State of the Capital Markets – First Quarter 2020 Review and Second Quarter 2020 Outlook
Review of Current Market Conditions/ Analysis of Capital Markets Metrics/ Review of Credit Quality/ Outlook for Second Quarter 2020
TheLeadLeft
PDI Picks – 4/20/2020
Private equity bandwagon rolls on, but for how much longer? Fundraising for the asset class was strong in the first three months of 2020 but continuing to defy the effects of covid-19 seems unlikely. As we have noted in this column over the last couple of weeks, private debt fundraising provides a neat reflection of…
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Loan Stats at a Glance – 4/20/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
The Pulse of Private Equity – 4/13/2020
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,…
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Leveraged Loan Insight & Analysis – 4/13/2020
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…
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COVID-19 and the Economic Outlook, with Brian Nick (Part I)
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 […]
DL Deals: News & Analysis – 4/13/2020
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…
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