Covenant Trends – 1/22/2018
Percentage of Loans with F&C Tranche Growers Contact: Steven Miller smiller@covenantreview
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Debtwire Middle-Market – 1/22/2018
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 – 1/22/2018
A once-in-a-decade fundraising market Download PitchBook’s Report click here. Private equity is a scalable asset class. The same isn’t true for every asset class in the private market – venture funds, for example, tend to lose effectiveness if they grow too large, regardless of sector. Not so with PE, which broadens its target range with…
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And Such Small Portions (Last of a Series)
In case our readers missed the reference of our series title, the joke goes like this: Mel and Harry are lunching at a diner. ”The food here stinks,” Mel complains. “Overcooked, expensive, and no taste.” “Yeah,” Harry says. “And such small portions!” We’ve invoke this old chestnut as a metaphor for the state of middle…
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Lead Left Interview – Jim Hudak
This week we chatted with Jim Hudak, President, CIT Commercial Finance. Jim has been with CIT and predecessor companies (AT&T Capital, Newcourt, Tyco) since 1991. He has also run the Corporate Finance Group at CIT, which comprises leading industry verticals in Aerospace & Defense, Commercial & Industrial, Communications, Media & Entertainment, Energy and Healthcare. The…
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Chart of the Week: Refi Madness
Almost three-quarters of middle market 4Q deals were either repricings or refinancings.
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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