“Anytime loan market technicals shift, there’s always a view that CLOs are the end of Western civilization as we know it.” That’s what a top CLO manager told us about his experience over several decades. Regardless of actual performance, CLO’s regularly get hauled out by the media for reckless behavior associated with“risky loans.” Back in […]
Secondary market levels continue to trend higher Prior to the pandemic, the average bid on the North America Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up a 35% share. At its lowest point last year, March 24, the Overall-Market average…
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…
Quantifying style drift An upcoming PitchBook analyst note takes a look at GP style drift. It’s an important topic but a frustrating one for LPs. Quantifying the drift is tricky. Our framework assigns style scores to the PE firms themselves over time, instead of at the fund level. We broke the style definitions into three…
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Beginning in November 2020 The Lead Left published a series of articles on special purpose acquisition companies (SPACs). This report consolidates those articles.
“The world has put all its Covid eggs into the vaccine basket. There is no Plan B.” – CLO manager. What happened to CLOs during Covid? We asked a number of experts on the topic, including rating agency friends and top credit managers. Here’s a summary of their opinions: First, because CLO assets represent roughly…