Posts by THE LEAD
Private Debt Intelligence – 1/23/2017
Mezzanine Vehicles Drive Private Debt Fundraising in 2016
2016 saw 141 private debt vehicles reach a final close raising a combined $89bn, a slight slowdown from the 156 funds that secured a record $97bn of investor capital in 2015. However, 2016 still marked another year of extremely robust fundraising with investor appetite for the asset class showing no signs of diminishing.
Direct lending funds accounted for the highest number of vehicles closed through the year with 51 vehicles raising a combined $24bn…
Read MoreTrading Places
Spreads for facility sizes of $100 million or less approached 500 bps over Libor at year-end; larger deals contracted to around 450 bps.
Read MoreLoan Stats at a Glance – 1/23/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Read MoreMarkit Recap – 1/16/2017
Speeches by UK prime ministers were rarely market moving events, despite what some of the more breathless commentators in the broadcast media would have you think. But perhaps this has changed since the Brexit referendum in June last year, even if the spin doctors manage the message in advance.
The main thrust of Theresa May’s speech this week was leaked in the days leading up to her address, so traders and investors were not exactly hanging on her every word. But there were still some pronouncements that did affect sentiment, particularly in the FX markets, such as the confirmation that the final deal will be put to parliament…
Read MoreSelect Deals in the Market – 1/16/2017
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Read MoreStat of the Week: Soybean Futures
A Year in Review (Third of a Series)
“How’s your pipeline?” we asked the head of one of the leading middle market arrangers in December. He shook his…
Read MoreLead Left Interview – David Petrucco, Ed Cerny, and Mark Gudis (Part 2)
This week we continue our conversation with David Petrucco, Ed Cerny, and Mark Gudis – founding partners of Backcast Partners…
Read MorePrivate Debt Intelligence – 1/16/2017
Private Debt Fundraising Success, 2012 – 2016
Although private debt fundraising in 2016 did not match the levels seen in previous years, Preqin research finds that a record proportion of funds exceeded their target size. However, the year also saw funds take longer to reach a final close, on average, than in any previous year as smaller managers struggle to attract capital at the same rate as the most experienced firms.
In 2016, nearly a quarter (23%) of private debt vehicles exceeded their target size by more than 125%, while a further 38% of funds achieved 101-124% of their target…
Read MoreGrowing Gap
Large liquid loans have been hit with repricings, causing the illiquidity premium for the middle market to approach 200 bps – well above the historic average.
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