Going back several quarters, larger PE funds have performed better than smaller funds, generally speaking. Funds of at least $1 billion outpaced smaller size buckets across the 1-, 3-, 5- and 10-year IRR horizons through 4Q 2013,… Subscribe to Read MoreAlready a member? Log in here...
The average yield assuming a three year term to repayment, on first-lien institutional tranches is at 5.56 percent so far in 3Q14, up from 5.17 percent in 2Q14. Moreover, 30 percent of first-lien term loans have priced at a yield of 6 percent or above,… Subscribe to Read MoreAlready a member? Log in here...
Russia and India have long had a close relationship, going back to the days of Nehru and Khrushchev. But, though links between the two countries remain tight, the same can’t be said of their relative creditworthiness…. Subscribe to Read MoreAlready a member? Log in here...
PE Firms Pumping out the Cash U.S. PE firms distributed about $98 billion more back to investors than they called down in 2013. Total distributions amounted to $232.5 billion last year, a ten-year high and 3% increase over total distributions in 2012. While distributions increased in 2013,… Subscribe to Read MoreAlready a member? Log in
On the back of increasingly unsettling global headlines, the capital markets took a beating earlier this month. As the equity markets tumbled, the US high yield bond market likewise saw skittishness culminating in an outflow of over $7 billion during the week of August 6 alone,… Subscribe to Read MoreAlready a member? Log in here...
The micro issues of Argentina and Banco Espirito Santo have garnered most of the attention in the CDS market of late, but as the summer draws to a close the discourse is shifting back to the macro picture. On the face of it, the change in focus could be a negative development. The eurozone economy…
Global volatility has spread down to the leveraged loan market and investors are pushing back. Twenty one first-lien institutional term loans have flexed up in the first half of August, just one shy of the total for the months of April and May. On the flipside, only four first-lien term loans have flexed down, dramatically lower than…
Secondary Buyouts – An Obvious Solution The above graph suggests that 2014 is set to decline in terms of secondary buyout deal (SBO) flow. If the pace set in the first half of the year continues, this year would represent an 11% fall from the robust 2013 levels…. Subscribe to Read MoreAlready a member? Log
We remarked last week that Banco Espirito Santo’s travails may test current CDS definitions, and so they did. But not in the way that we – or most market participants – expected. The Portuguese lender was split into a “good” bank… Subscribe to Read MoreAlready a member? Log in here...
More but Less More The private equity industry during the first half of 2014 has acquired 2.1 companies for every 1 company that was exited. The headline implication being that the number of companies owned globally by private equity investors continues to grow…. Subscribe to Read MoreAlready a member? Log in here...