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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
Loan Stats at a Glance - 3/6/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 2/27/2017
It is no secret that a divide – maybe a chasm – has opened up between the US and Europe. Donald Trump’s mercantilist views put his presidency at loggerheads with the globalist EU, though a post-Brexit UK may yet turn out to be an ideological bedfellow.
But this week we saw signs that a division is manifesting itself in the credit markets. The Markit CDX.NA.IG has rallied steadily in recent months – since Trump’s election victory on November 8 2016, the index has tightened from 75bps to 60bps. Over the same period the Markit iTraxx Europe was just 2bps tighter at 71bps. The 11bps basis between the two on-the-run indices is the largest for more than three years…
Leveraged Loan Insight & Analysis - 2/27/2017
Unitranche loses favor in 1Q17 as sponsors gravitate toward second-lien
A recent middle market lender survey revealed that sponsors are favoring the first/second lien structure according to 42% of respondents. Meanwhile, in the survey carried out by Thomson Reuters LPC, 27% said the unitranche is the most favored structure by sponsors today. This is a meaningful departure from this time last year when half of the buyside and sellside survey respondents said sponsors preferred the unitranche structure. More onerous call protection, higher pricing and the need for covenants are typical of the unitranche…
Covenant Trends - Average Total Leverage for M&A Loans
Contact: Steven Miller smiller@covenantreview
Lead Left Interview - Stephanie Link (Part 2)
This week we continue our conversation with Stephanie Link. Stephanie is a managing director and equity portfolio manager for TIAA…
PE-backed exits trend down in size
PE-backed exits trend down in size
For the second year in a row, the median private equity-backed exit in North America and Europe has trended downward in size across all three primary routes of liquidity. The typical corporate acquisition in 2016 cleared $138.1 million, a 13.7% decline from the $160 million notched in 2015. After the significant growth in median exit sizes from roughly 2013 to 2015, it is important to note that the numbers recorded in 2016 were still aligned somewhat with those seen in 2010 and 2011. Given that these figures are still relatively healthy on a historical basis…
Private Debt Intelligence - 2/27/2017
Private Debt Management Fees Drop to Eight-Year Low
Fund terms within the alternative assets industry have been of particular focus over the last few years as investors have largely united to push managers for greater transparency and improved alignment of interest.
Within the private debt industry, this approach appears to be paying dividends with the average management fee reaching an eight-year low for 2016 vintage funds which charge a mean fee of 1.63%…
Relative Value
The attractiveness of the middle-market loan asset class is highlighted by its consistent premium over traditional high yield bonds.
Loan Stats at a Glance - 2/27/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 2/20/2017
The political polling industry is suffering a crisis of credibility after failing to predict Brexit and Donald Trump’s victory in the US presidential election. A thorough overhaul of its methods is surely needed.
But in a world where political risk is more potent than ever, investors have little else to go on, and polls still have the potential to trigger considerable market volatility. A prime example this week was France, where polls showed far-right – and anti-euro – candidate Marine le Pen increasing her lead in the first-round presidential vote. The reaction in the credit markets was significant – French sovereign CDS widened from 56bps to 68bps in the space of three days, and is now over 40bps wider than levels reached in the post-Brexit aftermath of September 2016…
Brexit Shmexit
According to Preqin, low interest rates is top factor affecting credit portfolios, with central banks and the US economy next.
2017 – A Look Ahead (Last of a Series)
In this special series on the outlook for leveraged lending for the year, we’ve looked at what our readers can…
Covenant Trends - 2/20/2017
Average Adjustments for PF EBITDA as % of Reported EBITDA M&A Loans Only Contact: Steven Miller smiller@covenantreview
Private Credit vs. Public Debt (First of a Series)
One of the more discussed charts we’ve run in this newsletter recently compared direct lending yields with that of high-yield…