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…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
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,… Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
The apparent contradiction between optimism on economic growth and ultra-low government bond yields is preoccupying investors as we head into the summer…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
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…
Last week we discussed the increase in valuations seen over the last 12 to 18 months in the middle-middle market, one of the drivers that we cited was the increase in competition and amount of capital chasing these deals. Today’s PitchBook chart shows that U.S. PE funds targeting middle-market deals currently have $305 billion of…
At ACG Intergrowth last week I spent a fair amount of time talking with private equity deal guys (and one gal…another topic) about the current market. The clearest trend everyone could agree on, and one that nobody was particularly excited about, was the increase in company valuation multiples over the last 12 to 18 months….
Positive earnings, strong economic data, low default rates and – most importantly – a favourable monetary policy environment continue to place downward pressure on spreads. The Markit CDX.NA.IG was trading at 64bps in nearly May, which would be the tightest level this year if the roll effect in March is excluded…. Subscribe to Read MoreAlready