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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Leverage on institutional middle market deals climbs on new money deals in 1Q17
Leverage on institutional middle market deals climbs on new money deals in 1Q17
Interest in middle market loans from large corporate investors tends to wax and wane based on market conditions, but currently investors are super receptive to these smaller credits given a supply demand imbalance in the leveraged loan market. As a result, leverage levels on institutional middle market deals are rising in 2017 across most deal purposes. Leveage on dividend recap deals peaked in 2013 at 5.3 times and was in decline through 2016 down to 4.3…
Covenant Trends - Average Total Leverage for M&A-Related Loans
Average Total Leverage for M&A-Related Loans
Private Debt Intelligence - 3/20/2017
Private Debt Fund Performance by Strategy
The private debt asset class has continued to satisfy institutional investors with 93% of those surveyed by Preqin at the end of 2016 stating that the performance of their private debt investments had either met or exceeded expectation. However, performance as measured by the median net IRR of funds varies notably across the three central private debt strategies: direct lending, mezzanine and distressed debt…
Lead Left Interview - Kevin Griffin
This week we chat with Kevin Griffin, CEO and Chief Investment Officer of MGG Investment Group LP. MGG is a…
The Pulse of Private Equity - 3/20/2017
Recent PE vintages outpace public indices by a smaller margin
Private equity funds of vintages 2005 and prior exhibit significant outperformance of public indices, employing the Russell 3000 Index for public market equivalents calculations. Since then, however, no vintage has exceeded 8% over public indices’ performance. There are many factors behind this particular trend, not the least of which is the impact of the financial crisis, which prolonged holding periods as managers worked to proof impacted companies…
Springing a Leak
Dropping oil prices and last week’s Fed rate hike caused investors to push almost $5.7 billion out of high-yield accounts; totaling $8 billion in only three weeks.
Loan Stats at a Glance - 3/20/2017
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 3/13/2017
Its mid-March, spring is upon on us and the credit markets are rallying. A rate hike by the US Federal Reserve was greeted positively by the market thanks to a dovish tone struck by Janet Yellen and her colleagues.
Technical factors also played their part. Option expiry occurs on the third Wednesday of the month, and position covering no doubt contributed to the tightening in the indices…
What is the #1 factor to winning a deal in today’s environment?
What is the #1 factor to winning a deal in today’s environment?
When asked to select the #1 biggest driver in helping them win deals in this increasingly competitive environment, middle market banks were mixed. According to Thomson Reuters LPC’s recent survey, one quarter said it comes down to the relationship, especially in the non-sponsored market where issuers rely heavily on that long term relationship. Perhaps more surprising, only 4% of non-banks ranked reputation and relationship as the number one factor. One quarter of banks chose willingness to stretch especially with regard to sponsors who are often asking for large corporate term sheets on smaller deals. One fifth of non-regulated lenders agreed…
Covenant Trends - Percentage of Loans with an MFN Sunset
Contact: Steven Miller smiller@covenantreview
Middle Market Deal Terms at a Glance - Mar 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Private 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…
Recovering Data
The lower on the capital stack an debt investor’s position goes, the more challenged is the recovery.
Private 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 –…