M&A/LBO activity dominates institutional loan issuance YTD Source: Debtwire Par Despite leveraged loan issuance posting a sharp decline year-over-year (YoY), the good news for buysiders is that M&A and LBO activity is driving deal flow so far in 2019. Institutional loans backing M&A (excluding LBOs) is at USD 19.5bn year-to-date, with LBO loan volume amounting…
Percentage of Loans with an MFN Sunset Contact: Steven Miller
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Copy: Lead Left Readers’ Say: 2018 Review and 2019 Outlook Infogram
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…
BDC returns superior so far in 2019 If you were not buying BDC stocks in the dip in December, you are probably feeling remorse because BDC returns are quite stunning so far in 2019. After posting a dismal -6.6% return in 2018 and 0.1% in 2017, returns have gone sky high so far in 2019…
Are dry powder levels a concern? Download PitchBook’s Report here. PE capital overhang levels reached $800 billion last year between North America and Europe. For perspective, the buyout boom overhang peaked in 2008 at $599 billion. The cumulative weight of today’s dry powder isn’t the only difference between eras, however…. Subscribe to Read MoreAlready a member?
Average Unadjusted Leverage for M&A-Driven Loan Deals (First Lien vs. Total) Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com