate for $85M Fiesta Restaurant Group announced that it had agreed to sell all of the outstanding equity of Taco Cabana Inc. to an affiliate of Yadav Enterprises – a restaurant franchisee company that operates more than 300 locations throughout the United States…
Driving forward on ESG, but acceleration needed Private debt managers have made considerable progress but, particularly in North America, there is more to be done. Today any private debt manager underplaying the importance of environmental, social and governance issues might expect short shrift from any investor they approached for capital. However, it wasn’t always that…