High-yield bond market off to a busy start in August Source: Debtwire Par Following a slowdown in July which saw high yield bond issuance slip to USD 26.4bn from the monthly issuance record of USD 64.3bn set in June, borrowers have piled back into the high yield primary market in August, recording over USD 25bn…
The question investors of all stripes face today is, what is the “new normal” for businesses? Unfortunately, as a recent Accenture study notes [link], “normal isn’t available to us anymore.” In the absence of normality, sponsors and lenders are adapting. “We historically focused on six sectors,” the partner of a top middle market private equity…
The mix of businesses represented by July’s direct lending activity skews to non-COVID industries.
Now for something a little different? Covid came along and changed everything. It may also change investor views of unconventional strategies. With covid-19 having upset the applecart in so many different ways, managers representing strategies outside of the mainstream – often referred to as “specialty finance” – might be hoping that investors are now more…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Refinitiv LPC’s Lender Survey: Do you have better control of your downtime? When asked if they have better control of their downtime, 44% of large corporate buyside and sellside lenders surveyed by Refinitiv LPC said they take only one or two breaks per day. However, responses were widely dispersed with 33% reporting that they take…
Lending began to rebuild in July, add-ons drove 60% share There’s no clear path forward yet, but lending began to slowly rebuild in July. The second quarter gave arrangers more time to evaluate portfolio company exposure to Covid-19, and while performance was down, it wasn’t as bad as many were expecting, based on DLD‘s conversations…
Distressed investors gearing up Download PitchBook’s Report here. We’re starting to see a spate of distress-focused vehicles hitting the market. Distressed debt and special situations funds accounted for a combined 29.9% of debt capital raised in H1, a leap above the 19.7% they accounted for last year, according to PitchBook’s latest Global Private Debt Report…. Subscribe
As deal makers have adjusted to the new normal of business openings (and re-closings) across the country, conversations are now back to M&A processes. How has the pandemic affected deal timelines? “The time to market will inevitably elongate,” one top middle market banker told us. “Buyers and sellers will need more preparation to assess the […]
