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…
Contact: Steven Miller smiller@covenantreview
☞ Click for a larger image.
Exit multiples have stayed steady at an elevated level View PitchBook’s 2017 PE & VC Exits Here Slowly but surely, exit multiples for secondary buyouts and corporate acquisitions have risen over the past two years, with figures for the former topping off at 9.4x last year. Thus far in 2017, the aggregate figure for all transaction…
“When things are good, people don’t pay attention to covenants, but when things go sour, covenants are their only line of protection.” So said one head of credit research of a large asset manager in a recent Bloomberg article. He was referring to bond covenants, but the lesson applies equally to loans. And things have…
Despite growing cov-lite activity in the middle market, levels remain below those in early 2014.
This week we continue our conversation with Tess Virmani, SVP and Associate General Counsel of the Loan Syndications and Trading Association (LSTA). Tess works with the LSTA’s Primary Market Committee and Trade Practices and Forms Committee on legal projects. She also works on advocacy and regulatory matters. Second of two parts – View part one. The Lead Left:…
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Private Debt Funds’ Time on the Road Preqin here compares the time spent on the road by private debt and buyout funds currently in market. This demonstrates that although buyout funds are more likely to experience a quick fundraising process, they are also more likely to remain in market for several years. … Subscribe to Read