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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.
Steady As She Goes
Amid significant price volatility that occupied liquid markets, middle market loan trading levels were relatively stable.
Private Debt Intelligence - 2/4/2019
Are First-Time Private Debt Funds Worth It? [wpdm_package id=’22886′] The private debt fund market has been somewhat unforgiving towards first-time…
The institutionalization of M&A
Download PitchBook’s Report here. Last week we highlighted the growing convergence of public and private multiples. For investors who dabble in…
Pedal off the metal
Fundraising tumbled in 2018, in part explained by an unwillingness to add to the stockpile of capital dedicated to distress.…
Debtwire Middle-Market – 2/4/2019
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart…
Loan Stats at a Glance - 2/4/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Highly levered middle market issuers could struggle if rates continue to rise
Throughout most of this credit cycle, the Libor benchmark rate has remained extremely low making it quite easy for issuers…
Thin January
As hard as it is to grasp, one-twelfth of the year is already over. For the few of our readers who…
Rising Pipe Lifts Boats
It’s early days, but the middle market pipeline is off to a slightly better start than 2018.
Public and private valuations are converging
Download PitchBook’s Report here. Middle-market PE multiples barely budged last year. We didn’t expect them to, and we don’t expect them…
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks)
Contact: Steven Miller






That’s Why It’s Called a 'Market'
F. Scott Fitzgerald wrote, “The test of a first-rate intelligence is the ability to hold two opposed ideas in mind…