The media seems to characterize amendments and extensions as financing gimmicks, but they are well-worn features of the leverage finance playbook. As interest coverage cushions are squeezed, giving borrowers room to maneuver enhances their flexibility and resilience. The same theoretically could be said about cov-lite and PIK-toggle features. Sahar panelists spoke at length about how […]
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Fitch U.S. MM CLO Spotlight – May 2024 Click here to learn more. Defaults and Deferring Exposure Flat Twenty-five CLOs had exposure to at least one defaulted or deferring issuer at the end of May 2024. Average defaulted and deferring exposure across middle market (MM) CLOs remained at 0.7%…. Login to Read More...
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Download PitchBook’s Report here. The share of carveouts in the deal landscape surged in Q1, representing 15.5% of the overall deal mix—the highest level since Q2 2013…. Login to Read More...
Leveraged borrowers continue to tap lenders for refinancings: BMC Software among largest credits to return In the absence of meaningful new money loans calendar, a steady stream of refinancings have kept arrangers of leveraged loans busy in the first 6 months of 2024…. Login to Read More...
Consumers gloomy, but keep pushing stock prices higher. Source: Bloomberg, The Conference Board(Past performance is no guarantee of future results.)
This week we attended the 40th annual conference of the Florida Public Pension Trustees Association in Orlando. Attendees included municipal pension board members, plan sponsors and administrators. In Monday’s keynote presentation we highlighted various macroeconomic factors investors face today. While researching for our talk, we came across this interesting fact (tip of the hat to…
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.5% as of 21 June, down from the highest level in last 12 months of 11.7% in October 2023) that tracks the overall performance…