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CLOs Revisited – Ratings, Risks, and Returns (First of a Series)
“Anytime loan market technicals shift, there’s always a view that CLOs are the end of Western civilization as we know it.” So a top CLO manager related his experience over several decades. Regardless of actual historical performance, collateralized loan obligations are periodically hauled out by the media, excoriated for reckless behavior, and dismissed as just another…
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Chart of the Week: Vehicles For Sale
Formation of new collateralized loan obligations slowed last year, but picked up in 2021.
Debtwire Middle-Market – 3/22/2021
PE firms tap abundant liquidity, yet LBO loan deal flow struggles to meet demand Source: Debtwire Par Financial sponsors have been very busy this year, taking advantage of borrower-friendly market conditions to tap the debt markets at a rapid pace. Sponsor-backed syndicated leveraged loan issuance has already hit a quarterly record of USD 181bn, as…
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PDI Picks – 3/22/2021
Senior debt, the investor choice LPs appear to be happy taking their place at the top of the capital structure, but should not assume every manager’s approach is the same. “An all-weather strategy”. That’s how one of the panellists on an LP panel at Private Debt Investor’s Investor Day this week described senior debt. The…
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Private Debt Intelligence – 3/22/2021
Investor Views on the Fund Types Presenting the Best Opportunities in Private Debt Investors believe the best opportunities in private debt are in distressed and special situations funds. More than half (56%) of surveyed investors are backing distressed debt, up 16 percentage points on the previous year, while 48% see the most promise in special…
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Covenant Trends – 3/22/2021
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller
Loan Stats at a Glance – 3/22/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Leveraged Loan Insight & Analysis – 3/15/2021
US CLO secondary loan bids trend higher than pre-pandemic levels Positive fiscal and monetary stimulus news coupled with improving vaccine distribution and availability continued to bolster the financial markets and have led to a robust recovery in secondary loan bids in 2021. The average bids of loans held in US CLOs moved higher this February…
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