Loan Stats at a Glance – 5/4/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
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The Pulse of Private Equity – 4/27/2020
Socially distancing from high multiples Download PitchBook’s Report here. The median M&A multiple clocked in at 8.2x in Q1. That’s down from last year’s 9.8x median, according to PitchBook’s just-released North American M&A Report. One quarter does not a year make, but 2020 is probably an exception. The Q1 dip included two normal months, which won’t…
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Leveraged Loan Insight & Analysis – 4/27/2020
Retailers expected to file Chapter 11 in the coming weeks as loan bids drop between 46%-66% this year The retail sector, hit hard by the coronavirus economic shutdown, has seen a flurry Chapter 11-related activity in the last several weeks. Last week, 24 Hour Fitness hired a restructuring advisor, while JC Penny, forced to close…
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Covid-19: The Best and the Worst Industries
If you’re watching this broadcast from your home office, you’re not alone. According to one study, 97% of the US population is either at home or sheltering in place. This has completely upended the free-flowing, dynamic nature of the largest, most diversified economy on the planet. -Industries that took decades to develop competitive products and […]
Debtwire Middle-Market – 4/27/2020
Issuers pay up to tap high yield bond market in April Source: Debtwire Par As the equity and debt markets regain their footing after a period of prolonged volatility and a virtual freeze in new issuance due to the coronavirus (COVID-19) pandemic, the high yield bond markets have opened back up as issuers begin to…
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The Great Stay-In (Eighth of a Series)
“The GFC was a crisis that began on Wall Street and spread to Main Street. COVID-19 is a crisis that began on Main Street and spread to Wall Street.” That’s how the capital markets head of a leading private credit firm contrasted the origins of the two worst downturns since the Great Depression. And with…
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Chart of the Week: Dressed for Distressed
When secondary leveraged loan prices cratered last month, the resulting distressed volume outweighed all 2008-09 loans.