This week we chat with Marc Daniel, managing director, mergers and acquisitions, SunTrust Robinson Humphrey. STRH is recognized as a top provider of M&A services for deals under $500 million and has executed hundreds of transactions for private and public companies, as well as financial sponsor firms, across a wide variety of industries and market…
Mezzanine Funds Become Most Sought-After Last week, Preqin examined the stated preferences of private debt investors and showed that mezzanine funds are currently preferred by the largest proportion of investors, a shift from 12 months ago. This week, Preqin explores… Subscribe to Read MoreAlready a member? Log in here...
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Italian banks bounce back The Eurozone has many structural flaws, inherent design failings that were painfully exposed over the last decade. Some of these have been rectified and good progress has been made on a banking union, in particular. But the work is not complete,… Subscribe to Read MoreAlready a member? Log in here...
Yields of first/second-lien structures continue to tighten The average yield has widened to 5.46% so far in 3Q17 from 4.96% in 2Q17. One of the reasons behind widening yields is that while refinancings continue to lead activity, the share of M&A credits has increased to 40% of the institutional tranches priced so far this quarter….
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…
Contact: Steven Miller smiller@covenantreview
Private Debt Investors Look to Mezzanine Funds As part of its Q2 review of the private debt asset class, Preqin evaluated the strategy preferences of the almost 2,800 investors currently active in the industry. It found that investors were targeting fund types at very different rates compared to 12 months ago,… Subscribe to Read MoreAlready
Middle Market Activity – 2Q Update To get the full report on Friday, please visit PitchBook’s dedicated Reports page, linked here. The US middle market continues to be a hotbed of PE activity. PitchBook’s 2Q 2017 Middle Market Report, to be released this Friday, shows another strong quarter, particularly for the upper middle market. 147…
Contact: Timothy Stubbs timothy.stubbs@spglobal.com