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The Great Stay-In (Last of a Series)

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As we wrap up our multi-part series on the COVID-19 crisis, 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 that the…

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Private Debt Intelligence - 5/4/2020

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Investors’ Response to COVID-19 As a result of a survey conducted by Preqin to investors in April 2020, 59% of investors said that the number of commitments they plan to make to alternatives in 2020 has “slightly” or “significantly” decreased. Investors are also reducing the amount of capital they intend to commit to alternatives; sixty…

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Debtwire Middle-Market – 5/4/2020

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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…

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PDI Picks – 5/4/2020

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The passing opportunity for direct lenders Companies that may have gone to the syndicated finance market are looking closely at more private alternatives. In Europe, a leveraged finance market which had effectively been on hold since the covid-19 outbreak emerged in March has been slowly waking up. But, as it does so, banks are beginning…

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