Chart of the Week: Floor Covering
Since mid-May both one-month and three-month Libor rates have been consistently above the 1% benchmark floor for many leverage loans.
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Private Debt Intelligence – 8/14/2017
Deal Concentration by Location and Industry Recent Preqin data saw that deals completed in H1 2017 were both concentrated by location as well as primary industry focus. Preqin found that most private debt deal activity was concentrated in North America and most completed deals occurred in the industrials sector…. Subscribe to Read MoreAlready a member?
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Loan Stats at a Glance – 8/14/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 8/7/2017
South Korea widens as rhetoric ramps up Donald Trump’s promise to bring “fire and fury” to North Korea if it continues to threaten the United States has certainly caused consternation across the world. But has Trump’s rhetoric affected the credit markets? In the space of a couple of days it has had an impact, though…
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Leveraged Loan Insight & Analysis – 8/7/2017
MM Fundraising hits US$35B YTD, on track to match 2016 levels Fundraising for middle market lending continues strong in 2017. Year to date LPC has tracked almost US$35 billion in inflows on the back of US$60B just last year. Direct lending funds continue to make up the biggest piece of the pie raking in 64%…
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Covenant Trends – Average EBITDA Adjustment Cap for Synergies & Cost Savings
Contact: Steven Miller smiller@covenantreview
Debtwire Middle-Market – 8/7/2017
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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How Big is the Middle Market? (Last of a Series)
So far we’ve used three methodologies to size the universe of middle market loans. Using annual issuance data and average life calculations, we arrived at outstandings of $410 billion, before run-off and refinancings. Then we took the middle market refinancing cliff, which is overstated relative to outstandings, to come up with a midcap universe of…
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The Pulse of Private Equity – 8/7/2017
Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the…
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Chart of the Week: Asset Rich
Loans held by middle market CLOs are $33 billion, less than 8% of those held by broadly syndicated vehicles.