Back in the summer of 2013, there were two main themes that investors feared could trigger a change in the credit cycle. The first was the US Federal Reserve scaling back its quantitative easing programme, which precipitated the so-called taper tantrum. The second was a possible “hard landing” for the Chinese economy…. Subscribe to Read
PE Sentiment is Strong in the Consumer Sector Black Fridays mean spending and acquiring, often with a little competition thrown in the mix. What’s true for regular consumers has also been true of PE investors, which have been jostling with strategic… Subscribe to Read MoreAlready a member? Log in here...
With just under $380 billion of loan issuance having been completed so far in 2014 and over $20 billion of additional volume in the pipeline, M&A issuance to date already exceeds full year 2013 totals, marking the third highest total on record (behind 2006 and 2007). Year to date,high grade M&A lending at over $142…
We’ve commented in recent weeks on volatility, but it’s been mainly a macro phenomenon. Geopolitics, Ebola and uncertainty over monetary policy have all contributed to spread oscillations. But a little known Spanish renewable energy company provided the market with a welcome single-name credit story. Abengoa, an entrant to the Markit iTraxx Crossover index in March this…
Bigger is Better in PE, but For How Long? Bigger is still better in the global PE industry. Funds managing at least $1 billion are outpacing the $250 million–$1 billion and sub-$250 million size buckets at the 1-, 3-, 5- and 10-year IRR horizons, by significant margins in some cases. At the lower… Subscribe to
Geopolitical risk was all the rage earlier this year, and played a major part in credit spreads widening in a number of short, sharp bursts. Monetary policy soon resumed its role as the main driver of sentiment, but there were indications this week that it may have to move aside. Ukraine saw its CDS spreads…
Software Deal Valuations are Soaring The software sector commands an outsized share of PE dollars. About 70% of all 1Q-3Q capital invested in U.S.-based IT companies went to software, the highest percentage on record. $33.3 billion has been invested this year… Subscribe to Read MoreAlready a member? Log in here...
European secondary loan trading volume fell 11.5 percent to $18.27 billion during the third quarter from $20.64 billion in the second quarter. The number of trades also fell 14 percent to 3,005 from 3,528 in 2Q14. It is the same picture when comparing with… Subscribe to Read MoreAlready a member? Log in here...
10.5 percent of domestic banks reported easing terms in the last three months to larger firms, roughly on par both with the July survey and the survey at this time last year, according to the latestFederal Reserve Senior Loan Officer Opinion Survey…. Subscribe to Read MoreAlready a member? Log in here...
It is apparent to all market participants that volatility, so long dormant in this QE-saturated era, has returned in recent weeks. The credit asset class is no exception. The Markit VolX Europe, which measures realised volatility in the Markit iTraxx Europe index, reached its highest point since the “taper tantrum”… Subscribe to Read MoreAlready a