Special Report: How Big is the Middle Market?
Beginning in July 2017 The Lead Left published a series of articles on the size of middle market. This report consolidates those articles.
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Debtwire Middle-Market – 10/16/2017
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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Covenant Trends – 10/16/2017
Percentage of M&A-Related Loans with >6x Closing Total Leverage Contact: Steven Miller smiller@covenantreview
Spot-lite on Cov-lite (Third of a Series)
The notion that covenant-lite loans are bestowed on only the best and brightest borrowers has been pretty banged up. Cov-lite and other leveraged lending terms are now hostages in the front-line battle middle market arrangers are waging for business. Competition is no longer just among the midcap lender themselves. For companies in and around the…
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Chart of the Week: Budding Lite
The volume of middle market cov-lite loans fell off last quarter from 2Q’s $6.3 billion; tranche size held steady at $210 million.
Select Deals in the Market – 10/16/2017
☞ Click for a larger image.
The Pulse of Private Equity – 10/16/2017
Private Equity’s Amazon Problem Nordstrom, thought to be a prime buyout candidate, is now having trouble securing debt commitments for a would-be deal. It opted this week to wait until after the holiday season to assess any PE buyout, even with an investor waiting in the wings. Following the bankruptcy of Toys R Us, another…
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Lead Left Interview – Niels Bodenheim
This week we chat with Niels Bodenheim, senior director of debt research for bfinance. bfinance is an investment consultant that specializes in the implementation of investment strategy, including fund manager research and selection, customized portfolio design, monitoring and fee analysis. Previously Niels was executive director at Mubadala GE Capital, the commercial finance joint venture owned…
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Private Debt Intelligence – 10/16/2017
Private Debt Dry Powder Reaches New Record The capital available to be deployed by private debt fund managers has reached a new record in October 2017, peaking at $226bn. This is in part due to record fundraising in Q4 2016, followed by robust quarterly fundraising in 2017 so far – over the 12 months to…
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