Covenant Trends – 4/19/2021
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (Past performance is no guarantee of future results.) Contact: Steven Miller
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Chart of the Week: Default Lines
Credit estimates, compared to credit ratings, have proven more beneficial to middle market CLO defaults.
PDI Picks – 4/19/2021
Fundraising still lagging – for now Private debt fund managers are still struggling to attract investor commitments, but the asset class looks well placed going forward. The numbers are in – and provide disappointment for anyone hoping for a rapid turnaround in the fortunes of private debt fundraising. As can be seen from the chart…
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Loan Stats at a Glance – 4/19/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
CLOs: The Rebound
By blocking the Suez Canal last month, the Ever Given made headlines, creating a massive shipping traffic jam. Three football fields long and weighing 250 thousand tons (by comparison, the Statue of Liberty is only 125 tons), the monster container vessel is the new global transportation reality: 90% of the world’s goods travel by water. […]
Leveraged Loan Insight & Analysis – 4/12/2021
CLO AUM ends 1Q21 at US$765bn, up 4.7% QoQ Driven by robust activity in the US CLO market, CLO AUM ended 1Q21 at US$765bn, up 4.7% quarter over quarter. March 2021 represented the sixth consecutive month of increasing AUM. CLO new issue volume had its fastest start to the year on record, closing 77 new…
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LevFin Insights: High-Yield Bond Statistics – 4/12/2021
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 – 4/12/2021
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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Covenant Trends – 4/12/2021
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller
Private Debt Intelligence – 4/12/2021
Direct Lending Targeted in Private Debt Fundraising Although Q1 2021 saw a drop in both the number of private debt funds closed and aggregate capital raised, the outlook for the sector remains positive. As of April 2021, aggregate capital targeted stands at $300bn, up 56% compared to the start of 2020…. Subscribe to Read MoreAlready
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