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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.
Upping the Ante
The cost of buying companies has risen for private equity sponsors as a multiple of ebitda since the credit crisis.
1Q19 Syndicated loan volume down 36% y-o-y; Weakest results in 3 years
1Q19 marked an uneven start to the US loan market calendar with less than US$400bn of volume working its way…
Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks
Contact: Steven Miller
LPs take issue with management fees, not carry
A majority of investors have trouble justifying private markets’ fees internally, but a higher carry, lower management fee is likely…
Private equity heads west
New York is the epicenter of private equity, as it has been since its beginning. Wall Street was already around…
Private Debt Intelligence - 4/1/2019
Investor Satisfaction Dims in 2019 [wpdm_package id=’24045′] Private debt investors remain committed to the asset class, and their overall perception…
Loan Stats at a Glance - 4/1/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Markit Recap – 3/25/2019
Economics undergraduates know that credibility is vital for monetary policy. But this fact is seemingly elusive for Turkey and their…
Take-privates are cheap sometimes
That’s according to Bain & Company, which made a salient point: “Despite the run-up in equity prices, public investors often…
Primary yields widen to highest levels since 4Q11
1Q19 yields on first-lien institutional term loans are at their highest level in over eight years. At 7.66%, the average…
Private Debt Intelligence - 3/25/2019
Women in Private Debt [wpdm_package id=’23904′] It is well-known that the representation of women in the alternative assets industry is…
Leverage Redux
After peaking in 2017 at close to 50%, equity share of capital in the middle market has declined to less than 35%.







Roses are Red, Covenants are Few
There comes a time when traditional means of communication fail. When other tools must be employed. According to Tuesday’s WSJ,…