TheLeadLeft
The Pulse of Private Equity – 10/28/2019
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…
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Private Debt Intelligence – 10/28/2019
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…
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PDI Picks – 10/28/2019
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,…
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LevFin Insights: High-Yield Bond Statistics – 10/28/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 10/28/2019
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…
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Loan Stats at a Glance – 10/28/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Deal, No Deal (Last of a Series)
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…
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Chart of the Week: Adds Up
The number of add-ons is more than buyouts, as private equity strives to improve investment returns.
Headwinds for the Loan Syndication Market
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 […]