One-Stop Shopping

By THE LEAD | December 7, 2016

3Q 2016 was the most active quarter in the past several years for unitranche financings, as middle market sponsors increasingly access the non-bank market.

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Private Debt Intelligence – 12/5/2016

By THE LEAD | December 6, 2016

The Lead Left: Asia-Focused Funds in Market

Preqin’s Private Debt Online database currently tracks 24 private debt funds in market with a primary geographic focus on Asia. Collectively, they are targeting $5.9bn of investor capital with an average target size of $283mn.

Of the five largest funds in market, three are opting to make direct lending investments and the remaining two are choosing to target special situations and distressed debt opportunities. It is interesting to note that although there are only four distressed debt funds in market…

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Markit Recap – 11/28/2016

By THE LEAD | December 1, 2016

When a company announces that it is increasing the amount paid out to shareholders, it is not typically greeted with enthusiasm by credit investors. But Glencore is no ordinary company in the CDS world, and its announcement on December 1 wasn’t a standard chance in financial policy.

The Swiss firm said that it would be resuming dividend payments after a hiatus of more than a year. Back in September 2015, Glencore was under enormous pressure as it groaned under the weight of its high debt burden and struggled to cope with falling commodity prices. Five-year CDS spreads widened from 350bps to 850bps in the space of two weeks…

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