Covenant Trends – 12/11/2017
Average Headroom under Accordion First Lien Ratio Debt Incurrence Test Based on Initial PF Leverage (LTM) Contact: Steven Miller
TheLeadLeft
The Pulse of Private Equity – 12/11/2017
Buyout funds, distressed debt strategies outperform their peers Download PitchBook’s Report click here. How do private asset classes compare on a real and risk-adjusted basis? Our latest analyst note (Is the risk worth the wait?) gauged the risk/return profile of buyout funds between 2000 and 2012 against PE growth, PE energy and venture capital strategies,…
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Debtwire Middle-Market – 12/11/2017
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 comprises of more…
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The Creditors’ Ball
The Who’s Who of leveraged finance showed up for the Wells Fargo Investment Thought Leadership Forum at the Plaza Hotel in NYC last week. In what has become the Davos of Credit, titans of our industry such as Howard Marks, Leon Black, and Larry Fink held forth on broad themes around what the smartest and…
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Chart of the Week: To the Moon, Alice
A record 52% of all middle market buyout financings are leveraged at or more than six times ebitda; 15% over 7x.
Private Debt Intelligence – 12/11/2017
India-Based Private Debt Market Although the private debt industry is still an emerging asset class in India, it represents 13% of the market across the Asia-Pacific. Additionally, since 2014, India-based private debt assets under management has grown steadily from $2.6bn in December 2014 to $3.3bn in December 2016. Additionally, as at December 2016, dry powder…
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Select Deals in the Market – 12/11/2017
☞ Click for a larger image.
Lead Left Interview – Derek Gluckman
This week we chat with Derek Gluckman, a vice president and senior covenant officer at Moody’s. Derek is responsible for research on the Covenants team. He’s been at Moody’s since 2015. Prior to that he was a corporate attorney at Orrick, Herrington & Sutcliffe. The Lead Left: Derek, thanks for making time for us today….
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Loan Stats at a Glance – 12/11/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com