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Leveraged Loan Insight & Analysis – 11/12/2018
Combined AUM surpassed $750bn for U.S. CLOs and retail loan funds CLOs manage roughly half of current institutional loan outstandings with retail loan funds managing an additional 14%. Their respective shares have been steady, hovering around these levels since mid-2015 when CLOs first reached a 50% share of outstandings. Meanwhile, the pie has certainly grown…
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Middle Market Deal Terms at a Glance – Nov 2018
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Select Deals in the Market – 11/12/2018
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The Pulse of Private Equity – 11/12/2018
Why the secondaries surge? Download PitchBook’s Report here. Secondaries fundraising continues apace, gathering another $26.3 billion through early Q4. That puts 2018 slightly behind last year’s record, but this year will still mark a third consecutive year with strong numbers. As a strategy, secondaries have garnered attention recently—buy-side LPs are pushing for PE exposure at the…
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LevFin Insights: High-Yield Bond Statistics – 11/12/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
PDI Picks – 11/12/2018
Credit managers should embrace transparency Fund transparency should become a key part of the asset class as it continues its maturation. It’s no secret alternative assets are among the most expensive investment strategies. Of course, private credit, private equity and the like require a much more staffing-intensive effort than passive investment vehicles may need, and…
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Covenant Trends – 11/12/2018
Percentage of Loans with F&C Tranche / Pro Forma EBITDA >0.9x Contact: Steven Miller
Search and Recovery (Third of a series)
Continuing with our special series on leveraged loan recoveries, let’s turn to one of the most pondered questions on the subject; namely, how will covenant-lite loans fare in the next downturn? At a recent loan market conference, senior S&P analyst Ruth Yang reviewed the lite environment. She reminded attendees that broadly syndicated leveraged loans without…
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