Covenant Trends – 2/10/2025
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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The Pulse of Private Equity – 2/10/2025
PE-backed company inventory by deal year Download PitchBook’s Report here. 2024 has ended with a record-low exit/ investment ratio of 0.36x, as dealmaking activity once again races ahead of exits…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 2/10/2025
2025 syndicated middle market loan volume is expected to be in the US$150bn area Forecasts for 2025 syndicated middle market loan volume generally average around US$150bn, broadly similar to the 2024 total, according to LSEG LPC’s recent year-end 2024 Middle Market Outlook Survey…. Subscribe to Read MoreAlready a member? Log in here...
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Bloomberg: Leveraged Lending Insights – 2/10/2025
January Marks 20th Consecutive Positive Monthly Return for US Loan Index The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure of the US institutional, broadly syndicated, leveraged loan market, returned 0.67% in January following a year in 2024 that saw loan investors rewarded with 8.77% gains. In fact, it was the 20th consecutive positive…
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PDI Picks – 2/10/2025
LPs still hungry for the asset class Our newly published investor survey reveals some concerns but a lot of support for private credit. Investor confidence in private debt is strong in the early months of 2025. Our LP Perspectives survey – published in full last week – reveals that more than half (57 percent) of LPs want…
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Debtwire Middle-Market – 2/10/2025
Reaping the rewards: 2024’s dividend recaps bonanza Dividend recapitalizations are making waves in the institutional leveraged loans market. In 2024, the total volume of leveraged loans raised for dividend recapitalizations rocketed to USD 29.26bn, a staggering 259% increase year-on-year (YoY) and a 232% spike from 2022’s USD 8.80bn. Despite this impressive growth, 2024’s volume still trails behind…
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Chart of the Week: Up the Middle
Total middle market loan volume for 2024 at $51.3 billion was the highest in eight years. Source: Fitch Ratings, Lev Fin Insights.
High Five – 2025 Outlook (Sixth of a Series)
Number four of our five themes for 2025: “Platform excellence: How managers will win business tomorrow.” Even as the liquidity squeeze loosens over the coming year, it’s clear that LPs are becoming ever-more selective in the managers they back. So, while private markets retain their appeal — nearly all (96%) of respondents to a recent…
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High Five – 2025 Outlook (Second of a Series)
The focus now is on mostly global rather than domestic issues. Tariffs, trade, and geopolitical risks are taking center stage. Some of these are theoretical but could mirror events from 2017-2020. And while the rise of bond yields since the election suggest higher inflation to come, capital markets remain full speed ahead. Or as a […]
LevFin Insights: High-Yield Bond Statistics – 2/3/2025
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com