As deal makers have adjusted to the new normal of business openings (and re-closings) across the country, conversations are now back to M&A processes. How has the pandemic affected deal timelines? “The time to market will inevitably elongate,” one top middle market banker told us. “Buyers and sellers will need more preparation to assess the […]
This week we kick off a new series on COVID-impacted deal flow, with a look “upriver.” How has M&A activity been affected, and what should deal makers expect for the “new normal?” We interviewed top middle market investment banks about their experiences so far in this coronavirus season. The beginning of the crisis caught advisory […]
As part of our special healthcare series we spoke with the partner of a NY-based private equity firm. He has two decades of experience investing in healthcare businesses. We asked how the current crisis unfolded for your firm? “For the first couple weeks it was 100% focus on the portfolio,” he told us. “Turned out […]
Two years ago, we issued a special report on healthcare trends. We recently revisited one of our sources, a top healthcare investor. “Everyone’s an infectious disease expert now,” he told us in an interview. “We need to change the way we look at infection. There are about 40,000 deaths annually from the seasonal flu. It […]
We continue our special healthcare series with the heart of the matter: the doctor/patient relationship. We asked our primary physician in a Zoom interview about his experience. “Thank goodness for telemedicine,” he told us. “I can be very effective and have meaningful discussions with my patients. A lot of these now involve testing for the […]
Healthcare has been ground zero for the worst pandemic of the modern era. How the industry has reacted and how credit and equity providers are dealing with this new world order, is the subject of our new special series. “Physician practice management companies were the first and worst hit,” one banker reported. “Procedure volume dropped […]
“Time to go to cash,” we announced recently at the dinner table. The Dow had almost climbed back to its February 12 peak. “What does that mean?” our six-year old daughter asked. Her mother replied, “It means Daddy wants to put our money in a mattress.” Unfortunately more pressing matters – like whether to give […]
In our just-completed series on high-yield bonds, we concluded that issuer and investor activity has largely been driven by technical factors: near-zero interest rates, the Fed’s support of fallen angels, and skewed-to-worse ratings for leveraged loans. How then should investors be thinking about the illiquid market? Private credit has a different profile than tradable assets. […]
What’s been described as “massive” new issuance in the high-yield market led to the most deal volume for May ($48 billion) since 2003, according LevFin Insight’s Matt Fuller. As our Chart of the Week depicts, cash inflows to bond funds totaled over $35 billion in the past nine weeks. That includes the top three weekly […]
We continue our special series on high-yield bonds with a look at more deals in the market, with our tour guide, Matt Fuller of LevFin Insights. Northwest Fiber came out with a loan/bond buyout of Frontier Communication assets. This could grease the skids for other regular-way LBOs. Another flagship deal was for Viking Cruises (B-/B1). […]