As a long-term observer of (and participant in) the credit markets, we’ve learned the most interesting times are not when things are going swimmingly for issuers or investors. Life becomes intriguing at the inflection points, when established trends begin to shift. These moments are often apparent only in hindsight. The Great Recession, for example, ended…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
“Where to draw the line is also key as we examine #SeniorStretch and #unitranche loans. Besides leverage and loan-to-value, yield is helpful in identifying these financings. Unitranche is a one-stop solution blending senior and junior tranches into one. With more than thirty unitranche suppliers out there, leverage and pricing reflect competition among those firms, rather […]
Grading our predictions, part 2 Download PitchBook’s Report here. Last week we previewed our upcoming webinar with ACG on how our 2019 private equity predictions panned out. This week’s rearview assessments is one of our misses—we thought private debt fundraising levels would rebound off of a slower 2018. Slow being relative, as it was still one…
North America’s dominance shows in 15 largest global investors The biggest backers of the asset class generally reside in the world’s largest and most sophisticated alternative credit market. The top half of our inaugural Global Investor 30 rankings shows a worldwide embrace of the asset class, though there is a bias towards North America…. Subscribe
Oil and gas lending follows oil prices down The oil and gas industry is facing many challenges – recession fears, the ongoing trade war, regulatory shifts and excess global supply amid slowing growth in demand – all of which have curtailed any expectations of a meaningful increase in oil and gas prices. Oil prices have…
Earlier this month your correspondent traveled to Tokyo and Seoul, in part to assess how institutional investors view private debt there today. One highlight was serving on a panel at the Private Debt Investors Forum with several other experienced asset managers. The panel headline was “Global Debt Under the Microscope.” Andrew Hedlund, PDI’s top reporter…
Overall fundraising for private debt strategies peaked in 2017, but is poised for another solid year in 2019.