Chart of the Week – Off The Shelf
The universe of private equity backed companies in the US has leveled off, but still represents significant opportunities for future deal-making. Source: PitchBook
Chart of the Week
Chart of the Week – The Bigger They Are
As banks retreat under regulatory pressures, non-banks are bulking up in their capacity to do larger middle market deals Average Middle Market LBO Size Source: Thomson Reuters LPC
Chart of the Week – The Thrill is Gone
As loan spreads have widened over the past year, the incentive for borrowers to seek better terms has diminished sharply. Source: Thomson Reuters LPC
Chart of the Week – Ahead of the Curve
Spreads on middle market loans have risen in concert with those of their broadly syndicated counterparts; now at a 116 bps premium. Source: S&P LCD
Chart of the Week – Flex Drive
Market volatility from last year’s oil price shock dramatically cut both issuer and investor-friendly flex activity. Source: Thomson Reuters LPC… Subscribe to Read MoreAlready a member? Log in here...
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Chart of the Week – All Relative
Both loan and high-yield bond yields peaked in mid-December, easing since. Relative spread favors junk by 200 bps. Gap between high-yield bonds and loans Source: S&P LCD
Chart of the Week – One B, Two B, Red Line, Blue Line
Better issuers get better pricing, but oil-related market volatility has lifted yields on all credits. Average new-issue yield to maturity Source: S&P LCD … Subscribe to Read MoreAlready a member? Log in here...
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Chart of the Week – Refi Chill
Loan repayments have declined since July 2013, as widening spreads foil issuers looking to cheapen borrowing costs. Source: SEC filings, ratings reports, market sources, S&P/LSTA Index… Subscribe to Read MoreAlready a member? Log in here...
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Chart of the Week – Prime Cut
Out-flows from retail loan funds eased last month from December’s flood, helping rebalance supply-demand technicals in favor of issuers.
Chart of the Week – Payback Time
Regulators cite “weak characteristic” of many leveraged borrowers’ inability to repay debt within seven year tenors. Source: The Fed, FDIC, OCC (Shared National Credits Program (2014 Leveraged Loan Supplement)… Subscribe to Read MoreAlready a member? Log in here...
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