MM cov-lite issuance of $22B YTD slightly behind 2017’s record high Year to date middle market covenant lite volume has reached US$22bn. This is only about 11.5% behind 2017’s all time record high of US$25.1bn, making 2018 the second highest year on record. Much of 2017’s strong momentum carried over into 2018 with 1H18 issuance…
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Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Large EBITDA addbacks a feature of the leveraged loan market in 2018 Source: Xtract Research The deterioration in loan covenant protections has been well publicized this year, and another area that has drawn attention is EBITDA addbacks, which have gotten larger and more aggressive. Adjusted leverage levels have crept higher in 2018, with 30% of…
The evolution of the GP-LP relationship in private credit The asset class has grown a lot in some ways over this credit cycle, but still has a way to go. Next to a general partner’s boast about the width of their deal funnel and underwriting skills is the strength of their relationships with investors. This…
Being off-kilter made it world-famous, but that condition is slowly being remedied. Almost since it was built in 1173, the Leaning Tower of Pisa has been sinking and slanting. But recent repair efforts by Italian engineers seem to be paying off. The 190-foot celebrated structure has now eased to the vertical by 1.5 inches. Not…
Secondary loan bid levels have softened concurrent with overall public market volatility.
Distribution of MFN Maturity Carveout Horizons Contact: Steven Miller