Chart of the Week: No Ifs, Ands, or Cuts
Market observers now think a rate cut at the Fed’s June meeting is unlikely. Source: The Daily Shot(Past performance is no guarantee of future results.)
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The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)
Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually a good and natural thing. For those companies willing to go through the ratings and syndication processes in the bank market, terms can be competitive. Financing choices now include leading private credit managers who offer […]
KBRA Direct Lending Deals: News & Analysis – 4/8/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Private Debt Intelligence – 4/8/2024
Family offices warm to Infrastructure, private debt, and hedge funds Private equity is the main alternative asset class for family offices, with 58% of those tracked by Preqin active in the strategy, ahead of real estate (46%). However, while just 21% of family offices are active in hedge funds and private debt and 20% in…
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Debtwire Middle-Market – 4/8/2024
Healthcare companies made up 36% of all Chapter 11 filings in 1Q24 Source: Debtwire Restructuring Database A guide to distress in healthcare Overall, during the first quarter of 2024, there were 35 Chapter 11 applications for total debt of USD 15.4bn, of which 12 were healthcare companies, or 36% of all Chapter 11 filings, per Debtwire’s Restructuring Database….
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LevFin Insights: High-Yield Bond Statistics – 4/8/2024
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Covenant Trends – 4/8/2024
Percentage of Deals with 75+ bps MFN (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
The Pulse of Private Equity – 4/8/2024
Median North America and Europe PE buyout EV/EBITDA multiple Download PitchBook’s Report here. A quarter in 2024, PitchBook data shows that buyout multiples remain elevated. The trailing 12-month mark for EV/EBITDA multiples in Europe and North America stands at 11.9x, relative to 14.1x for the first quarter of 2024…. Subscribe to Read MoreAlready a member? Log
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Leveraged Loan Insight & Analysis – 4/8/2024
1Q24 US Leveraged volume up 46% year over year; Highest quarterly total in over 2 years US leveraged lenders completed US$347.5bn of issuance across the high yield bond and leveraged loan markets in 1Q24, a 46% increase compared to the same time last year and the strongest quarterly results since 4Q21. More interesting was the…
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Chart of the Week: Honey, I Shrunk the Interest Coverage Cushions
The Fed’s “higher-for-longer” has compressed leverage loan coverage ratios. Source: PitchBook | LCD(Past performance is no guarantee of future results.)