Investor Appetite for Private Debt For the first time in the history of the private debt asset class, investors surveyed by Preqin in December 2015 are planning to commit more capital to Europe-focused funds than North America-focused funds. While both of these regions have traditionally attracted strong investor interest, only in recent years has regulation,…
Just when we thought we were out of the economic woods with a strong report on April jobless claims (lowest since 1973), there came the 1Q GDP report showing anemic growth of 0.5%. That was enough to send equities down over 1% for the week. This good news-bad news pattern is discouragingly familiar to market…
This week we continue our conversation with Art Penn, Founder and Managing Partner, PennantPark. PennantPark Investment Advisers– founded in 2007 – is a leading investment firm focused on partnering with middle-market companies to provide them with creative and flexible capital. Second of two parts – View part one. The Lead Left: You’re among the few managers I’ve…
First quarter activity in the non-syndicated middle market slowed, but less sharply than for syndicated deals. Club/Private Middle Market Issuance Source: Thomson Reuters LPC
U.S. PE-backed hold times in the middle market remain high Reflecting the decline in private equity-backed exit activity observed across the whole market in the first quarter of 2016, U.S. PE-backed exits in the middle market were also quite low, with only 170 sales for nearly $13 billion recorded. After the banner run PE sellers…
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Contact: Nicholas Boekel nicholas.boekel@spglobal.com
Japanese bonds rise despite BOJ disappointment Japanese sovereign bonds managed to deliver positive returns today, while almost every other asset class suffered from the Bank of Japan’s decision to reject further loosening of monetary policy. Japanese government bonds tightened by 3 bps today but corporate bonds saw risk surge Corporate bond CDS spreads jumped by…
Credit concerns have increased this year as defaults, while still low by historical standards, continue to move higher. The U.S. leveraged loan default rate ended the first quarter at 2.8%, up from 2% in the previous quarter, and up from 1% a year ago, according to Moody’s. In the first quarter, $7.3 billion of leveraged…