TheLeadLeft
Leveraged Loan Insight & Analysis – 11/11/2019
BDC leverage on the rise, one tool to combat falling Libor After peaking in December 2018 at over 2.8%, 3-month Libor has since fallen to 1.9% and BDCs are reporting lower weighted average yields in 3Q19 as a result. Following this steep decline, BDCs are taking advantage of their flexibility to increase leverage under the…
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The Pulse of Private Equity – 11/11/2019
PE’s tech infatuation Download PitchBook’s Report here. Tech-focused dry powder has almost doubled since 2016. The latest returns data available is through March of this year, when it totaled $93.1 billion across North America and Europe. That marked a 93% increase since 2016’s cumulative $48.2 billion, according to PitchBook’s latest analyst note on tech funds. The…
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Covenant Trends – 11/11/2019
Average Minimum Day-One Capped Basket Capacity Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 11/11/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Finding the Line: Senior Stretch vs. Unitranche (First of Two Parts)
On a fourteen-hour flight from Seoul, we sat next to the head of a very successful private credit shop. Besides discussing the relative viewing merits of Bohemian Rhapsody versus Saving Private Ryan (there was plenty of time for both, plus X-Men: Days of Future Past), the subject turned to trends in the capital markets. “By…
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Chart of the Week: Stretch Marks
Leverage for middle market unitranches has matched first-lien large cap leverage.
Debtwire Middle-Market – 11/11/2019
Higher rated loan repricing volume jumps Source: Debtwire Par Institutional loan repricing activity jumped sharply in October to USD 13.9bn, exceeding the combined USD 8.6bn recorded in the first nine months of the year. Of October’s USD 13.9bn, Charter Communications accounted for a large chunk (USD 6.2bn) of the total…. Subscribe to Read MoreAlready a
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