Posts by THE LEAD
Markit Recap – 10/24/2016
Credit investors, whether in cash or synthetics, often welcome corporate restructurings by distressed firms. Job cuts, rationalisation of operations and, in particular, asset sales are usually regarded as bondholder friendly actions.
But this ‘wasnt the reaction when Banca Monte dei Paschi di Siena (MPS) announced plans to restructure its ailing business. The Italian bank said that it would reduce jobs by 2,500 – cutting 10% of its staff costs – and close 500 of its 2,000 branches over the next three years. MPS also declared that it would sell its payments processing unit for €520 million…
Read MoreFall Rising
So far in October, middle market loan activity is tracking for its fourth consecutive month-over-month improvement.
Read MoreThe Art of the Add-On (First of a Series)
“It’s been a relatively slow year for us,” one managing partner related to us recently. His middle market private equity…
Read MorePrivate Debt Intelligence – 10/24/2016
Private Debt Fund Performance by Strategy
Preqin research finds that the performance of the most prominent private debt strategies – direct lending, distressed debt and mezzanine funds – has been robust, although there is clear fluctuation between vehicles of different vintage periods.
Among 2008-2009 vintage private debt funds, it is distressed debt funds that have the highest median net IRR of any strategy, with returns of 14.8%. These funds were making their first investments during…
Read MoreLoan Stats at a Glance – 10/24/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Read MoreSelect Deals in the Market – 10/24/2016
☞ Click for a larger image.
Read MoreStat of the Week: US. Homeowner Vacancy Rate
Markit Recap – 10/17/2016
There are no shortage of factors that have troubled market participants this year: Brexit; US monetary policy direction; fragility in European banks; oil prices. All of these issues, and others, have caused credit spreads to widen at various intervals in 2016.
But the last few weeks have seen calmness return to the credit markets. The VolX Europe, which shows the realised volatility in the Markit iTraxx Europe index, hit 26.4% this week, which is the lowest level for almost two
years…
Middle Market Deal Terms at a Glance – Oct 2016
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Read MoreFlipped Flows
Driven by a benign credit environment and favorable relative value dynamics, $2.5 billion has flowed into retail loan funds.
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