Trading volumes usually fall during the summer, but the decline may start earlier than usual this year. World Cup fever has struck the financial markets, though it has to be said the atmosphere is probably more febrile outside of North America…. Login to Read More...
2014 CLO issuance sits well over $50 billion so far this year. With more than $10 billion in CLOs pricing in each of the last three months, analysts dialed up their expectations for issuance for the year. … Login to Read More...
Loans are appealing to investors because they offer a cash coupon, an interest rate hedge, security, seniority in the capital structure and covenants. Oh wait, did we say covenants? Our bad! Not only is covenant lite running rampant in the loan market, but covenanted deals are also providing investors with less protection today compared to the past. Based on leveraged deals with at least one covenant tracked by LPC via SEC filings, the amount of covenants in covenanted deals is at an all time low.
Have PE Firms Learned a Mega Buyout Lesson? Energy Future Holdings’ bankruptcy filing last month put to rest another chapter in the book of boom-era PE buyout failures…. Login to Read More...
Credit investors will remember the summer of 2012 as the turning point of the eurozone sovereign crisis. Mario Draghi’s “whatever it takes” intervention caused a decisive shift in sentiment and triggered a long rally that has lasted to this day…. Login to Read More...
Private equity is very much a global beast. As such, when thinking about deal activity trends, it is increasingly important to be aware of what is happening beyond U.S. borders. The largest private equity market outside of North America is,… Login to Read More...
The long awaited pick-up in M&A-related lending is finally making a comeback this year. The second quarter has seen many deals coming to market and many others are in the works, bringing much coveted M&A loans into market…. Login to Read More...
The apparent contradiction between optimism on economic growth and ultra-low government bond yields is preoccupying investors as we head into the summer…. Login to Read More...
It’s been a while since the eurozone’s periphery had any meaningful impact on broader market sentiment. Mario Draghi’s “whatever it takes” pronouncement in 2012 put paid to the regular bouts of volatility emanating from Europe’s beleaguered sovereigns…. Login to Read More...
The middle market yield premium on first-lien institutional term loans has dropped to just 66bp this quarter; its lowest level since 3Q09. The large corporate market has seen demand and supply re-balancing as more new money deals come to market while at the same time retail inflows reversed for a few weeks. As a result, at…