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…
“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…
When secondary leveraged loan prices cratered last month, the resulting distressed volume outweighed all 2008-09 loans.
How Crisis Have Affected North America-Focused Private Debt Fundraising? Private debt has ballooned in size in the decade since the 2008-2009 Global Financial Crisis (GFC), when regulatory changes forced banks to deleverage their balance sheets, and private debt funds emerged as alternative loan providers to fill the void. But the global economic shutdown triggered by…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Average Total Deleveraging Required To Meet RP Ratio Test Contact: Steven Miller
The biggest are the biggest for a reason Nothing much is predictable these days, but don’t expect the fundraising pecking order to change anytime soon. “Do what you can, with what you’ve got, where you are.” The inspirational quote comes from an autobiography of Theodore Roosevelt and surely resonates with anyone forced into lockdown as…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Different problems for real assets With fear permeating the real estate market, real assets are once again coming into focus. An upcoming PitchBook analyst note provides a retrospective on 2008 and potential implications for the current situation. Cash management was difficult for LPs twelve years ago. Real assets funds aged between four and eight years,…
This week we wrap up our conversation with Brian Nick, Nuveen’s chief investment strategist: Q1: How do you compare this cycle with the last one (Global Financial Crisis)? Q2: The Fed did jump in pretty quickly to cut rates to zero. Are they out of weapons? Q3: Do PrivateEquity firms have any Federal rescue programs […]