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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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    Leveraged Loan Insight & Analysis -11/14/2016

    European CLO Issuance

    Issuance of European CLOs has reached a post-crisis high as jumbo investments in senior tranches have anchored issuance. European CLOs have seen year-to-date issuance of €14.7 billion across 36 deals, compared with the previous post-crisis high of €14.3 billion in 2014, when 34 deals were completed…

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    Covenant Trends - 11/14/2016

    RP Builder Basket By Type & Rating, YTD

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    Middle Market Deal Terms at a Glance - Nov 2016

    Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com

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    Stat of the Week: U.S. Presidential Elections Voter Turnout

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    The Pulse of Private Equity - 11/14/2016

    Add-ons retain commanding share of US buyout activity

    At 64% of all US buyout activity through the end of September, add-ons have never before constituted such a lofty proportion of private equity investing. Part of that is a statistical quirk—as the volume of buyouts has slid while investors by and large maintained the pace of adding on, their relative proportion was bound to increase. But as has been noted time and again over the past couple years as the add-on percentage of…

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    Select Deals in the Market - 11/14/2016

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    The Art of the Add-On (Fourth of a Series)

    Last week we began a check-list sponsors tick off when sifting through acquisition candidates for their platform companies. Many items…

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    Breaking Away

    Middle market LBO volume was up 43% for the third quarter, far outpacing the number of add-ons, dividend recaps, and refinancings.

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    Private Debt Intelligence - 11/14/2016

    Europe- and North America-Focused Real Estate Debt Funds

    Real estate debt has seen considerable growth within European markets over the past few years and fundraising grew significantly from €0.5bn in 2012 to €4.3bn in 2015, while a further €3.7bn has already been secured in 2016 YTD. Nonetheless, North America-focused fundraising still dwarfs that of Europe, with funds already raising a record €12.3bn in 2016…

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    Lead Left Interview - Tom Cassidy (Part 2)

    This week we chat with Tom Cassidy, Managing Director, US Bank. Mr. Cassidy is responsible for private equity Sponsor Finance…

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    Loan Stats at a Glance - 11/14/2016

    Contact: Timothy Stubbs timothy.stubbs@spglobal.com

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    Leveraged Loan Insight & Analysis -11/7/2016

    Downward flexes dominated in October

    Downward flexes continued to dominate flex activity in October. There were 21 downward price flexes on first-lien institutional term loans in October and only 8 upward flexes. Both downward and upward price flexes were down from September which recorded 28 price cuts and 12 upward price revisions…

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    Lead Left Interview - Tom Cassidy

    This week we chat with Tom Cassidy, Managing Director, US Bank. Mr. Cassidy is responsible for private equity Sponsor Finance…

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    Private Credit Comes of Age

    At a loan conference some years ago we referred to middle market loans as the Rodney Dangerfield of capital markets.…

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    Covenant Trends - 11/7/2016

    Builder Basket Trigger, for Loans Using Total Leverage (Average)

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    Select Deals in the Market - 11/7/2016

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