Noble Group clings on A year ago this week, the credit markets were digesting the shock of a ‘leave’ vote in the Brexit referendum. What followed was a period of extreme volatility and it seemed that 2017 was set for more of the same…. Subscribe to Read MoreAlready a member? Log in here...
Middle market sponsor-backed issuers are seeing fewer repricings than large corp. issuers Private equity shops have taken advantage of strong liquidity in the loan market to refinance/reprice many of their portfolio companies into longer dated maturities, looser structures and cheaper pricing…. Subscribe to Read MoreAlready a member? Log in here...
Exit multiples have stayed steady at an elevated level View PitchBook’s 2017 PE & VC Exits Here Slowly but surely, exit multiples for secondary buyouts and corporate acquisitions have risen over the past two years, with figures for the former topping off at 9.4x last year. Thus far in 2017, the aggregate figure for all transaction…
Private Debt Funds’ Time on the Road Preqin here compares the time spent on the road by private debt and buyout funds currently in market. This demonstrates that although buyout funds are more likely to experience a quick fundraising process, they are also more likely to remain in market for several years. … Subscribe to Read
Middle market fundraising firing on all cylinders in 2017 Money continues to pour into the middle market in a myriad of ways. For starters, 2017 is going to be the strongest year for middle market CLO formation since the credit crisis. Year to date $7.3 billion in middle market CLOs have priced, not too far…
Is this the new normal for buyout firms? View PitchBook’s 2017 Global PE Deal Multiples Report: Part II Here Multiple datasets can help convey certain aspects of why the current private equity environment may represent a new normal in terms of dealmaking, yet one of the more telling is one that depicts the type of the…
Private Debt Fundraising Pool Widens The closed-end private debt fundraising market is broadening, as more fund managers continue to form and bring funds to market. Consequently, the largest private debt firms are accounting for a smaller proportion of total fundraising activity,… Subscribe to Read MoreAlready a member? Log in here...
Sovereign Wealth Funds Look to Private Debt Sovereign wealth fund investors are increasingly looking to make private debt investments an element of their portfolios. The latest research from Preqin finds that the proportion of sovereign wealth funds currently investing in the asset class has increased… Subscribe to Read MoreAlready a member? Log in here...
Banco Popular Senior and Sub move in opposite directions The CoCo market received all the plaudits following Banco Popular’s enforced “rescue” by Santander yesterday. But another, more established financial instrument will also be tested by the Spanish bank’s resolution. A question was put to the ISDA Determinations Committee yesterday, asking if a restructuring/governmental intervention has…
U.S. new issue CLO volume outpaces refinancings for first time in 2017 May marked the first month this year where U.S. new issue CLO volume outpaced refinancing volume. CLO new issue amounted to $9.8 billion in May, slightly down from the $10.2 billion posted in April, taking 2017 issuance to $37.5 billion…. Subscribe to Read