Covenant Trends – 4/5/2021
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x (Past performance is no guarantee of future results.) Contact: Steven Miller
TheLeadLeft
The Pulse of Private Equity – 4/5/2021
Buy-and-build correlates to more secondary buyouts PitchBook is publishing a new analyst note next week that does a deep dive on add-ons. One of the more striking findings is a correlation between additive platforms and how they eventually exit. The more add-ons a portfolio company undergoes, the more likely it will be acquired by another…
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Chart of the Week: Alpha Bets
CLO asset and liability spreads move in concert, down now below pre-Covid levels.
CLOs Revisited – Ratings, Risks, and Returns (Third of a Series)
By blocking the Suez Canal last month, the Ever Given made headlines and created a massive shipping traffic jam. Three football fields long and weighing 250 thousand tons (by comparison, the Statue of Liberty is 125 tons), the monster container vessel represents the new global transportation reality: 90% of the world’s goods travel by sea….
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PDI Picks – 4/5/2021
Will a lack of fuel derail private debt in the UK? A new survey highlights the importance of private debt in the UK market. But there are concerns over the weakness of fundraising. In the UK, private debt is now playing a “vital role” in the provision of finance to the country’s SMEs according to…
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Debtwire Middle-Market – 4/5/2021
Borrowers and sponsors alike capitalize on opportunistic loan market Source: Debtwire Par Opportunistic deals have continued to flood the loan market in March, as a lack of new loan supply has allowed borrowers and sponsors alike to capitalize on investor appetite for paper. Of the USD 93bn of institutional loans to price in March, only…
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Loan Stats at a Glance – 4/5/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com