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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 
Stat of the Week: Number of Shareholder Activism Campaigns Internationally
Repricing wave will push institutional issuance close to quarterly record
Repricing wave will push institutional issuance close to quarterly record
Strong demand for floating rate assets has caused a frenzy in the leveraged loan market this quarter where issuers have been flocking to market to lower the spread on their institutional facilities. This has in turn caused institutional loan volume to spike, reaching US$149.5bn in completed issuance through February 15th. With roughly half a quarter remaining, completed institutional issuance is the fifth highest on record and about US$50bn lower than the US$199bn record set in 1Q13. Breaking down the numbers highlights the refinancing boom…
Lead Left Interview - Stephanie Link
This week we chat with Stephanie Link. Stephanie is a managing director and equity portfolio manager for TIAA Global Asset…
The Pulse of Private Equity - 2/20/2017
Steady volume of funds geared toward US lower middle market
Since 2013, a significant uptick in the number of private equity funds geared toward the lower middle market—sized between $100 million and $500 million, according to PitchBook methodology—has occurred. 2013 was undoubtedly a peak, with 107 closed in that year alone, but the volume has hardly slackened much since, as 94 vehicles were wrapped in 2016. One driver of this trend has undoubtedly been the entrance of new fund managers into the market…
Private Debt Intelligence - 2/20/2017
Credit Strategies Start 2017 with Positive Performance in January
Preqin research finds that credit strategies have maintained their positive performance from 2016, with a strong start to the year through January 2017, as investor and fund manager confidence in the strategy grows.
Credit strategies were the second best performing leading hedge fund strategy last year with annual returns of 8.50%, well outstripping the Preqin All-Strategies Hedge Fund benchmark (7.40%)…
Loan Stats at a Glance - 2/20/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Leveraged Loan Insight & Analysis - 2/13/2017
Covenant-lite volume will likely hit another record high in 1Q17
Covenant-lite loan volume has already reached US$90 bn in 1Q17 with two more months still left to go this quarter. With another US$35bn still in process, 1Q17 will likely be a brand new record high for covenant-lite issuance. Covy-lite volume had just hit a brand new record high last quarter at US$128bn, smashing the previous record set in 1Q14. These robust volumes are largely taking place during big refinancing waves like in the current environment…
Middle Market Deal Terms at a Glance - Feb 2017
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
Covenant Trends - 2/13/2017
Industry Average: Free & Clear Incremental Tranche / EBITDA (LTM)
The Pulse of Private Equity - 2/13/2017
Will elevated US PE inventory contribute to continued secondary buyout activity?
It is difficult to get a sense of just how many middle-market companies there are in the US, which is a critical statistic to have on hand when analyzing the impact of the heightened private equity inventory. According to a recent installment of the Middle Market Power Index from American Express and Dun & Bradstreet, there were 182,578 firms that had between $10 million and $999 million in revenue in 2016…
Great Expectations
The vast majority of respondents to William Blair’s survey on leverage lending conditions believe leverage and terms will either loosen or remain unchanged.
Lead Left Interview - Eric Green and Mark O’Keeffe (Part 2)
This week we continue our conversation with Eric Green and Mark O’Keeffe of Muzinich and Co. Muzinich is a global…
2017 – 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…