We continue our special series on how the coronavirus is affecting the healthcare industry. At the heart of this pandemic is the doctor/patient relationship. Much has been written about heroic efforts by first-responders in the early days of the crisis. Information gleaned on the front-line by those experiences has contributed greatly to a better understanding…
COVID-related emergency room visits are rising after bottoming out a month ago.
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
Something old, something new A survey finds alternative asset firms embracing remote ways of working, but still seeing a future for office life. The “new normal” is increasingly of a remote nature, whether you like it or not. In a recent cover story in Private Debt Investor, we examined the new generation of dislocation funds…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Bid/Ask spread finally narrows to 2 points but still historically high The average bid/ask spread in the overall US secondary market finally narrowed to 2.01 points yesterday after peaking at 3.52 points on March 27 and hovering above 2 points for 3 months. Previously, the bid/ask spread fell below 3-point mark on April 27 after hovering above 3 for a month and it’s been on a slow…
Ardonagh highlights viability for large unitranches It’s not a buyout, but Ardonagh Group’s record unitranche loan of £1.575 billion highlights the viability of jumbo ‘unis’ in a cautious direct lending market. Ares Management’s direct lending platform in Europe is lead arranger on the financing, while Caisse de depot et placement du Quebec, HPS Investment Partners…
Slow start for big deals Download PitchBook’s Report here. The US middle market only saw about $7 billion worth of deals valued in the $500M-$1B transaction range in Q1. That translated into 7% of total dollars invested in the middle market, a very small ratio by historical standards, according to PitchBook’s latest US Middle Market Report….
“Time to go to cash,” we announced recently at the dinner table. The Dow had almost climbed back to its February 12 peak. “What does that mean?” our six-year old daughter asked. Her mother replied, “It means Daddy wants to put our money in a mattress.” Unfortunately more pressing matters – like whether to give […]
Healthcare has been ground zero for COVID-19 since the virus took hold in early March. How the industry has reacted, and how lenders and equity investors are dealing with this new world order, is the subject of this special series. To get started, we spoke to a friend who runs the healthcare capital markets desk…