Distressed debt fundraising figures no longer distressing Despite subpar returns from many such funds, the strategy continues to attract LP dollars. Distressed debt has continued its strong fundraising, with a total of $39.44 billion, or 35 percent, of the $112.69 billion that private credit funds have raised through the first three quarters of the year,…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Underperforming credits getting hit harder in the secondary loan market Source: Debtwire Par, Markit The leveraged loan market has become more bifurcated, with underperforming credits getting hit harder in the secondary market. Despite the loan default rate remaining low in the 1.5% area, the share of loans priced at less than 90 cents on the…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Tracking data in our market is often a challenge. As we’ve said in other contexts, there are three levels of fabrication: lies, damnable lies, and leveraged loan statistics. Yet when a variety of metrics point in the same direction, we suspect a semblance of truth is buried somewhere. Such is the case with data showing…
The number of add-ons is more than buyouts, as private equity strives to improve investment returns.
Last week we took on the question of deal flow. How does the backdrop of M&A activity relate to the volume of reported sponsored debt financings? This week, we took to the road in search of answers. At the SuperReturn Private Credit conference in Chicago, we chaired the first day of panels. There we had […]
In June 2019 The Lead Left published a series of articles on private debt. This report consolidates those articles.
Flight to quality continues on in the US leveraged loan market Looking at year-to-date average secondary bids along with loan volume highlights the flight to quality seen in the US loan market over the past few months. Corporates with a rating of single-B or lower peaked in 2019 monthly volume with US$24bn back in May….
Distributions – timing is everything Download PitchBook’s Report here. With illiquid asset classes like PE, it’s hard but worthwhile to try to figure out how quickly LP dollars go in and out of funds. Our latest analyst note on cash flow management focuses on distribution numbers, with interesting results for market observers and actionable data for…