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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.
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…
Middle Market Deal Terms at a Glance - Nov 2016
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
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…
Breaking Away
Middle market LBO volume was up 43% for the third quarter, far outpacing the number of add-ons, dividend recaps, and refinancings.
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…
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…
Loan Stats at a Glance - 11/14/2016
Contact: Timothy Stubbs timothy.stubbs@spglobal.com
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…
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…
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.…
Covenant Trends - 11/7/2016
Builder Basket Trigger, for Loans Using Total Leverage (Average)








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…