Chart of the Week: Deep and Cheap
Since early last year, leverage vs. yield for middle market institutional loans has deteriorated in favor of the issuer.
TheLeadLeft
Private Debt Intelligence – 7/10/2017
Private Debt Fundraising Momentum Fades in Q2 The closed-end private debt fundraising market saw 26 vehicles reach a final close in the second quarter of 2017, securing a total of $16bn in investor commitments. Preqin expects these figures to rise by up to 10% as more information becomes available,… Subscribe to Read MoreAlready a member?
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Markit Recap – 7/3/2017
Senior Financials trading tighter than Corporates The fate of corporates and the banks that serve them is intertwined; that much is clear from the past decade. But though the correlation is close, it’s certainly not one-to-one. … Subscribe to Read MoreAlready a member? Log in here...
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Covenant Trends – Percentage of Loans with F&C Incremental Tranche Growers, Sponsored vs. Public
Contact: Steven Miller smiller@covenantreview
Fall Risk
It was probably mission impossible, but we gamely tried this week to complete a personal Top Ten list. This one is called “Top Ten Best Things About Rupturing Your Quadriceps Tendon in Church on Father’s Day.” #10 came quickly. “The minister was right there to deliver last rites.” #9 was relatively easy: “A brand-new walker…
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Chart of the Week: Still Ticking
Second quarter activity in middle market sponsored loans tailed off slightly from the previous quarter, though at $16.2 billion was up from 2Q 2017.
Leveraged Loan Insight & Analysis – 7/3/2017
1H17 US Syndicated loan volume hits record high at over US$1.2Tr US syndicated loan issuance hit a new milestone in 1H17 to mark the highest half year total on record at over US$1.2T (an additional US$21.6bn of clubbed loans also worked their way through the market to bring US corporate issuance to nearly US$1.4Tr in…
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Lead Left Interview – Mary Katherine DuBose (Part 2)
This week we continue our conversation with Mary Katherine DuBose, Co-Head of Asset Backed Finance and Securitization, Asset-Backed Finance, Wells Fargo Securities. ABF provides direct structured lending as well as the underwriting and distribution of asset-backed securities for over 500 clients and a risk portfolio of approximately $120BN across consumer, commercial, residential and corporate debt…
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Private Debt Intelligence – 7/3/2017
Public Pension Funds in Private Debt Public pension funds are among the most important institutional investors active in the private debt asset class. They comprise some of the largest and most influential limited partners,… Subscribe to Read MoreAlready a member? Log in here...
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Debtwire Middle-Market – 7/3/2017
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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