TheLeadLeft
The Pulse of Private Equity – 8/12/2019
Tea leaves for multiples News this week about the yield inversion will probably have an effect on investor psyche. Inversions have historically predated recessions by as many as 24 months—that particular lag (2005-07) also included a significant rise in the S&P. In four of the last five years, the lag between inversion and the start…
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Private Debt Intelligence – 8/12/2019
Private Debt Industry Puts Capital to Work The private debt industry has seen the growth in its AUM accelerate in recent years, and by December 2018 (our latest data available) funds held a total of $768bn in assets under management (AUM). The market is now more than three times bigger than it was ten years…
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PDI Picks – 8/12/2019
A PE fundraising lag is no cause for alarm Private equity had abnormally strong 2017 fundraising numbers, potentially depressing fundraising in the first half of the year. If capital raising for private equity is indicative of potential transactions for private credit managers, they could have hoped for a better number in the first half of…
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Covenant Trends – 8/12/2019
Synergies & Cost Savings EBITDA Addbacks Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 8/12/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Direct to Consumer
We mentioned last week Apollo’s $1.8 billion financing for New Media Investment Group’s acquisition of Gannett & Co. It seemed like one of the largest non-bank buy-out deals ever. A banker friend of The Lead Left agreed: “You remember Ares’ Qlik deal in 2016.” she said. “That was a shock to the market when it…
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Chart of the Week: Larger Than Life
The number of leveraged loans for buyouts over $1 billion has grown steadily since the Great Recession.
Debtwire Middle-Market – 8/12/2019
Industrial & Chemicals sector takes top spot in institutional loan & HY bond issuance Source: Debtwire Par The industrial & chemicals sector is the most active industry year-to-date in terms of both institutional loan and high yield bond issuance. On the institutional loan side, technology and business services are in the second and third positions,…
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