Archives| PDF| Research |Week of Apr 26, 2021
“There’s a lot of deja-vu of the late 1990s happening in the high-yield market right now.”
- Michael Anderson, managing director, credit research, Citigroup.
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The Lincoln Senior Debt Index
(First of Three Parts)
Back in January we featured content from Lincoln International’s Valuations and Opinion team [link]. Topics included Covid’s impact on private credit terms, structures and pricing.

Shortly thereafter the team reached out to road test a loan index created from Lincoln’s quarterly valuations of 2,400 private companies. Metrics included total return, price, spread, and yield to maturity.

Since that conversation, Lincoln managing director Larry Levine has been working on enhancements. Private debt practitioners have noted the shortage of credible benchmarks against which to compare various managers’ performance. Leveraging its valuation expertise across its broad middle market portfolio affords Lincoln the opportunity to contribute meaningful data to investors...
Private Capital Call
Private Credit and the Pandemic: An Expert’s Perspective – with Stephen Nesbitt, CEO and CIO of Cliffwater.
First Quarter 2021 Review and Second Quarter 2021 Outlook
Readers' Say
This Week’s Question
Over the past year for my home office, I’ve ordered a­­­­_____ .
(*All responses are confidential.)
Lumbar support pillow
Printer
Stand-up Desk
Desktop Monitor
Ring light
Last Week's Results
Things I’ve forgotten over the past year:
Chart of the Week
Relatively Speaking
Returns for middle market loans are less volatile than their BSL counterparts, and higher, on average.
Source: Lincoln International; includes first lien, second lien, and unitranche.
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Stat of the Week
 Loan Stats at a Glance 
PDI Picks
Investors put faith in senior debt
Fundraising may be a struggle for some, but for those with senior debt strategies the outlook is somewhat brighter...
Leveraged Loan Insight & Analysis
Robust loan fund flows in April top US$3bn
Loan mutual funds recorded US$1.06bn in inflows last week, its third consecutive week of US$1bn+ inflows and 15th consecutive week of positive flows...

🎧LPC’s Virtual Spring Loans Conference. Click here to watch on-demand recording.
The Pulse of Private Equity
A rebound in fundraising
Fundraising is rebounding, according to PitchBook’s latest US PE Breakdown Report. 97 funds closed in Q1 totaling $88.5 billion, though more than half ($45.6 billion) of that dollar amount went to three massive funds raised by Silver Lake, CD&R and New Mountain Capital...
Contact: Alex Lykken / PitchBook
High-Yield Bond Statistics
Weekly fund flows source: Lipper
Covenant Trends 
Distribution of MFN Sunset Horizons
DL Deals: News & Analysis
At $2.3B, Calypso’s record unitranche demonstrates larger capacity for jumbos
The $2.3 billion unitranche loan supporting Thoma Bravo’s acquisition of Calypso Technology has set a new record for size...
Private Debt Intelligence
Record levels of dry powder pressure PD returns
A rise in inflation and ongoing asset purchases from central banks will make it harder for private debt funds to deploy dry powder in the future...
Debtwire Middle-Market
Contact: Hema Oza/Debtwire 
Reorg Credit Intelligence
Liberty Power Holdings LLC bankruptcy filing
Liberty Power Holdings LLC, a Fort Lauderdale, Fla.-based retail electricity provider servicing 14 states, filed for chapter 11 protection on Tuesday, April 21...
Contact: Matt Danese/Reorg 
Apr Update: Middle Market Deal Terms at a Glance
Select Deals in the Market
This publication is a service to our clients and friends. It is designed only to give general information on the market developments actually covered. It is not intended to be a comprehensive summary of recent developments or to suggest parameters for any prospective financing opportunity.