So much that was disturbing about the news last week. Social media was abuzz with opinions flying on both sides. Twitter was filled with long-submerged memories of crazy times hanging out at…everyone’s favorite orange-and-red java shops. We’re referring, of course, to the decision by Dunkin’ Donuts to drop “Donuts” from the brand name. In today’s…
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…
Chasing special returns A poll asked our New York Forum audience to name the most promising strategy over the next year. It produced an interesting answer. “Predicting the end of the cycle is very difficult, if not impossible.” So said Cliffwater CEO Stephen Nesbitt in his introductory remarks as day one chair of our New…
Will Europe Direct Lending Activity Outpace North America? Direct lending is a relatively young strategy, but has gained traction in the past five years or so, quickly becoming one of the more dominant private debt fund types. As with the larger private debt universe, North America and Europe account for the majority of direct lending…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
The appeal of populist, often nativist agenda to electorates disgruntled with economic stagnation and rapid demographic change has been underestimated in recent years, not least by bond markets. Nonetheless, the performance of Italy’s credit spreads over the summer suggests investors are reluctant to wholly embrace political risk aversion…. Subscribe to Read MoreAlready a member?
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Percentage of Loans with F&C Tranche Growers Contact: Steven Miller
Primary yields widen in 3Q18 to levels not seen in over two years Average primary yields on first-lien institutional term loans in 3Q18 are at their highest levels since 1Q16. At 6.44%, the average yield assuming a three-year term to repayment on first-lien institutional term loans is 67bp higher than 2Q18’s average. Unlike prior quarters,…