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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.
Primary yields widen in 3Q18 to levels not seen in over two years
Average primary yields on first-lien institutional term loans in 3Q18 are at their highest levels since 1Q16. At 6.44%, the…
Hiding the target
Many fund managers are now not revealing how much their vehicle is hoping to raise. Managers may be becoming more…
Private Debt Intelligence - 9/24/2018
Private Debt Capital Distributions Reach Record Highs [wpdm_package id=’20360′] Private debt has a history of strong returns, and the asset…
PE firms are no longer clubbing
Download PitchBook’s Report here. Club deals are something of a sticky issue in the private equity world. PE firms themselves don’t…
Direct Blending
An examination of all-market spreads show that unitranches to be higher than first/second lien, but the differential is shrinking.
Share of jumbo deals in the institutional loan calendar drops
Source: Debtwire Par The September institutional loan calendar has been marked by several jumbo deals in syndication. Refinitiv and Akzo…
Loan Stats at a Glance - 9/24/2018
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Are the good times over?
Download PitchBook’s Report here. Private equity’s calling card, from its early days in the 80s through the mid-2000s, has been its…
US institutional market flex activity has favored issuers so far this month
September deals in the institutional loan market have so far been well received by investors. The Flex Factor has tracked…
EBITDA Addbacks as Percentage of PF Adjusted EBITDA (LTM)
Contact: Steven Miller
More debt funds in market, more questions for investors
A large number of vehicles are seeking capital, and fundraising has been strong – but that isn’t a guarantee the…
#Yield Signs
Deep inside a cave some 200 miles east of Cape Town, South Africa, archeologists uncovered ancient markings that represent the…






Big Game
Right on cue, with the tenth anniversary of Lehman’s collapse only now in our rear view mirrors, a mega-leveraged cross-border…