Select Deals in the Market – 9/11/2017
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Flavor of the Month
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…
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Lead Left Interview – Jason Block & Fred Buffone (Part 2)
This week we continue our conversation 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. Second of two parts – View part one The Lead…
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Leveraged Loan Insight & Analysis – 9/11/2017
Middle market covenant lite deals exhibit higher leverage than covenanted deals Private equity shops who are purchasing large middle market credits with EBITDA $40M and above have many choices on how to finance their deals. Those sponsors that choose the institutional loan market seem to get the most flexibility. Middle market covenant lite volume has…
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Debtwire Middle-Market – 9/11/2017
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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The Pulse of Private Equity – 9/11/2017
Are PE multiples reasonable? Investors think so View PitchBook’s Global PE Deal Multiples Report Here There’s an old joke in political science circles that applies, in a way, to today’s PE market. Do you approve of the job congress is doing? Not at all says the vast majority, vote them all out. How about your congressman,…
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Covenant Trends – 9/11/2017
Frequency of Loans with Market Capitalization Carveout Based on RP Capacity Contact: Steven Miller smiller@covenantreview
Chart of the Week: Spread Slide
Since the correction of August 2015, all-in institutional spreads for single-B loans have contracted 200 bps.
Private Debt Intelligence – 9/11/2017
Private Debt Fund Managers Gauge Investor Appetite Preqin’s mid-year survey of private debt fund managers found that the vast majority have seen investors become even more keen to participate in the asset class over the past 12 months. Ninety percent of surveyed firms reported that they had seen investor appetite increase in the 12 months…
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Loan Stats at a Glance – 9/11/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com