Not all recoveries are created equal Top-line numbers never tell the whole story in PE. That’s especially the case in Europe, where overall middle-market numbers show a pronounced boom in activity between 2009 and 2014. Since bottoming out, deal flow almost tripled… Subscribe to Read MoreAlready a member? Log in here...
Yields on institutional term loans have tightened in 2Q15. The average yield assuming a three-year term to repayment on first-lien institutional loans is at 5.01 percent so far in 2Q15, down from 5.71 percent in 1Q15, and down over 100bp from 4Q14’s level…. Subscribe to Read MoreAlready a member? Log in here...
Many expect the European economy to perform better this year – not difficult, come might say – but recent spreads movements suggest the credit markets are sceptical. Since the index roll on March 20, the Markit iTraxx Europe has widened by 10bps to 65bps…. Subscribe to Read MoreAlready a member? Log in here...
Energy prices should boost B2B Assuming low energy prices are sustained, B2B PE activity should benefit, especially in the middle market. Activity is already pretty strong in the U.S., with another 300 deals done in Q1 totaling $30 billion. But there’s reason to be more optimistic. Much of the… Subscribe to Read MoreAlready a member? Log
After declining dramatically for two consecutive quarters due to fears of being penalized by the regulators, LBO leverage is back on the rise this quarter. Debt to EBITDA on large corporate and institutional middle market buyout deals has risen to 6.27 times and 5.50… Subscribe to Read MoreAlready a member? Log in here...
The seemingly never-ending saga around Greece’s EU status continues to drive macro sentiment, but credit investors have also had sector specific issues to digest. CDS in the TMT sector is often among the most active, but the past few weeks have seen several M&A… Subscribe to Read MoreAlready a member? Log in here...
U.S. CLO assets under management (AUM) topped $400 billion in April on the back of continued CLO issuance. This represents a roughly $31 billion jump so far this year and an $86 billion increase in the last year. U.S. CLO issuance has gotten off to a strong start in 2015 and is even ahead… Subscribe
The U.S. is Behind Canada’s PE Surge Last week we talked about the sustained boom of Canadian PE activity, which outpaced U.S. deal flow by a wide margin between 2010 and 2014 (+148% versus +40%). Are Canadian firms finding more opportunities in their backyard?… Subscribe to Read MoreAlready a member? Log in here...
Asian corporates hold up during bond selloff The recent bond selloff in Europe and the US has led to corporate spreads widening, but Asian bonds have bucked the trend with long maturity bonds… Subscribe to Read MoreAlready a member? Log in here...
The BDC industry has shown explosive growth over the last ten years and it has resulted in business development companies becoming a large force in middle market lending. BDCs’… Subscribe to Read MoreAlready a member? Log in here...