LevFin Insights: High-Yield Bond Statistics – 5/3/2021
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
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Leveraged Loan Insight & Analysis – 5/3/2021
More deals get done with a Libor floor in April There has been a shift in the institutional market in April as more new money loans hit the market. In 1Q21, limited supply led to issuer friendly terms and low pricing. Downward price flexes dominated in 1Q21, and issuers took advantage to reprice their loans….
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The Lincoln Senior Debt Index (Second of Three Parts)
Private debt, compared to private equity and real estate, is a relatively recent entrant to the alternative asset class. But that market has grown faster than others over the past decade. In 2007, just before the Great Recession, private debt AUM measured less than $200 billion. Today the universe of illiquid credit is $900 billion…
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Chart of the Week: Libor Pains
While Libor has slumped since 2018, Libor floors and direct lending spreads have remained in a range.
Debtwire Middle-Market – 5/3/2021
SBO share of buyout issuance slips Source: Debtwire Par Sponsor-to-sponsor buyouts have been commonplace in the first several months of 2021, accounting for roughly 32% of buyout-related leveraged loan issuance. While buyout activity set records in 1Q21 in terms of both deal value (USD 161bn) and count (485 deals), according to Mergermarket, leveraged loans issued…
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Private Debt Intelligence – 5/3/2021
Distressed debt funds average largest targeted fund size Although distressed debt strategies account for only 10.1% of 592 private debt funds in market, they are targeting 19.3% of aggregate capital. Distressed debt funds have the biggest average target fund size, at $1.4bn. By contrast, venture debt funds are 7.1% of the number of funds, but…
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Covenant Trends – 5/3/2021
Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller