Last weekend, we took our eight-year-old daughter to the library to get books on her school reading list. (The “Ready, Freddy!” series, if you must know). On the way out, a mother and her two young sons preceded us. The boys ran into the automatic revolving door. “No,” she said, opening the swinging door. “Come…
While the war in Ukraine grinds along amid depressing headlines, investors of all stripes are settling into the view that economic effects of the war will be more local than widespread (see our Quote of the Week). Public equities in particular have recovered their value since Russia’s invasion of February 24, having priced in, for…
It was almost a clean getaway. Two years almost to the day since it emerged, Covid was crumbling. The combination of vaccinations (77% of Americans with at least one shot) and infection immunity was finally having an effect. Hawaii became the last state to announce an end to indoor masking. Across the nation school children…
This week Churchill’s Carol Loundon, managing director, underwriting and portfolio management, joins her colleagues Kelli Marti and Jessica Nels as we continue our special series for 2022 [link] with a discussion of ESG and private credit. Increased focus on ESG in the past five years has mirrored the rise of private credit as an established…
This week Churchill’s Kelli Marti and Jessica Nels continue their special series on the capital markets outlook for 2022 [link] with a discussion of the unitranche trend. Once considered a novel concept, the unitranche – a one-stop senior secured financing melding senior and subordinated tranches into one – has captured the attention of private equity…
Churchill’s Kelli Marti and Jessica Nels continue their commentaries related to the firm’s 2022 Capital Markets Outlook [link]: From loan issuance, to LBO and M&A activity, to record CLO volume, 2021 was an unprecedented year in many forms. Coming off that record-breaking activity, we consider what lies ahead in 2022. In December 2021, our content…
In our 2022 Capital Markets Outlook, we discussed expectations for the year ahead. Topics included covenant-lite loans, inflation and rising interest rates, the LIBOR/SOFR transition, the heightened prevalence of unitranche loans and the continued focus on ESG. Kelli Marti, Churchill’s head of CLO management, and Jessica Nels, capital markets, begin a series of market commentaries…
We caught up recently with our chief investment strategist at Nuveen, Brian Nick, for a conversation on markets and the economy: “We are at an inflection point in two important respects; first, 4Q was the best quarter of 2021 from a GDP perspective. Last year growth was 5.5%, best since 1984. But even if we…
For private capital veterans, the recent spate of market volatility is another opportunity to show strength relative to public asset classes. The threat of higher interest rates, abetted by spiking inflation, is now fully absorbed in the market. After a rocky week for the Dow and Nasdaq, indices firmed. But uncertainty still reigns and investors…
Last week we held our first “Lead Left Presents” webinar attended by over 500 registrants. The topic, M&A Outlook for 2022, featured four top middle market investment bankers discussing what happened in the deal market in 2021, and what’s to come for 2022. Those who missed it can watch our replay [link]. In our previous…