Covenant Trends – 2/26/2018
Average F&C Tranche / Pro Forma EBITDA Based on Initial PF Leverage Contact: Steven Miller
TheLeadLeft
Private Debt Intelligence – 2/26/2018
Asia-Based Investors Surge into Private Debt The private debt industry has seen a steady increase in the number of investors active in the asset class in recent years. As the asset class has become more prominent and more distinct from the wider private capital market, institutions have begun to take more active involvement and allocate…
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Winter Games (Second of Two Parts)
We tend to be a late adopter of cultural phenomena, so our appreciation of curling was understandably delayed. A sport that plays like shuffleboard, tosses around terms like hack and hog line, and employs practitioners who carry brooms, is a tough sell. But thanks to relentless Olympic coverage, the US men winning a first-time ever…
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Loan Stats at a Glance – 2/26/2018
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Chart of the Week: Basket Cases
The share of private credit transactions with allowances for incremental debt grows as the issuer ebitda increases.
Lead Left Interview – Ken Wormser and David Powar (Part 2)
This week we continue our conversation with Ken Wormser and David Powar, managing partners at GreensLedge. Founded in 2008, GreensLedge is an independent investment banking firm focused on the global structured credit and alternative investment marketplace. With offices in New York, London, Tokyo and Seoul, the firm provides advisory and related transactional services to issuers, investors…
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Leveraged Loan Insight & Analysis – 2/19/2018
CLO AAA spreads continue to tighten in early 2018 Spreads for U.S. CLO AAA notes continue to tighten in early 2018 with the average AAA discount margin dipping south of 110bp in mid-February down from 113bp at the end of December. Thinner pricing has been led by Zais Group’s US$460m CLO which came to market…
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Winter Games (Part One)
We knew Disney World would involve some long lines. Even with Fast Passes, it’s tough to zip through everything. And with three young girls in tow (two daughters and a friend), flexibility is key. The surprise was the four-hour wait at one Disney destination that’s not on the usual tour: the Buena Vista Urgent Care…
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LevFin Insights: High-Yield Bond Statistics – 2/19/2018
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 2/19/2018
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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