Over the last several years the biggest opportunity for PE firms was in solid companies that were struggling with generating growth and then to use their operation expertise to fix it up in order to… Subscribe to Read MoreAlready a member? Log in here...
In the classic comedic bit from the early 1960’s, Mel Brooks, as a two thousand year old man, is asked what he thought mankind’s greatest invention was. “Saran Wrap,” he answers promptly. Not the discovery of space? “That was good,” he admits. We’re not sure what the venerable Mr. Brooks would say today if posed…
Outer Banks US banks have surrendered share of the institutional loan market to their shadow selves for decades, but CLO’s, hedge funds, finance companies, and other institutional funds are poised to finish the job in the wake of increased regulation. Primary Market for Highly Leveraged Loans… Subscribe to Read MoreAlready a member? Log in here...
This week we continue our conversation with David Preston, managing director in the Structured Products Research group at Wells Fargo Securities. David covers CLOs, CDOs and Commercial ABS, and publishes a widely-respected report, The CLO Salmagundi. Second of two parts – View part one The Lead Left: OK, thanks. So you were saying on volume… DP: Yes, so $3 billion,…
No Curve in the Path Anytime Soon Once each quarter we pause to pull together survey and transaction data to try and understand where the private equity deal market is at in terms of pricing, multiples, leverage and fees…. Subscribe to Read MoreAlready a member? Log in here...
Trading volumes usually fall during the summer, but the decline may start earlier than usual this year. World Cup fever has struck the financial markets, though it has to be said the atmosphere is probably more febrile outside of North America…. Subscribe to Read MoreAlready a member? Log in here...
Source: S&P Capital IQ Contact: Robert Polenberg robert.polenberg@spcapitaliq.com
2014 CLO issuance sits well over $50 billion so far this year. With more than $10 billion in CLOs pricing in each of the last three months, analysts dialed up their expectations for issuance for the year. … Subscribe to Read MoreAlready a member? Log in here...
Loans are appealing to investors because they offer a cash coupon, an interest rate hedge, security, seniority in the capital structure and covenants. Oh wait, did we say covenants? Our bad! Not only is covenant lite running rampant in the loan market, but covenanted deals are also providing investors with less protection today compared to the past. Based on leveraged deals with at least one covenant tracked by LPC via SEC filings, the amount of covenants in covenanted deals is at an all time low.