TheLeadLeft
DL Deals: News & Analysis – 9/14/2020
August amped up deal flow in lower middle market; Busy season ahead Lower middle market deal flow amped up in August, with volume exceeding July as lending found its footing amid calmer secondary prices and outflows. Quarter-to-date volume overtook 2Q weeks ago. Final numbers will be available in our upcoming Quarterly Report…. Subscribe to Read
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The Pulse of Private Equity – 9/14/2020
PE middle market update Download PitchBook’s Report here. PitchBook’s Q2 US PE Middle Market Report releases today – download your copy here – and the headline numbers largely mirror the broader PE market. Deal volume cratered in Q2, as expected, falling from an estimated 789 deals in Q1 to 504 in Q2, a 36% drop. Combined…
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Private Credit – Better than Ever (Third of a Series)
A private credit practitioner would have found no better place to spend this week than at the SuperReturn North America Virtual conference. Your correspondent was honored to chair day one, moderate two lender panels and participate in a third. Our role also gave us a front row seat to hear GPs and LPs describe at…
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Chart of the Week: New Loans Rising
Post-COVID direct lending spreads gapped out relative to middle market bank loans in the second quarter.
Debtwire Middle-Market – 9/14/2020
Loan issuance down sharply, portfolio managers concerned about future supply Source: Debtwire Par In contrast to the high yield bond market, institutional loan issuance since the start of April is down sharply year-over-year, posting roughly a 50% decline. In turn, issuance has struggled to keep up with demand recently even though demand falls short of…
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Covenant Trends – 9/14/2020
Percentage of Deals with 75+ bps MFN Contact: Steven Miller
Middle Market Deal Terms at a Glance – September 2020
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com