Deals on the agenda as Germany picks up German-speaking markets are emerging from lockdown with strong appetite for finance. Europe was one of the first parts of the world to be hit by the covid-19 outbreak. But while many countries – such as the UK, Italy, Spain and France – were hit hard, others came…
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Libor floors are back in the institutional market Investors are demanding Libor floors on institutional term loans as the Libor rate continues to drop. While 3-month Libor has been in a declining trend since 1Q19, it has plunged since the COVID-19 crisis hit. The average 3-month Libor rate has dropped to 0.67% so far this…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
How sponsors are handling the crisis The economic impact of the COVID lockdowns was so swift that many investors “didn’t know what they didn’t know” at the outset. Many didn’t even know what the problems were, let alone fix them. In a recent collaboration with RSM, “COVID-19: Rewriting private equity’s playbook,” their in-house industry experts…
In our just-completed series on high-yield bonds [link], we conclude that issuer and investor activity has largely been driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels, and skewed-to-worse ratings for leveraged loans. If this is the environment in the liquid market, how should investors be thinking of the illiquid market,…
Over the past decade the yield on middle market senior secured loans has outpaced that of many other asset classes.