The commodities rout continued in earnest this week as oil prices hit recent multi year lows, while industrial metal prices also retreated to levels lower than those seen in the depths of the volatility earlier in the year. These developments are not surprisingly translating into further pain for bond investors in resource dependent sectors with both investment…
The average purchase price for large corporate LBO deals is still well below the large-scale deals struck during the buyout boom, but select mega deals are resurfacing. The average purchase price year to date for large corporate LBO deals is around $1.8 billion, slightly behind 2014 levels of $1.9 billion, but far lower… Subscribe to
Global PE Cash Flows for 2015 Already Strong In the first quarter of 2015, private equity firms worldwide have already distributed $168.2 billion back to their limited partners, while calling down $114.3 billion. Those two sums combined produce a net cash flow for 2015 of $53.9 billion already, no less than 32% of last year’s…
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