Commodity trading firms – which store, transport and process raw materials such as crude oil, wheat and copper – are obtaining favorable terms on their European syndicated loans despite a global commodities rout which has seen the price of many commodities cut in half over the past year and threatens commodity… Subscribe to Read MoreAlready
Median Hold Period for U.S. Middle Market Companies Drops for First Time in Years Private equity’s ‘hangover’ from the buyout boom era, with steadily aging investments skewing median holding periods for portfolios ever upwards, has been well-documented. PE holdings in the U.S. middle market—which has become increasingly popular among… Subscribe to Read MoreAlready a member?
In bond markets, liquidity can be described as the ability to transact with size, at low cost and with minimal price impact. The topic has been of much conversation over the past few years as market participants fret over the potential systemic risks that can arise from illiquid bond markets. While overall consensus is that…
Could PE’s role in the M&A boom reverse? Fueled by a variety of factors including the historically unprecedented run of low interest rates, mergers and acquisitions are on pace to hit a record in terms of value this year. Private equity players have not had as big a role in the boom this year as…
Mezzanine volume in the middle market only reached about $800 million in 3Q15, over 30% lower than the $1.2 billion tracked in 2Q15. Over the years, mezzanine has been pushed down market and has been more commonly structured on lower middle market issuers with less EBITDA and less leverage…. Subscribe to Read MoreAlready a member?
The last few months have proven to be a volatile time for the HY market, highlighting the risks involved in the asset class. But with significant yields on offer and different markets to explore, HY bonds remain a quandary for investors. The recent volatility can be illustrated by looking at recent returns. September saw US…
In sync with the broader leveraged cash flow market, asset-based lenders struggled to source new dealflow in 3Q15. At just over US$19bn, 3Q15 ABL volume was modestly higher from 2Q15 totals to bring year to date volume to US$58.5bn, down nearly 13% compared to the year ago period. More noteworthy,… Subscribe to Read MoreAlready a
After a slow third quarter, 2015 has only seen 32 private equity-sponsored initial public offerings (IPO), raising a combined $7 billion. The IPO window for PE sponsors in the fourth quarter of 2015 may be narrowing, although it’s unclear how much concern that should really cause for now. After all, even though an initially disappointing…
The last few months have proven to be a volatile time for the HY market, highlighting the risks involved in the asset class. But with significant yields on offer and different markets to explore, HY bonds remain a quandary for investors. The recent volatility can be illustrated by looking at recent returns. September saw US…
U.S. Middle Market Continues Healthy Plateau The U.S. private equity middle market remains strong, tracking relatively within the record ranges of last year. At 474 closed transactions in Q3 for a total of $80 billion in invested capital, 2015 is now at just over 1,400 deals and a total of $250 billion. That puts it…