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The Pulse of Private Equity – 3/25/2019
Take-privates are cheap sometimes That’s according to Bain & Company, which made a salient point: “Despite the run-up in equity prices, public investors often undervalue companies they don’t understand.” That’s true, and the point is emphasized as public and private equity market multiples continue to converge…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 3/25/2019
Primary yields widen to highest levels since 4Q11 1Q19 yields on first-lien institutional term loans are at their highest level in over eight years. At 7.66%, the average yield assuming a three-year term to repayment on first-lien institutional term loans is 94bp above 4Q18’s already high level…. Subscribe to Read MoreAlready a member? Log in
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Private Debt Intelligence – 3/25/2019
Women in Private Debt It is well-known that the representation of women in the alternative assets industry is relatively low, but the latest research from Preqin shows that women represent just 19.1% of employees in the private debt industry in 2019…. Subscribe to Read MoreAlready a member? Log in here...
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Select Deals in the Market – 3/25/2019
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Roses are Red, Covenants are Few
There comes a time when traditional means of communication fail. When other tools must be employed. According to Tuesday’s WSJ, graduates at the University of Glasgow are using haiku to summarize their complex planetary and lunar projects. These 17-syllable science-related poems, nicknamed “sciku,” make extremely technical topics “more accessible.” Given today’s challenging interplay of elements…
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Chart of the Week: Leverage Redux
After peaking in 2017 at close to 50%, equity share of capital in the middle market has declined to less than 35%.
Debtwire Middle-Market – 3/25/2019
Leveraged loan buyers book healthy gains as secondary market shifts higher in 1Q19 Source: Debtwire Par, Markit The latter part of 2018 proved to be an attractive buying opportunity for those willing and able to pick up loan assets in the secondary market. Since then, prices have shifted noticeably higher…. Subscribe to Read MoreAlready a
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Covenant Trends – 3/25/2019
Minimum General Purpose Debt Capacity for M&A-Driven Loan Deals Contact: Steven Miller