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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 
Lead Left Interview - Mickey Levy
This week we chat with Mickey D. Levy, chief economist for US and Asia, Berenberg Capital Markets. Mickey is a…
Industrial Strength
Five sectors comprise 60% of all middle market institutional loans.
Private Debt Intelligence - 11/28/2016
Credit Strategies Asset Flows
Credit strategy hedge funds have recorded strong recent performance in 2016 YTD, making gains of 7.03% as of the end of October. Despite this, the strategy has struggled to attract investor capital, and suffered net outflows through the first two quarters of the year. This has led to a diminution of the strategy’s total assets under management (AUM) from the end of 2015, but net inflows in Q3 suggest that recent returns have been bolstering investor confidence
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Loan Stats at a Glance - 11/28/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 11/21/2016
The European Commission announced on November 23 a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures.
But one change under the BRRD caught our eye, as it will have a material impact on how the bond market – and possibly the CDS market – trades. The EC proposes a harmonised framework for bondholder hierarchy…
Primary yields widen slightly so far in November
Primary yields widen slightly so far in November
Yields have widened slightly in November to the highest average since July. The average yield, assuming a three year term to repayment on first-lien institutional loans is in the 5.36% context so far in November, slightly up from 5.1% in October. Demand for loans remains strong, and some issuers continue to successfully tap the market to cut costs, but weaker credits are facing some pushback. In turn, the number of downward and upward price flexes are roughly the same so far this month. In contrast, downward price flexes outnumbered upward price revisions by 2.3 times in October…
Covenant Trends - 11/21/2016
Contact: Steven Miller smiller@covenantreview.com
The Art of the Add-On (Last of a Series)
We’ve received a number of positive responses about our special series on add-ons. One partner at a NY-based private equity…
Purpose Driven
Middle market borrowers look to banks for refinancings; for buyouts and add-ons, almost twice as many seek institutional lenders.
Private Debt Intelligence - 11/21/2016
First-Time Private Debt Fundraising
First-time private debt funds are of increasing interest to investors: a recent Preqin study found that the majority of investors across the private capital landscape will now consider investing in emerging funds. However, it appears that this segment of the market has yet to fully develop, and continues to be bound to the fundraising picture at the top end of the industry.
Over the past decade, first-time fundraising has often run counter to the overall private debt fundraising environment. For instance, in the period 2010-2012, when overall fundraising saw annual increases…
The Pulse of Private Equity - 11/21/2016
Size Doesn’t Matter in PE Fund Performance Over the Long Term
Despite the dueling claims that smaller PE fund managers lack sophistication or sufficient scale, or that larger fund managers lack the nimbleness and operational focus and expertise necessary to improve portfolio companies, returns across different sizes of funds are relatively uniform in the long term. 10-year horizon IRRs (which use changes in NAV in addition to industry-wide net contributions over time as the cash flow inputs in an IRR calculation) for PE funds of any size bucket are between 10% and 11%…
Loan Stats at a Glance - 11/21/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
Markit Recap – 11/14/2016
We noted last month that realised volatility in the European investment grade CDS market, as measured by the Markit VolX index, was at its lowest for two years. By the end of October, volatility had dipped to 18%, which was the lowest level since the heady days of June 2007. A number of future events were mooted that had the potential to trigger market uncertainty, including next month’s Italian referendum.
But a victory for Donald Trump in the US presidential election was viewed by most as a highly unlikely occurrence. Spreads rallied in the run up to the vote, with the Markit CDX.NA.IG tightening from…
Trump and the Middle Market
At this writing it’s only been three weeks since the November 8 “tectonic shift” – as veteran financier Henry Kaufman…