This week we chat 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. The Lead Left: Art, you’ve had nearly 30 years of experience in middle market debt. Where are…
European Direct Lending Surpasses North America Direct lending has become a staple element of the private debt market in both North America and Europe in recent years, providing investors with an alternative risk/return profile compared to more traditional mezzanine or distressed debt opportunities. However, differing regulatory environments between the two regions have proved a boon…
Secondary loan prices have edged up since year-end, on increased investor confidence and lack of new supply. Leveraged Loan Bid Levels Source: S&P Capital IQ; data for selected flow names
PE Firms Looking Lower for Value As prices remain stubbornly high in many cases, a surge in overall private equity deal value in the reaches of the U.S. lower middle market is not wholly unexpected – on a quarterly basis, deal value was up by over 80% from 4Q while transactions jumped 14% in number….
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Contact: Timothy Stubbs timothy.stubbs@spcapitaliq.com
Brazil leads as credit risk in Latam region recedes Brazil’s 5-yr sovereign CDS spread has tightened to its lowest level since last August Peru, Chile and Colombia have all seen a 35% tightening in sovereign credit spreads Markit iBoxx USD Emerging Markets Corporates LatAm Index has returned 7.7% this year Credit markets reacted positively after…
The question surrounding the leverage loan pipeline involves many factors. We’ve discussed some of them, including regulatory bank hurdles, uncertainty surrounding the economy, and hesitation by private equity sponsors to pay high multiples. Several readers weighed in with their own perspectives on the slowdown. “First quarter always has some degree of seasonality,” the CEO of…
With purchase price multiples high, sponsors have sold or taken public more than 2500 portfolio companies since 2014. Quarterly US PE Exit Activity Source: PitchBook