Covenant Trends – 6/14/2021
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x (Past performance is no guarantee of future results.) Contact: Steven Miller
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Reorg Credit Intelligence – 6/14/2021
Cash Flow Model: Kloeckner Pentaplast’s High Leverage Under Base Case Mitigated by Sufficient Liquidity Under All Scenarios Kloeckner Pentaplast’s second-quarter results are expected to show significant improvements by management to pass through raw material costs during the German plastics packaging group’s previous two quarters.KP’s €300 million senior unsecured notes due 2026 have rallied on the…
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PDI Picks – 6/14/2021
Debt finds a foothold in the Middle East The region may be at a nascent stage, but private debt firms are seeing signs for optimism. As a relatively new asset class, private debt remains heavily undeveloped outside of North America and Europe. But some are tipping the Middle East and North Africa to be one…
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Loan Stats at a Glance – 6/14/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Not Your Parents’ Inflation
We caught up with Joseph Lavorgna, Natixis’ chief US economist, who served recently as chief economist of the National Economic Council. “People forget what real inflation is,” he told us. “I was seven years old during the oil embargo in the 1970’s when there were gas lines. Oil prices went from $4/barrel to $40. Imagine […]
Leveraged Loan Insight & Analysis – 6/7/2021
A handful of larger BDCs failed to cover dividend in 1Q21 Larger BDCs, including Owl Rock and Ares Capital Corp, saw lower net investment income levels for 1Q21, raising concerns over dividend coverage. BDCs generally use NII per share as a measure of whether their earnings can continue to support the declared dividend…. Subscribe to
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LevFin Insights: High-Yield Bond Statistics – 6/7/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 6/7/2021
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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The Pulse of Private Equity – 6/7/2021
Long-dated fund market is growing Download PitchBook’s Report here. Long-dated funds are growing in popularity. A new analyst note from PitchBook takes a closer look at the growing market, generally defined as funds built to last for 15 years or more. It’s a relatively new phenomenon that started less than a decade ago, but has since…
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