This week we continue our conversation with Timothy J. Conway, chairman and chief executive officer of NewStar Financial. Founded by Mr. Conway in 2004, NewStar is focused exclusively on providing sophisticated financing options to mid-sized companies through four national lending groups: leverage finance, business credit, equipment finance, and real estate. Second of two parts – View…
Supply/demand imbalance among unitranche providers continues to keep one-stop pricing below that of junior capital. Source: Lincoln’s proprietary database of over 600 privately-held companies
U.S. Middle Market Continues Healthy Plateau The U.S. private equity middle market remains strong, tracking relatively within the record ranges of last year. At 474 closed transactions in Q3 for a total of $80 billion in invested capital, 2015 is now at just over 1,400 deals and a total of $250 billion. That puts it…
Middle market volume showed a dramatic decline in 3Q15. Loan issuance only reached $27.4 billion, a 36% drop quarter-over-quarter and a 42% drop year-over-year. Non-sponsored issuance showed the biggest drop off as issuers clearly became spooked by broader market volatility and a fear of a global macroeconomic slowdown. … Subscribe to Read MoreAlready a member? Log in
Contact: Daniel Mena daniel.mena@spcapitaliq.com
Eastern Europe is generally viewed by credit investors as one of the safer segments of increasingly shaky emerging markets asset class. But the aggressive presence of Russia poses risks, as its neighbours know all too well. On September 23rd the Republic of Ukraine failed to pay principal on its $500m 6.875% coupon bond. A drawn…
As with all great capital market innovations – price flex, CLOs, and second-lien term loans – the unitranche seems obvious in hindsight. Having one lender provide a senior secured tranche that mimics a combined senior and subordinated debt structure solves a number of borrower issues. Yet its development was hardly a foregone conclusion. A decade ago the…
Since early 2014 high-yield default rates have more than doubled, while the same metric for loans remains below 1.5%. Source: Credit Suisse