Covenant Trends – 5/20/2019
EBITDA Addbacks: Percentage of Loans with Uncapped Synergies & Cost Savings Contact: Steven Miller
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The Pulse of Private Equity – 5/20/2019
Public versus private The private equity industry has matured quite a bit over the years. The most visible marker is the handful of firms that have gone public, despite the public market’s difficulty in valuing the complex, variable cash flows that are inseparable from the PE model…. Subscribe to Read MoreAlready a member? Log in
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Private Debt Intelligence – 5/20/2019
Distressed Debt Funds Stall in 2019 Distressed debt has long been a major component of the private debt industry. Around the time of the Global Financial Crisis (GFC) in 2008, the strategy raised a record $45bn in capital – a level that has never been equalled – and performance of funds raised around this time…
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PDI Picks – 5/20/2019
North American private credit market: sponsored by private equity The fates of the two asset classes are largely intertwined and the deluge of private equity capital bodes well for debt managers’ dealflow. In case it wasn’t clear that the North American sponsored finance market is booming, here’s a set of figures for you. Private equity…
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Leveraged Loan Insight & Analysis – 5/20/2019
BDC returns superior so far in 2019 BDC share prices are on a tear in 2019. The Wells Fargo BDC Index has delivered a stunning +18.0% return so far in 2019 through May 17th. This is outpacing the S&P500 (+14.1%) and the S&P/LSTA Leveraged Loan Index (+5.72%). Several BDCs are near 52 week highs. Oaktree…
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LevFin Insights: High-Yield Bond Statistics – 5/20/2019
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 5/20/2019
Share of cov-lite loans slips in 2019, but remains the market standard Source: Debtwire Par, Xtract Research After reaching a high in the 80% area in 2017 and 2018, the covenant-lite share of institutional loans has slipped this year to 72% as lenders have in some instances been able to push back against the lack…
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Covenantive Easing (First of a Series)
Much attention was paid over the past few weeks to a dramatic series highlighting the struggle between two powerful forces, a dizzying game for world domination, with the outcome hanging in the balance and viewers on the edge of their seats. Of course we’re talking about our recent series on valuations (“Why Valuations Matter” [link])….
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Chart of the Week: Going Direct
Two-thirds of all middle market LBOs are being financed by direct lenders, from zero in 2013.