TheLeadLeft

Leveraged Loan Insight & Analysis - 3/5/2018

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U.S. large corporate LBOs are averaging bigger, more expensive deals so far in 2018 Register now for LPC’s 6th Annual Middle Market Loans Conference – April 25, 2018 at the NY Marriott Marquis! While it is still early in 2018, average purchase price and purchase price multiples on large corporate LBO deals have increased so far…

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A Decade of Leading Left

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Ten years ago Churchill launched a weekly internal newsletter called “On The Left.” The world of March 2008 was a very different place. The demise of Bear Stearns would happen that month. Lehman Brothers would fall six months after that. Each day’s business headlines were scarier than the day before. Keeping our management and originators…

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The Pulse of Private Equity - 3/5/2018

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Four years’ worth of powder Download PitchBook’s Report click here. Much has been said about PE dry powder levels, which continue to peak year after year. Our calculations show about $848 billion of unspent buyout/growth capital across North America and Europe (as of June 30, by the way). That’s still a 22% increase over year-end…

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Debtwire Middle-Market – 3/5/2018

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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 - 3/5/2018

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Investors in Private Debt Private debt has maintained steady interest from investors due to its strong performance and high levels of capital distributed back to investors. There are currently over 3,100 institutional investors actively investing in private debt or considering entering the asset class. This represents an increase of 700 investors in the course of…

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Lead Left Interview - Dee Dee Sklar

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This week we chat with Dee Dee Sklar, Vice Chair of Subscription Finance, Asset-Backed Finance, Wells Fargo Securities. ABF provides direct structured lending as well as the underwriting and distribution of asset-backed securities for over 550 clients and a risk portfolio of approximately $122BN across consumer, commercial, residential, corporate debt finance and subscription finance. The…

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