Not a good time to raise your first fund Download PitchBook’s Report here. As expected, Q1 fundraising totals were soft, according to PitchBook’s PE Breakdown Report. Just 46 funds were closed totaling $45 billion, and much of that was cinched up in January or February. For context, last year’s figures were 249 funds totaling $315 billion,…
1Q20 MM non-sponsored syndicated loan issuance mirrored 1Q19’s dire levels At US$16bn, 1Q20 non-sponsored issuance was down 25% from 4Q19 and was on par with 1Q19, which was the slowest 1Q since 1Q10. After a slow start in January, issuance picked up in February and was flat in March. According to bankers that focus on…
As goes COVID-19, so goes the nation.” We rephrase the famous 1950’s dictum on General Motors’ relationship to the national welfare in examining how the coronavirus has hijacked all aspects of the economy. There’s broad consensus that once the disease runs its course, commercial activity will be restored. It’s also agreed that between now and […]
Price points emerge in 10% to 11% range for jumbo direct lending loans Two jumbo direct lending deals surfaced this week— Alnylam Pharmaceuticals and Airbnb —as the first comps to guide new issue underwriting since the Covid-19 pandemic shut credit markets a month ago. Alnylam obtained a $750 million 1L term loan at L+700, while…
This week we wrap up our conversation with Brian Nick, Nuveen’s chief investment strategist: The Lead Left: Brian, how do you compare this cycle with the last one? Brian Nick: The last cycle ended because of an excess of leverage and risk-taking by individual households and within the financial system as a whole. The housing…
Last month’s early price plunge was three times worse than the Great Depression.
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x Contact: Steven Miller