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Markit Recap – 10/1/2018

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We noted last week that the markets may be guilty of complacency on Italy’s budget, and so it proved. As mooted in the initial spending plan, an increase in the budget deficit to 2.4% was proposed by the government, significantly higher than the 2% limit specified by the European Commission. This was tempered by the…

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Leveraged Loan Insight & Analysis - 10/1/2018

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Leveraged loan volume tumbles in 3Q18; Arrangers back end jumbo deals to September Despite the strong market technicals which continued to define the US loan market, 3Q18 leveraged loan volume tumbled 57% quarter over quarter with US$176.6bn of assets completed in retail syndication. Some of this was not altogether surprising given the traditional slowdown during…

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The Pulse of Private Equity – 10/1/2018

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PE fundraising trending down Download PitchBook’s Report here. The PE fundraising trail hasn’t been too difficult to navigate lately. For one, most newly raised funds are larger in size than their predecessors. About 69% of the funds that closed last year were larger than their predecessors, and the percentage was even higher for 2016 vintages—76%. Moreover,…

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Chart of the Week: Mid Cap Gap

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All-in spreads favored middle market loans over large caps by 117 bps in September (up from 97 bps in August), while Libor remained flat.