Covenant Trends – 3/8/2021
Distribution of MFN Sunset Horizons Contact: Steven Miller
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The Great Reception: Private Credit Outlook
We wrap our special 2021 outlook with private credit. Its value proposition was fully supported last year, coming through the pandemic mostly unscathed. But with conditions becoming more issuer-friendly, how will private credit terms be impacted? When liquid loan yields contract, illiquid loan yields tend to follow. But they carry at least a 100 bp […]
Leveraged Loan Insight & Analysis – 3/8/2021
US CLO portfolio trading activity mirrors strong secondary Of the US$261bn in trading activity by US CLO managers in 2020, asset selling peaked at 41% of activity in the second quarter, at the height of the pandemic. Selling slowed to only 36% of US CLO managers’ trading activity by year-end, with purchases climbing to 64%…. Subscribe
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LevFin Insights: High-Yield Bond Statistics – 3/8/2021
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 – 3/8/2021
LBO loan issuance lags in 1Q21 Source: Debtwire Par It has been a busy start to the year in the leveraged loan market, though not when it comes to loans backing LBO activity. New money loan transactions, and LBOs in particular, have struggled to keep up with demand from lenders, prompting a surge in institutional…
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Reflation Nation (First of Two Parts)
In February 1983 your correspondent bought his first house with a 13% 30-year fixed rate mortgage. Why fixed? Because the year before, the 30-year had soared to almost 18%. Higher interest rates were a fact of life. We stubbornly stuck to the fixed rate option in succeeding refis over the next two decades. Since the…
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Chart of the Week: Price Chopper
Since the Volcker Shock of 1980 consumer prices have fallen to a range of 2-3%.
Private Debt Intelligence – 3/8/2021
IPE Real Assets – Real Estate & Infrastructure Fundraising Real Estate Fundraising Real estate fundraising activity started at a slow pace in 2021. So far in 2021 (as t 10th March 2021) just 34 funds have been closed raising $15bn. In terms of capital raised, Q1 2021 has registered the lowest figures since Q1 2013….
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