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Labor Pains

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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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Private Debt Intelligence - 5/11/2020

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Special Situations Gather Momentum Private debt fundraising has slowed down in 2020 – so far this year, there have been 44 funds closed raising a combined $35bn. Strategy wise, direct lending continued to dominate the market closing 10 funds in Q1 2020… Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 5/11/2020

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Crunch time for the BDC market Current trading is looking bleak for BDCs, but they’ve come through even worse in the past. BDCs are expected to see significant write-downs and defaults on portfolio company loans because revenues collapsed in much of the economy. A decline in the net asset value of BDCs may end up…

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Covenant Trends - 5/11/2020

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Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM) Contact: Steven Miller

The Great Stay-In vs the Great Recession: Lessons Learned

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“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 one private credit manager compared the two worst downturns since the 1930’s. With the coronavirus still in its early stages, this pandemic might end […]