Business services is top sector for US syndicated mid-market loan volume so far this year Through deals of June 18, year-to-date syndicated middle market volume totals US$60.2bn, 30% higher than the US$46.3bn recorded during the same period last year. The top industry so far this year is the business services sector, which has notched US$13.4bn…
Cybersecurity and software drive mega deal trend in private debt 2021 has seen 22 private debt megadeals ($1bn+ deals) so far, three of which were in the software sector and two of which were in IT security/cybersecurity. The biggest was the $12.3bn all-cash acquisition of US cybersecurity company Proofpoint by Thoma Bravo, which Fitch Ratings…
Germany’s direct lenders make their mark The country’s once-dominant banks have seen their share of the lending market steadily eroded by alternative finance sources. It must have been around four or five years ago. The venue was London and a delegate at Private Debt Investor’s latest Capital Structure Forum was expressing the view that Germany…
At $167.3bn 2Q21TD institutional activity trails 1Q21 levels With two weeks left in 2Q, the pace of institutional loan issuance has eased from 1Q21 bull market levels to log US$167.3bn in volume so far, compared to US$261.8bn recorded in 1Q. Issuance was broken out between US$94.4bn of new money and US$73bn of refinancing activity. The…
COVID’s impact on restaurants, hotels and leisure Download PitchBook’s Report here. PitchBook’s latest US Middle Market Report was released this week. Middle-market trends were in line with broader PE trends, with Q1 notching the second-highest totals ever seen, behind the record-breaking fourth quarter. We’ll re-visit other themes in the report next week. One of the spotlights…
Mega deals on upward trend in 2021 The number of mega private debt deals (transaction of $1bn+) had been steadily decreasing since the 48 mega deals that were completed in 2017, but H1 2021 has seen an uptick in activity. Last year, the average deal size stood at $85m and 2020 saw 31 deals with…
Debt finds a foothold in the Middle East The region may be at a nascent stage, but private debt firms are seeing signs for optimism. As a relatively new asset class, private debt remains heavily undeveloped outside of North America and Europe. But some are tipping the Middle East and North Africa to be one…
A handful of larger BDCs failed to cover dividend in 1Q21 Larger BDCs, including Owl Rock and Ares Capital Corp, saw lower net investment income levels for 1Q21, raising concerns over dividend coverage. BDCs generally use NII per share as a measure of whether their earnings can continue to support the declared dividend…. Subscribe to
Long-dated fund market is growing Download PitchBook’s Report here. Long-dated funds are growing in popularity. A new analyst note from PitchBook takes a closer look at the growing market, generally defined as funds built to last for 15 years or more. It’s a relatively new phenomenon that started less than a decade ago, but has since…
Average fund size in private debt increasing in 2021 The average fund size in private debt has increased by almost $200m between 2020 and 2021 so far. In 2020, 244 funds raised aggregate capital of $160bn, resulting in an average fund size of $743m…. Subscribe to Read MoreAlready a member? Log in here...