Issuers in leveraged lending today are divided into three categories: the haves, the have-nots, and the wish-they-hads. As the 2019 loan calendar heads into its final six weeks of activity, the differences between the first two categories are becoming more pronounced. In the broadly syndicated market, as we covered last week, the combination of triple-C…
The volume of middle market spread flex-ups at $2.2 billion was the highest in four years.
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Total leverage on large corporate US LBO loans remains high in 4Q19, but senior leverage declines At a time when investors have been pushing back on pricing and structure on riskier loans, total leverage on US LBO deals remains high. So far this quarter the average total debt to EBITDA level for large corporate LBO…
Average Adjustments for EBITDA Reconciliation, M&A-Driven Loan Deals Contact: Steven Miller
China-driven M&A isn’t happening this year Download PitchBook’s Report here. North American M&A activity involving Chinese buyers has fallen off a cliff this year. That’s not a complete surprise, but it’s not often you see such swift drop-offs without something alarming going on. According to PitchBook’s just released North American M&A Report, China-driven M&A is on…
Private Debt First-Time Funds in 2019 2019 has been a slow fundraising year for private debt – so far this year just 118 funds have been closed, raising an aggregate capital of $81bn. Fund managers are finding difficult to attract investors and the private debt market remains crowded – there are currently 427 funds seeking…