TheLeadLeft
Loan Stats at a Glance – 8/3/2015
Contact: Daniel Mena daniel.mena@spcapitaliq.com
Markit Recap – 7/27/2015
Commodities strain Latam corporate credit The recent commodity downturn has sent Latam corporate bond yields surging, just as the US looks set to raise interest rates. Brazil’s 5-yr CDS spread has widened 31bps over the past week as commodity slump hits Latam corporate bond yields have diverged from their emerging… Login to Read More...
More on Dividends
Last week we covered dividend recapitalizations on sponsored leverage loans. Turns out the topic required more air time, based on the feedback we received from readers. One of the top investment bankers in the middle market reflected on the differences lenders perceive among recaps opportunities. “A primary consideration is the vintage of the fund for…
Chart of the Week – Buy-outs vs. Cash-outs
Despite their reputation as riskier loans, dividends to sponsors have a 20-year history of lower defaults than the original buyout financings. Leveraged Loan Defaults by Purpose (1995-2014) Source: S&P Capital IQ
The Pulse of Private Equity – 7/27/2015
Take-privates making a comeback? One of the big differences between today’s M&A boom and 2007’s comes down to which buyers were involved. Almost a decade ago, PE firms were the muscle behind M&A. Mega-buyouts in the $10B+ category were common, inflating overall deal activity to record levels. Today’s market is… Login to Read More...
Lead Left Interview – Tom Lesch
This week we chat with Tom Lesch, Director, Livingstone. Livingstone is a global M&A and debt advisory firm with six international offices including Chicago. Its core industry sectors include Business Services, Consumer, Healthcare, Industrial and Media & Technology. The Lead Left: Tom, it’s been a while since we last talked. What’s new at your firm?…
Leveraged Loan Insight & Analysis – 7/27/2015
M&A loan volume gets another boost via $27B bridge; Pipeline north of $90 billion The M&A loan market – and more specifically investment grade lenders – got a nice boost in the form of a $27 billion bridge loan backing Anthem Inc.’s $54.2 billion acquisition of Cigna Corp this week. The announced… Login to Read More...
