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Markit Recap – 1/2/2017

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John Maynard Keynes said we live in a world of irreducible uncertainty, while neoclassical economists state that perfect information is available and people make rational expectations. The events of the last decade suggest that the former school of thought has more credence, though “freshwater” economists would no doubt disagree.

Uncertainty of the political variety looks set to be the overriding theme for 2017, regardless of whether one thinks the market is driven by rational agents or not. A new US president promising radical policy changes; elections in France, Germany and the Netherlands...

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A Year in Review (First of a Series)

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The notion that the middle market has reached a level of maturity was supported by a plethora of evidence this past year. For one thing, arrangers showed astonishing underwriting capacity by taking on a number of large-cap sponsored buyouts. Probably the most precedent-setting was Qlik Technologies. At just over $1 billion, this Ares-led unitranche represented a…

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Leveraged Loan Insight & Analysis -1/2/2017

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Just shy of US$2tr 2016 US syndicated loan volume is flat year over year

US arrangers pushed almost US$2 Tr through retail syndication in 2016, levels on par with 2015 totals but down modestly compared to the US$2.1tr raised in 2014. The year got off to a slow start as the market volatility that was observed in the oil and gas and commodities sectors in late 2015 carried over to the first quarter of 2016, dampening lender appetite and limiting the pipeline of deals...

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Lead Left Interview - Andrew Brady (Part 2)

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This week we continue our conversation with Andrew Brady, Managing Director and Leveraged Loan Portfolio Manager of Marathon Asset Management, L.P.  Marathon is a global credit manager with approximately $13 billion of capital under management investing in the global credit markets. Second of two parts – View part one The Lead Left: You mentioned health care. What…

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Private Debt Intelligence - 1/2/2017

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Infrastructure Debt Rises in Prominence

Although banks are the primary providers of financing for global infrastructure projects, liquidity and capital requirements can prevent them from fully serving the market. This has led to an opportunity for the unlisted fund management industry to become a significant niche player in the provision of debt financing for infrastructure...

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