TheLeadLeft
Leveraged Loan Insight & Analysis – 9/4/2017
Leveraged market set to keep things rolling post-Labor Day The leveraged loan market has not looked like it will slow down anytime soon. Year-to-date completed issuance stands at US$972bn through the end of August. That is higher than any post-crisis year through 3Q while another roughly $35bn sits in the pipeline for September. While the…
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Back to School
For many of us the post-Labor Day week means reacclimating to the concept of being in front of a computer in an office. And not in your bathing suit. For those in the leveraged loan market, it means wondering whether deal activity will see its usual September resurgence, and what that will mean for terms…
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Lead Left Interview – Jason Block & Fred Buffone
This week we chat with Jason Block, partner and chief investment officer and Fred Buffone, principal, of Freedom 3 Capital. F3C provides tailored junior capital solutions to middle market companies by providing a combination of junior capital securities to generate current income and capital appreciation. The Lead Left: Jason, congratulations on your success in building…
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The Pulse of Private Equity – 9/4/2017
The next buyout cycle is heavy middle market View PitchBook’s 2017 PE & VC Fundraising Report Here If the latest fundraising numbers are any indication, the new buyout cycle taking hold will be much more geared toward the middle market, particularly on the lower end. Compared to years past, the latest crop of MM funds accounts…
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Middle Market Deal Terms at a Glance – September 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Debtwire Middle-Market – 9/4/2017
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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Private Debt Intelligence – 9/4/2017
Private Debt Fund Managers Adapt to Rising Competition The private debt industry is seeing fundraising figures on pace with those of 2016, and optimism among private debt fund managers for the asset class remains high. However, high levels of deployable capital and an increased number of industry participants have likely contributed to increased difficulty in…
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Chart of the Week: Three Quarter Time
Total leveraged loan volume so far for the first three quarters of 2017 has matched the high for the same period four years ago.
Covenant Trends – 9/4/2017
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-related) Contact: Steven Miller smiller@covenantreview