Loan Stats at a Glance – 5/18/2020
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
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Leveraged Loan Insight & Analysis – 5/11/2020
Pricing, OIDs also widen for double B issuers in today’s market Pricing for double-B rated issuers has widened significantly this quarter. The average yield, assuming a three-year term to repayment, on first-lien institutional term loans for BB rated issuers is 6.19% so far this quarter, up from a much lower average of 3.94% in 1Q20….
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The Pulse of Private Equity – 5/11/2020
The consolidation question Download PitchBook’s Report here. If the current downturn mimics the 2008 financial crisis, private equity may see a few years of industry consolidation before diversifying again. In 2007, on the eve of the GFC, firms with at least $10B in AUM accounted for about 41.1% of the industry’s capital…. Subscribe to Read MoreAlready
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Direct Lending….After COVID-19
As we wrap up our COVID series, we turn our attention to the path ahead, as unclear as that is. Or as one economist put it succinctly: “Anyone who thinks we’re going to keep moving up in a straight line is living in La-La Land.” The good news is markets have fully absorbed the shock […]
Debtwire Middle-Market – 5/11/2020
High-yield bond market comes roaring back in April Source: Debtwire Par The US high yield market came roaring back to life in April with roughly USD 40.6bn in issuance across 51 deals, easily the most active month this year, and a far cry from the USD 5.3bn issuance seen in March when much of the…
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Labor Pains
The Bank of England has projected the COVID-19 pandemic will cause GDP for the United Kingdom to decline 14% this year. That’s the worst economic performance in more than three centuries. In 1706 (when the Bank of England was twelve years old) Great Britain was a very different place. With the Industrial Revolution fifty years in…
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Chart of the Week: Labor Lost
It took nine years to add 21 million US workers to payrolls; COVID-19 wiped them out in two months.