LevFin Insights: High-Yield Bond Statistics – 9/10/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
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Chart of the Week: What Covenants?
In a William Blair survey, 63% of lenders indicated they would consider cov-lite or cov-loose structures for issuers below $50 million in ebitda.
Ten Years On – A Reflection
“With Lehman filing for bankruptcy, Merrill falling into the arms of B of A, and AIG scrambling to announce a restructuring plan, investors had their hands full to start this week. The Dow dropped 500 points as the Fed refused any Bear-type rescues. Now it may be morale hazard.” – On The Left, September 15, 2008….
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The Pulse of Private Equity – 9/10/2018
GP stakes investing—a new trend, or market timing? Download PitchBook’s Report here. Last week we discussed the rising trend of GP stake sales, which are now officially in record territory in terms of volume. For now, GP stake transactions are highly concentrated in large, top-performing firms. That makes sense—buying a stake in a GP hinges on…
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Debtwire Middle-Market – 9/10/2018
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…
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Private Debt Intelligence – 9/10/2018
Asia Private Debt Deal Activity Falters While the private debt industry has seen rapid growth in North America and Europe, the industry in Asia has faltered, and private debt deal activity in the region has been mercurial. In 2013, there were 21 deals made in the region, but just 14 the year after. 2015 saw…
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Loan Stats at a Glance – 9/10/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Leveraged Loan Insight & Analysis – 9/3/2018
US LBO loan volume tops US$100bn, up 32% year over year Following the proverbial summer slowdown in the last few weeks leading to Labor Day, the leveraged loan market, and more specifically, the sponsored loan market, hit the ground running on Tuesday, boosting a much anticipated deals pipeline. Price guidance for the permanent financing backing…
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The Pulse of Private Equity – 9/3/2018
GP stakes investing—a new trend emerging? Download PitchBook’s Report here. TPG Capital, one of the largest PE firms to retain its partnership structure, flirted with the idea of going public this year. Many of its peers are already publicly traded—Blackstone, KKR and Apollo, to name a few. But since going public, their shares haven’t performed very…
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Lead Left Interview – Kevin Alexander and Michael Moravec
This week we chat with Kevin Alexander, the deputy chief executive officer, Americas, and Michael Moravec, the head of investment banking, Americas, for Natixis. Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd largest banking group in France. The Lead Left: Kevin and Michael,…
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