In today’s sophisticated market, where capital is concentrated among a smaller number of managers, only the highest quality platforms garner investor dollars. A consistent track record, low or no key person turnover, scale and diverse capabilities, and alignment with LPs are the bare minimum in today’s market. They may get a manager a foot in […]
US Leveraged Loan Issuance Slows in February February’s $95b of US institutional leveraged loan issuance declined 49% from January’s $186.4b and represents the lowest volume since last August’s $27.7b. While it was a significant slowdown from last month, February issuance was up 51% from the same month a year ago, and year-to-date issuance is at…
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.4% as of 28 February) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
BDC portfolio marks move lower for majority of funds that have reported 4Q24 earnings BDC earnings season is underway, with 50 funds having filed their 4Q24 results as of February 28th. For this cohort of BDCs, portfolio loan valuations have moved lower for nearly 60% funds…. Subscribe to Read MoreAlready a member? Log in here...
Is LatAm worth a second look? It’s one of the most undeveloped private debt regions but demand is there from consumers, SMEs and infrastructure projects. Unlike peers in the US, Latin American institutional investors are under-allocated to alternative assets – but demand is there and so are the opportunities. Challenges, however, include regulation and macroeconomic…
Financial leverage for buyout deals by deal year Download PitchBook’s Report here. Greater leverage is another key distinguishing characteristic of buyout-backed companies. Over the past 10 years, the average publicly traded small-cap company has had a financial leverage ratio of total assets to market equity of around 1.4x…. Subscribe to Read MoreAlready a member? Log in
Slower M&A has extended time PE-owned companies in portfolios to ten-year high. Source: PitchBook