Commentary
League of Their Own
At the start of 2017 spring training, the NY Yankees had a undrafted prospect on their roster named Ruth. Not…
Read MorePrivate Credit vs. Public Debt (Last of a Series)
For high-yield bond investors, March has been the cruelest month. First oil prices – often linked to bond prices –…
Read MorePrivate Credit vs. Public Debt (Third of a Series)
The fundamental thesis governing credit risk for bond holders relative to loan holders is that the latter is advantaged by…
Read MorePrivate Credit vs. Public Debt (Second of a Series)
In this series we are examining the characteristics of public debt, such as high yield bonds, compared with those of…
Read MorePrivate 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…
Read More2017 – 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…
Read More2017 – A Look Ahead (Third of a Series)
Last week we punctured the myth that the influx of new private debt funds is creating excess demand for the…
Read More2017 – A Look Ahead (Second of a Series)
Last week we ventured some thoughts on where this year would take us on middle market deal terms – pricing,…
Read More2017 – A Look Ahead (First of a Series)
If we learned one thing in 2016, it was that predictions of many sorts went awry. From national departures from…
Read MoreA Year in Review (Last of a Series)
2016 was the Chinese Year of the Monkey. We’re not sure what this meant, or how it applied to the…
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