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Markit Recap – 9/18/2017

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Toys R Us triggers CDS credit event Toys R Us became the latest CDS name to default after it filed for Chapter 11 bankruptcy protection. There have been lots of contentious credit events this year (Noble, Banco Popular, Monte to name a few) but this one was cut and dried. An auction will be held…

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Leveraged Loan Insight & Analysis - 9/18/2017

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Toys ‘R’ Us bankruptcy pushes DIP loan issuance to the highest level since 2009 Toys ‘R’ Us launched a US$3.125bn debtor-in-possession (DIP) facility this week after filing for Chapter 11 protection on Monday. If the deal goes through at the launch amounts, it would bring year to date DIP loan issuance to US$7.6bn across 13…

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The Pulse of Private Equity - 9/18/2017

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The numbers behind the fundraising boom Download PitchBook’s Global PE Deal Multiples Report Here According to our new PE & VC Fund Performance Report, released this week, net cashflows to private equity investors stayed in positive territory through 2016. Net cashflows (the difference between LP contributions and GP distributions) are on a downward trend and, while…

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Loans à la Mode

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Following our story last week on skyrocketing costs of natural vanilla flavoring, fans of confectionary innovation alerted us to another development on the sweets front. A Swiss company is launching “ruby chocolate” to appeal to millennial appetites as well as to open foreign markets less known for chocoholics. While not available to consumers until 2018,…

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Lead Left Interview - Stephen Boyko

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This week we chat with Stephen Boyko of Proskauer. Steve is a partner in the firm’s corporate department and co-head of the private credit and finance groups. He represents one of the largest client rosters in the industry, including an array of specialty finance companies, private debt funds, and BDCs. The Lead Left: Steve, thanks…

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Debtwire Middle-Market – 9/18/2017

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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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