Twenty is the new 50; Cov-lite invasion continues into direct lending It’s no exaggeration that covenant-lite is invading direct lending. Market participants across the board say today’s cutoff is $20 million EBITDA, compared to $35-40 million pre-Covid, and $50 million prior to the Great Credit Crisis of ‘08. Last week DLD covered a covenant-lite buyout…
BDC NAV per share records 2% quarter-over-quarter growth in 4Q20 Most BDCs have now filed 4Q20 financials and according to data compiled from Refinitiv’s BDC Collateral, BDC NAV per share increased 2% from 3Q20. It was the third straight quarter of positive NAV per share, after the four quarters prior to that had averaged a…
Private Credit: views from investors/LP, the opportunities, new entrants, and lessons learned from the pandemic. Churchill’s Co-Head of Senior Lending Randy Schwimmer, Cliffwater’s Head of Capital Markets Fran Beyers, Comvest Partners’ Partner Dan Lee, and Refinitiv’s Head of Market Analysis Ioana Barza share their insights. ▶︎ Watch the full version interview from Opus Connect Webinar: […]
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
“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…
Formation of new collateralized loan obligations slowed last year, but picked up in 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…