Chart of the Week – Docket Watch
The pipeline for institutional middle market loans is off to a slower start compared to last year, as sellers take a “wait-and-see” attitude on deal appetite. Source: Thomson Reuters LPC
Chart of the Week
Chart of the Week – Price Talk
Purchase price multiples continue to march higher for middle market buyouts as competition remains keen among private equity buyers. Source: Thomson Reuters LPC
Chart of the Week – Taking the Plunge
Investor confidence in publicly traded business development companies has eroded valuations markedly. Source: The Daily Shot
Chart of the Week – Down Shift
Leverage declined modestly, though almost two thirds of 4Q deals were 6x total leverage or higher. US Middle Market Leverage Multiples on Institutional Deals Source: Thomson Reuters LPC
Chart of the Week – Assembly Line
CLO formation last year totaled $93 billion, off 2014’s record $124 billion, as managers wrestle with risk retention. US CLO Activity Source: S&P LCD
Chart of the Week – Off Year
Loan issuance of just under $30 billion for middle market leveraged transactions was at its lowest point since 2010. Annual Middle Market Institutional Loan Volume Source: Thomson Reuters LPC
Chart of the Week – Down Time
Leverage for all US corporate issuers is headed to levels where previous default cycles began. Source: The Daily Shot, Bloomberg Finance LP, Datastream, Deutsche Bank
Chart of the Week – Flex Time
Since August’s market volatility, more post-launch pricing changes have been investor-friendly.
Chart of the Week – Stall Speed
With risk retention rules on the horizon, monthly new CLO issuance has slowed considerably.
Chart of the Week – In Recovery
Counterintuitively, recent data from an S&P study show recoveries for first-lien term loans improved only modestly with additional debt capital below them.