Puerto Rico’s (PR) development bank successfully made a $354m debt payment this week, closely staving off defaulting on its GDB bonds. PR’s 8% 2035 GO bond saw its price climb 2.5pts to 75.00 (cash basis to par) according to Markit’s municipal bond pricing service. The jump marked a new two… Subscribe to Read MoreAlready a
Arrangers continue to show some discipline with regards to structuring LBO deals as the year comes closer to an end. The share of buyout deals that are levered seven times and greater has fallen to only 14% in 2015, down from 26% last year and down from 39% at the peak of the… Subscribe to
Could PE Return Multiples Begin to Stagnate? Driven by the seller’s market over the past few years, recent private equity fund vintages have seen their return multiples improve considerably. Distributions back to limited partners have risen to staggering levels, with 2014 seeing no less than $467.8 billion alone…. Subscribe to Read MoreAlready a member? Log in here...
Military tension with Turkey has sent Russia’s CDS spread wider this morning but Russia’s apparent rapprochement with the west has seen investors treat Russian bonds in a much brighter light. After spending the first three months of the year in purgatory due to the continuing fighting in East… Subscribe to Read MoreAlready a member? Log
Loan mutual fund & ETF assets under management (AUM) finished October at $127 billion, their lowest level since June 2013, as investors continued to pull money from these funds and loan prices shifted lower. Loan funds AUM is down over 10% this year, and is now 27% off the record high of $174 billion set…
Canadian Deal Flow Strong, Bolstered by Investor Interest in Middle Market Canadian private equity activity has remained heightened throughout 2015, driven by strong numbers from the main hubs of investment, Ontario and British Columbia. Through 3Q 2015, 238 transactions worth C$37.3 billion have been… Subscribe to Read MoreAlready a member? Log in here...
Emerging market credit has had a volatile second half (H2) in 2015. Falling commodity prices, slowing global trade and a strong US dollar have all impacted credit risk, nowhere more than in the Asean region. 5-yr CDS spreads, which measure implied credit risk, rose steadily in August and September with… Subscribe to Read MoreAlready a
U.S. CLO assets under management (AUM) have edged higher recently to $417 billion, while European CLOs are at €65 billion. The climb in U.S. CLO AUM this year allied with the relatively stable size of the institutional loan market has pushed the CLO share of the market up six… Subscribe to Read MoreAlready a member?
U.S. Interest in Canada Remains Strong For the fifth straight year in a row, the number of unique U.S. private equity firms active in Canada has exceeded domestic firms by a considerable margin, with a disparity of 33 through the end of September 2015. Although unlikely to surpass the height of 2013, the number of…
This week Goldman Sachs announced the closure of its dedicated Bric (Brazil, Russia, China and India) fund after nearly ten years. The move signalled the end of the Bric era, as this year saw recessions plague Russia and Brazil while growth in China stalled. India, however, has remained a bright spot, and the… Subscribe to