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Leveraged Loan Insight & Analysis - 7/8/2019

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Syndicated MM sponsored lending volume reached $13.6bn in 2Q19 Syndicated middle market sponsored lending volume improved somewhat in the second quarter, but not nearly enough to match 2017-2018 levels. Issuance grew 10% quarter over quarter to US$13.61bn in 2Q19, but was still over 40% lower than 2Q18 levels. The lack of refinancing actvity was the…

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Private Debt Intelligence - 7/8/2019

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Private Debt Fundraising Slump Continues in Q2 2019 Private debt fundraising slowed in Q1 2019, with a fall in both the number of funds closed (32) and the total capital secured ($24bn). That slowdown continued in Q2, continuing the decline seen in fundraising since the most recent peak in Q2 2018. Just 29 funds reached…

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PDI Picks – 7/8/2019

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Private credit and a different view on economic conditions Concern over the economy often relates to worries over a recession or correction. Private debt managers, however, may fear things becoming too good. Private fund chief financial officers fear that the economic environment could be the main barrier to achieving their goals this year, according to…

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Debtwire Middle-Market – 7/8/2019

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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

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The Pulse of Private Equity – 7/8/2019

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Exits are way down Private equity’s mid-year report card includes many of the same headwinds and tailwinds we’ve discussed in the past. One big one stands out. According to our US PE Breakdown Report, to be released this Friday, PE-backed exits had a very slow first half. Timing often plays a role—the rush to get…

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