Select Deals in the Market – 6/25/2018
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Covenant Trends – 6/25/2018
Percentage of M&A Deals with Initial Adjusted Leverage of 4x or Lower Contact: Steven Miller smiller@covenantreview
LevFin Insights: High-Yield Bond Statistics – 6/25/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Terms They Are A-Changing
There’s nothing that takes the froth off an issuer-friendly market faster than a growing pipeline. Absent some kind of global galactic event like a meteor strike or Iceland winning the World Cup, it’s good old-fashioned supply that impacts demand. In part, it’s a matter of band-width. Loan underwriting, even for liquid, on-the-run, broadly syndicated names,…
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PDI Picks – 6/25/2018
Distressed Europe Overall fundraising for private debt in Europe has taken a plunge in 2018, but distressed strategies are bucking the trend. With only just less than $11 billion raised for private debt investment in Europe so far this year (at the time of publication), fundraising activity in the region is a far cry from…
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Chart of the Week: Deal Merge
M&A loan volume for the current quarter is on par with last quarter’s activity; share of buyouts down from a year ago.
Debtwire Middle-Market – 6/25/2018
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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The Pulse of Private Equity – 6/25/2018
Are small funds losing ground? Download PitchBook’s report here. Another quarter, another round of outperformance for large funds. Rolling one-year horizon IRRs have been consistent of late when broken down by fund size, and $1B+ PE funds once again bested their smaller peers in recent returns. Much of that recent outperformance might be traced back…
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Private Debt Intelligence – 6/25/2018
North America-Focused Mezzanine Fundraising: Off to a Strong Start As at May 2018, seven North America-focused mezzanine funds have held a final close, securing a total $4.1bn in capital. These fundraising levels put 2018 on path to exceed 2017 activity: in 2017, 17 North America-focused mezzanine funds closed and raised an aggregate $5.2bn. This represented…
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Loan Stats at a Glance – 6/25/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com