Take-privates making a comeback? One of the big differences between today’s M&A boom and 2007’s comes down to which buyers were involved. Almost a decade ago, PE firms were the muscle behind M&A. Mega-buyouts in the $10B+ category were common, inflating overall deal activity to record levels. Today’s market is… Subscribe to Read MoreAlready a
M&A loan volume gets another boost via $27B bridge; Pipeline north of $90 billion The M&A loan market – and more specifically investment grade lenders – got a nice boost in the form of a $27 billion bridge loan backing Anthem Inc.’s $54.2 billion acquisition of Cigna Corp this week. The announced… Subscribe to Read MoreAlready a
The all-important deadline of July 20 has passed without incident, Greece having redeemed its debt to the ECB with the help of a bridging loan. This doesn’t mean the crisis in Greece is resolved – far from it – but it does give the market some breathing space. We remarked last week that China may…
Secondary buyouts are down by value but consistent by volume. With news of First Data going public, it’s worth remembering how few 2006-2008 PE investments ended up transferring to other PE sponsors, at least $10B+ companies. Realistically, those buyouts needed to be exited via IPOs or, in some cases, through… Subscribe to Read MoreAlready a
2Q15 ABL volume at lowest level in nearly 2 years; 1H15 total down 17% y-o-y ABL volume tumbled in 2Q15 to close out the period at just over $18 billion, the lowest quarterly volume results since 3Q13. 1H15 issuance settled at $38.5 billion, a drop of nearly 17% compared to the year ago period…. Subscribe
Greece’s position as the dominant driver of market sentiment has been unassailable in recent months. But there may be a hiatus if an agreement is reached on bridging finance for Greece, potentially leaving room for another theme to shape credit spread direction. If Greece does become a secondary consideration – and that is a very big…
Investment-to-Exit Ratio at Record Low While it’s true that PE firms remain hopeful buyers, and the number of deals has risen over the years, they’re much more active on the sell side today. Through June, the U.S. investment-to-exit ratio is at a record low 1.7x in 2015…. Subscribe to Read MoreAlready a member? Log in
After a very slow start to the year, leveraged lending picked up in 2Q15. Issuance of $233.3 billion was up 69 percent from 1Q15 levels. While issuance was down year-over-year, it only trailed by 10 percent, a lot lower than the 53 percent deficit recorded in 1Q15. On the heels of a very slow first…
Pressure on Euro banks pushes spreads wider European financials have seen their credit risk nearly double since March, steered by the prospect of less government aid for banks and the ongoing Greek crisis. Markit iTraxx Europe Senior Financials is at its widest level since March 2014… Subscribe to Read MoreAlready a member? Log in here...
PE’s New Sweet Spot: $1bn-$5bn Private equity seems to have a new sweet spot for fund sizes. 53% of total capital raised in the U.S. went to the $1-$5bn range, the third time since the crisis that it’s closed a majority of LP dollars. The big exception is 2013,… Subscribe to Read MoreAlready a member?