Purpose Driven

By THE LEAD | November 22, 2016

Middle market borrowers look to banks for refinancings; for buyouts and add-ons, almost twice as many seek institutional lenders.

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Private Debt Intelligence – 11/21/2016

By THE LEAD | November 22, 2016

First-Time Private Debt Fundraising

First-time private debt funds are of increasing interest to investors: a recent Preqin study found that the majority of investors across the private capital landscape will now consider investing in emerging funds. However, it appears that this segment of the market has yet to fully develop, and continues to be bound to the fundraising picture at the top end of the industry.

Over the past decade, first-time fundraising has often run counter to the overall private debt fundraising environment. For instance, in the period 2010-2012, when overall fundraising saw annual increases…

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Markit Recap – 11/14/2016

By THE LEAD | November 17, 2016

We noted last month that realised volatility in the European investment grade CDS market, as measured by the Markit VolX index, was at its lowest for two years. By the end of October, volatility had dipped to 18%, which was the lowest level since the heady days of June 2007. A number of future events were mooted that had the potential to trigger market uncertainty, including next month’s Italian referendum.

But a victory for Donald Trump in the US presidential election was viewed by most as a highly unlikely occurrence. Spreads rallied in the run up to the vote, with the Markit CDX.NA.IG tightening from…

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