Chart of the Week: Refi Madness
Recently compressed loan spreads leading to more BSL repricings; middle market is lagging.
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Debtwire Middle-Market – 3/1/2021
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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Loan Stats at a Glance – 3/1/2021
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Leveraged Loan Insight & Analysis – 2/22/2021
Leverage on US LBO deals stays at all-time highs this quarter Total leverage levels for US LBO loans remain high, averaging over 7.5x so far this quarter. 4Q20’s average of 7.2x was the all-time high tracked and that momentum has continued into 2021…. Subscribe to Read MoreAlready a member? Log in here...
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2021: Injections and Projections
What have you missed most over the past few months? Well, if you said “Grape-Nuts” we feel your pain. Our beloved cereal has gone missing from supermarket shelves across the US. First produced in 1897 Grape-Nuts accompanied Sir Admiral Byrd to Antarctica and Sir Edmund Hillary to Mount Everest. But don’t worry. They’ll be back. […]
The Pulse of Private Equity – 2/22/2021
Big bumps in IRR data PE returns bounced back in a big way in mid-2020, according to PitchBook’s upcoming Global Fund Performance Report. After cratering by -8.32% in the first quarter, IRRs were above 9% in both Q2 and Q3. The third quarter mark of 9.81% is preliminary data, but it would be the highest…
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Debtwire Middle-Market – 2/22/2021
LIBOR floors shift lower in borrower friendly market Source: Debtwire Par The percentage of loans issued with a 1% LIBOR floor or greater has continued to decline, driven in no small part by the wave of repricings hitting the loan market this year – loan repricings have made up a whopping 49% of the USD…
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Covenant Trends – 2/22/2021
Percentage of New Issue First Lien Loans that Cleared with a J. Crew Trapdoor Contact: Steven Miller
