Chart of the Week: Refi Madness
Almost three-quarters of middle market 4Q deals were either repricings or refinancings.
TheLeadLeft
Private Debt Intelligence – 1/22/2018
Average Private Debt Fund Sizes Peak in 2017 2017 was a record fundraising year for the private debt industry, as 140 vehicles secured a total of $106bn from investors. The average size of funds rose to $843mn, continuing a trend seen over the past five years of vehicles becoming larger and larger. Average fund size…
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Loan Stats at a Glance – 1/22/2018
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Chart of the Week: All In
Fundraising last year for middle market lending strategies was dominated by CLOs and credit funds.
And Such Small Portions (First of a Series)
Last fall we ran a special series on the size of the middle middle for loans (“How Big is the Middle Market”). This week we re-examine that question with Kelly Thompson, the middle market analyst for LevFin Insights. In a recent report, Kelly discussed both the volume of middle market loan activity in 2017 as…
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Lead Left Interview – Robert Radway (Part 2)
This week we continue our conversation with Robert Radway, chairman and chief executive officer of NXT Capital. Started in 2010, NXT is a finance company that is focused on middle market corporate finance and commercial real estate along with having a very significant asset management platform. Prior to NXT Robert Radway was founder and president…
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Leveraged Loan Insight & Analysis – 1/15/2018
U.S. new issue CLOs reached US$117bn in 2017 with an additional US$165bn in CLO refis and resets Although loan fund outflows have been more frequent since the fall, US$12.7bn flowed into mutual funds in 2017. Separate managed account money grew as pensions, endowments and family offices along with insurance companies, and sovereign wealth funds allocated…
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Debtwire Middle-Market – 1/15/2018
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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Covenant Trends – 1/15/2018
Average Free-and-Clear Dollar Cap as a Multiple of Pro Forma Adjusted EBITDA Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 1/15/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com