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Covenant Trends - 5/17/2021

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Flex Trends for Reg-Way Loans: Average Degree of Net Spread & Documentation Score Change Between Launch and Close, by Month (Past performance is no guarantee of future results.) Contact: Steven Miller

Debtwire Middle-Market – 5/17/2021

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Sectors most impacted by pandemic outperform in the loan secondary market year-to-date Source: Debtwire Par Average bids on term loans have increased modestly this month, landing at 97.13 as of 18 May. Demand for loans has been strong in 2021, with average bids increasing 168bps from the 31 December figure, during which time 77% of…

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Reorg Credit Intelligence - 5/17/2021

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N. G. Purvis Farms Seeks to Transition Pork Production to Farrow-to-Wean Model Amid ‘Unsustainable’ Feed Cost Increases N. G. Purvis Farms, Inc., a Robbins, N.C.-based large-scale pork production business with farms in North Carolina and Georgia, filed for chapter 11 protection on Thursday, April 8, in the Bankruptcy Court for the Eastern District of North…

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PDI Picks – 5/17/2021

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Timing is key in distressed debt The global pandemic provided another reminder that moving fast when opportunity arises is vital for managers in the space. When covid began spreading swiftly around the world early last year, a key facet of distressed debt investing was reinforced – the importance of timing. As public and private markets…

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Leveraged Loan Insight & Analysis - 5/10/2021

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US$93.8bn of CLO issuance priced and closed in 2021 to date In another indication of robust leveraged loan market activity in 2Q, the CLO calendar continues to grow at a record pace. There has been US$148.4bn of US CLO volume recorded so far in 2021, split between US$54.6bn of new issues, US$53.3bn of refinancings and…

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Private Credit: Components of Returns

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Private debt is a relatively recent entrant to the alternative asset class. In 2007 private debt AUM measured less than $200 billion. Today illiquid credit is $900 billion with growth estimates of 50% over the next 5 years. The Lincoln Senior Debt Index provides lenders and investors a much-needed tool to assess portfolio performance and […]