Chart of the Week – Sponsors Back Down
A combination of corporates flush with cash and the pressure of high purchase price multiples has created tougher conditions for private equity buyers.
TheLeadLeft
The Pulse of Private Equity – 6/15/2015
Valuations met with a shrug High valuations have become a headache in the PE industry, not only for the firms themselves but also their own LP investors. Overpaying today leads to under-reaping tomorrow. Even so, deal activity… Subscribe to Read MoreAlready a member? Log in here...
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Lead Left Interview – Robert Gefaell
This week we chat with Robert Gefaell, co-founder and partner, Plexus Capital. Plexus focuses on subordinated debt investments in middle market companies, with a total of $550 million under management across three funds. The Lead Left: Robert, you and your partners got started together at the old Centura Bank, correct? Robert Gefaell: That’s right, Randy….
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Leveraged Loan Insight & Analysis – 6/15/2015
Loan mutual fund & ETF assets under management edged higher to just over $139 billion in May as these funds registered a second consecutive month of inflows as expectations around higher interest rates once again came to the fore. Despite the combined inflows of $646 million in April and May,… Subscribe to Read MoreAlready a
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Loan Stats at a Glance – 6/15/2015
Contact: Cuong Huynh cuong.huynh@spcapitaliq.com
Markit Recap – 6/8/2015
Macro themes continue to dominate fixed income markets, but investors shouldn’t lose sight of the idiosyncratic stories that are unfolding in the background. New Look, a British high street retailer, saw its spreads tighten dramatically this week after it announced a refinancing that should improve its credit profile. The company was bought… Subscribe to Read
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Payback Time
One bedrock tenet of sound lending practices is establishing the borrower’s capacity to repay its debt over the contractual life of the obligation. So it’s not surprising that regulators have taken banks to task in recent reports highlighting a growing number of leveraged loan issuers which lack that capacity. Specifically, in its 2014 Leveraged Loan…
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Chart of the Week – Two Way Street
Expectations in recent months of higher rates have caused volatility in options markets to diverge between equities and bond yields. Sources: Citi, Bloomberg, IIF via The Daily Shot