Content hub
Explore private capital market trends, in-depth research from leading industry partners, expert interviews, live webinars, and educational videos — all in one place.
Featured Article
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.
|
August 12, 2026 
Flex factor highlights investor pushback in November
Flex factor highlights investor pushback in November
Flex activity in the U.S. institutional loan market favored investors in November. Thomson Reuters LPC’s Flex Factor registered an average flex score of 1.5 last month, signifying a higher ratio of investor friendly changes made to deal terms. It was the first time it has been above one since February’s average score of 3.5. In all, 19 deals flexed higher in November against 13 reverse flexes. It was the least amount of reverse flexes in a month since March…
Covenant Trends - 12/5/2016
Contact: Steven Miller smiller@covenantreview.com
Lead Left Interview - Mickey Levy (Part 2)
This week we continue our conversation with Mickey D. Levy, chief economist for US and Asia, Berenberg Capital Markets. Mickey…
One-Stop Shopping
3Q 2016 was the most active quarter in the past several years for unitranche financings, as middle market sponsors increasingly access the non-bank market.
The Pulse of Private Equity - 12/5/2016
US PE firms dial down their pace of investing in Canadian startups
In 2015, no fewer than 159 private equity firms with headquarters in the US cut a deal with a Canadian company, a clear high for the decade. That pace has slowed considerably even as general Canadian PE activity has declined, with 105 firms active within the country through the end of October. The drivers of the decline are likely the same as in the US: a lack of quality targets given the surge in buying over the last couple of years, competition, and a surplus of dry powder contributing to loftier prices…
Private Debt Intelligence - 12/5/2016
The Lead Left: Asia-Focused Funds in Market
Preqin’s Private Debt Online database currently tracks 24 private debt funds in market with a primary geographic focus on Asia. Collectively, they are targeting $5.9bn of investor capital with an average target size of $283mn.
Of the five largest funds in market, three are opting to make direct lending investments and the remaining two are choosing to target special situations and distressed debt opportunities. It is interesting to note that although there are only four distressed debt funds in market…
Loan Stats at a Glance - 12/5/2016
Contact: Cuong Huynh cuong.huynh@spglobal.com
Markit Recap – 11/28/2016
When a company announces that it is increasing the amount paid out to shareholders, it is not typically greeted with enthusiasm by credit investors. But Glencore is no ordinary company in the CDS world, and its announcement on December 1 wasn’t a standard chance in financial policy.
The Swiss firm said that it would be resuming dividend payments after a hiatus of more than a year. Back in September 2015, Glencore was under enormous pressure as it groaned under the weight of its high debt burden and struggled to cope with falling commodity prices. Five-year CDS spreads widened from 350bps to 850bps in the space of two weeks…
Leveraged Loan Insight & Analysis -11/28/2016
U.S. CLO portfolio trade prices climb
U.S. CLO portfolio trade prices have climbed from their early 2016 levels. The weighted average purchase was 98.92 in September, with the average sale price at 97.31. For the October trades collected so far, the weighted average purchase price is at 99.24, while selling prices average 97.67. Selling prices were more dispersed than purchase prices in 3Q16, as a higher share of portfolio sales were in the sub-98 and par-plus categories. CLOs sold loans at higher prices in the third quarter, with 50% of sales in the par-plus category, up from 37% in 2Q16…
The Pulse of Private Equity - 11/28/2016
How long will recent PE fund vintages keep returning at a fast clip?
One of the ongoing narratives presented by recent private equity fund returns data has been the recovery of vintages most impacted by the recession. As is evidenced by the chart above, the average distributions-to-paid-in multiple of 2007 and 2008 vintages have benefited considerably from the past few years’ selling frenzy, with a high-priced M&A …
Covenant Trends - 11/28/2016
LBO Deals: Average Restricted Payments as a Percentage of Initial Capital Contribution.
Running Out the Clock
Among the unlikelier events of this post-election season – other than the consideration of former World Wrestling Entertainment executive, Linda…