This week we speak with Meredith Coffey, Executive VP of Research, Loan Sales and Trading Association (LSTA), the leading industry association for the loan market. TLL: Meredith, you and the LSTA have been in the forefront of trying to knock some sense into regulators on how CLOs are being negatively impacted. How’s that battle going? MC: (Laughing)…
A few days before last month’s running of the 140th Kentucky Derby, the WSJ published a piece detailing six reasons why California Chrome wouldn’t win. Of course, the California-bred colt, a 5-2 favorite, dominated the field and took home the $1.2 million first-prize. No word on whether the sports editor has been reassigned. Against all odds, the CLO…
Taper Vapor The Fed’s continued reluctance to predict rate increases anytime soon, leaves Treasury yields range-bound while fixed income investors party on… Login to Read More...
When we last reported on market conditions two years ago the Dow had closed at 12,929. Today it stands at 16,408 – a 27% improvement. Greek bonds back in April 2012 easily yielded mid-teens returns. Last week a five-year Greek bond auction was seven times oversubscribed and priced at 5%. After the first sixteen games…
This week we speak with Marek Olszewski, Managing Partner, Catalus Capital, a middle market investment firm with offices in Greenwich, CT and New York. TLL: Marek, your firm is probably not familiar to many of us. Tell us about what you guys do. Marek Olszewski: We are an investment fund that focuses on special situations….
The average large corporate LBO debt to EBITDA level was 6.24 times in 1Q14, up from the 6.21 average seen in 2013. In 1Q14, the average multiple increased to 9.7 times from 9.3 times last year while equity contributions averaged 33.3%. Heading into 2Q14,… Login to Read More...
While much of the publicity surrounding private equity centers on mega-deals, the middle market actually accounts for more than 70% of all PE buyouts and 66% of the capital invested in PE transactions. It is far-and-away the largest segment of the private equity deal-making environment and a safe bet that when the middle market is…
At the end of January, it seemed unlikely that the first-quarter of 2014 would be a positive one for credit markets. But that is exactly what happened, and central banks in the US and Europe appear to be laying the groundwork for a strong Q2…. Login to Read More...