This week we chat with Stephen Boyko of Proskauer. Steve is a partner in the firm’s corporate department and co-head of the private credit and finance groups. He represents one of the largest client rosters in the industry, including an array of specialty finance companies, private debt funds, and BDCs. The Lead Left: Steve, thanks…
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…
Average Adjustments for EBITDA Reconciliation (M&A-Related Loans) Contact: Steven Miller smiller@covenantreview
Pricing on almost 100% of US leveraged loans was flexed in favor of the issuer during July and August.
Investors Satisfied with Private Debt Performance Investors’ positive perception of the private debt industry remains strong moving into H2 2017, as cited by more than half (57%) of survey respondents. Potentially more telling, however, is the consistently low reports of any negative perception from investors…. Subscribe to Read MoreAlready a member? Log in here...
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
CDS orphaning risk Wind Acquisition Finance and Energias de Portugal (EDP) are two credits that appear to have little in common. One is a financing vehicle for an Italian telecoms group, while the other is a Portuguese electricity operator. There is a tenuous link – EDP is one of the world’s largest wind power producers….
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Turns out there’s nothing plain about vanilla. Back in March a huge storm – cyclone Enawo – struck Madagascar, a major grower responsible for supplying 80% of the world’s vanilla pods. That crop devastation caused pod prices to hit a record high this year of $600 per kilogram. “It has been ridiculous,” said the chief…