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Private Debt Intelligence - 6/21/2021

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Cybersecurity and software drive mega deal trend in private debt 2021 has seen 22 private debt megadeals ($1bn+ deals) so far, three of which were in the software sector and two of which were in IT security/cybersecurity. The biggest was the $12.3bn all-cash acquisition of US cybersecurity company Proofpoint by Thoma Bravo, which Fitch Ratings…

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Debtwire Middle-Market – 6/21/2021

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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 - 6/21/2021

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Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller

Reorg Credit Intelligence - 6/21/2021

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Catalina, Bi-Lo, Extraction Lead Gainers; Cenveo, Appvion, Garrett Motion Lead Decliners; Hertz Expects to Emerge by End of June The following chart reports the week’s top gainers and losers in percentage terms of average quotes, as reported by Solve Advisors. Recent news on certain of the gainers and decliners is shown in this chart as…

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PDI Picks – 6/21/2021

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Germany’s direct lenders make their mark The country’s once-dominant banks have seen their share of the lending market steadily eroded by alternative finance sources. It must have been around four or five years ago. The venue was London and a delegate at Private Debt Investor’s latest Capital Structure Forum was expressing the view that Germany…

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How Inflation Affects Asset Performance

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Higher inflation generally impacts fixed income assets negatively as increased rates erode bond values. Yet so far, as our Chart of the Week shows, those rates have actually decreased, resulting in fixed income instruments returning better yields for the second quarter. Higher rates will benefit floating-rate instruments. As our high-yield bond friend Marty Fridson reported […]