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The Lead Left
United States
เข้าร่วมเมื่อ 31 มี.ค. 2019
The Lead Left is Churchill Asset Management's weekly newsletter reviewing deals and trends in the capital markets. The publication has a unique focus on the mid-market space and is read by thousands of influential industry participants.
Our readers are experienced professionals and decision makers in the capital markets, investment banking, and corporate finance sectors. The Lead Left is the one-stop provider of middle market deals and data. Subscribers will receive insightful market trend commentary and analysis, and exclusive interviews with thought leaders. It also offers world-class content from top market research partners including Markit, PitchBook, S&P/LCD, Loan Pricing Corporation, Preqin, Debtwire, Covenant Review, LevFin Insights, SPP Capital Partners, and Private Debt Investor. Since 2008, The Lead Left has become the premier source for information on trends in the middle market space. Distributed weekly to over 48,000 readers.
Our readers are experienced professionals and decision makers in the capital markets, investment banking, and corporate finance sectors. The Lead Left is the one-stop provider of middle market deals and data. Subscribers will receive insightful market trend commentary and analysis, and exclusive interviews with thought leaders. It also offers world-class content from top market research partners including Markit, PitchBook, S&P/LCD, Loan Pricing Corporation, Preqin, Debtwire, Covenant Review, LevFin Insights, SPP Capital Partners, and Private Debt Investor. Since 2008, The Lead Left has become the premier source for information on trends in the middle market space. Distributed weekly to over 48,000 readers.
CLO Awakening (Second of Two Parts)
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From a risk perspective, CLO defaults are rare; no AAA tranche in either US or European CLOs has ever defaulted. The historical default rate for all CLO tranches is just 0.11%, and none occurred post-GFC until 2021. Then only after portfolios had been partially weakened from loan credit quality issues emerging during the Covid-19 pandemic.
In a similar vein, Barclays analysts reported that BSL CLO exposure to S&P-rated CCC assets dipped month-over-month. The median exposure fell to 6.2% in July from 6.5% in June. Only 27.1% of CLOs have in excess of 7.5% of CCC or below rated assets compared to 32.9% in June, according to Barclays.
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From a risk perspective, CLO defaults are rare; no AAA tranche in either US or European CLOs has ever defaulted. The historical default rate for all CLO tranches is just 0.11%, and none occurred post-GFC until 2021. Then only after portfolios had been partially weakened from loan credit quality issues emerging during the Covid-19 pandemic.
In a similar vein, Barclays analysts reported that BSL CLO exposure to S&P-rated CCC assets dipped month-over-month. The median exposure fell to 6.2% in July from 6.5% in June. Only 27.1% of CLOs have in excess of 7.5% of CCC or below rated assets compared to 32.9% in June, according to Barclays.
มุมมอง: 75
วีดีโอ
CLO Awakening (Part One of Two)
มุมมอง 8121 ชั่วโมงที่ผ่านมา
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left In a note last week, our content partners at PitchBook LCD highlighted “the high level of CLO paydowns and deal calls, which has pushed more than $50 billion back into investors’ hands - and could add up to $90 billion more.” These paydowns totaled ...
"A Slow Sort of Country"
มุมมอง 8914 วันที่ผ่านมา
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left Media coverage at the time trumpeted how banks were fighting to regain lost share to direct lenders. It also warned that this competition would hurt private credit returns by forcing those managers to cut their spreads to keep good assets from going...
Fast and Furious (Second of Two Parts)
มุมมอง 8421 วันที่ผ่านมา
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left As we discussed in our Best Practices in Private Credit series, portfolio construction is everything. With little way out short of refinancings or company sales, how these loans perform will reflect directly on investor returns, not how they trade. ...
Fast and Furious (Part One of Two)
มุมมอง 11628 วันที่ผ่านมา
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left The Magnificent Seven, representing 40% of the Nasdaq 100, is an extreme example of industry concentration. The market cap of Nvidia alone was $3 trillion at one point, vying with Apple and Microsoft as the world’s most valuable company. So much for...
Tyranny of Dry Powder - An Update
มุมมอง 108หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: / the-lead-left Partnering with top-tier private equity firms also creates alignment with more defensive, growth-oriented sectors. Not coincidentally, these businesses retain the highest purchase price multiples, thereby assuring the most conservative loan-to-value ratios. Finally, t...
Where we are (Last of a series)
มุมมอง 103หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: / the-lead-left For investors, then, conditions remain propitious for private credit. The delivery of yield premiums to liquids, lower risk, and predictable income should continue. With rates still high, leverage should remain in a range. And the more growth-oriented sectors will lik...
Where we are (Third of a series)
มุมมอง 93หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: / the-lead-left The media seems to characterize amendments and extensions as financing gimmicks, but they are well-worn features of the leverage finance playbook. As interest coverage cushions are squeezed, giving borrowers room to maneuver enhances their flexibility and resilience. ...
Where we are (second of a series)
มุมมอง 147หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: www.linkedin.com/company/the-lead-left How challenging has it been to predict the next recession? An inverted Treasury yield curve, a reliable forecaster of the past eight consecutive downturns, has been signaling recession for almost two years. So far, the economy has failed to coop...
Where We Are (First of a Series)
มุมมอง 1372 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: www.linkedin.com/company/the-lead-left Some credit managers, in more desperate bids to put idle cash to work, are offering aggressive terms to smaller businesses. Large cap features such as PIK-toggle and cov-lite provide cushions in balance sheets when pro forma interest or fixed ch...
Best Practices in Private Credit (Last of a Series)
มุมมอง 1282 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: www.linkedin.com/company/the-lead-left We’ve spent the last six weeks outlining best practices top direct lenders employ so portfolios generate the highest returns complemented by the lowest risk. Nevertheless, stuff happens. In fact, we count on stuff happening. You need to be prepa...
Best Practices in Private Credit (Sixth of a Series)
มุมมอง 952 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left Our underwriting teams start by analyzing financials from portfolio company CFOs, comparing them to prior year, budget, and downside cases. This is helpful to evaluate management: are they doing what they are saying? PMs get color on material deviat...
Best Practices in Private Credit (Fifth of a Series)
มุมมอง 1062 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left This week we continue our series on best practices of top private credit firms with a look at how underwriting teams partner closely with their internal colleagues to ensure the most favorable execution for their sponsor clients and investors. Clear...
Best Practices in Private Credit (Fourth of a Series)
มุมมอง 1353 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left Understanding the connection between business and structural risks is one of the keys to successful credit investing. “Good company, bad balance sheet” is how opportunistic credit managers describe troubled but attractive situations in which to inve...
Best Practices in Private Credit (Third of a Series)
มุมมอง 1183 หลายเดือนก่อน
▶︎ Subscribe to our Newsletter: www.theleadleft.com/ ▶︎ Follow our Twitter: @theleadleft ▶︎ Follow our LinkedIn: linkedin.com/company/the-lead-left Why is portfolio construction such an important concept for analyzing private credit managers? The answer seems obvious, but it’s more than ensuring defaults and loses are minimized. Less tangible, but a huge issue today, is employee retention. It’s...
Best Practices in Private Credit (Second of a Series)
มุมมอง 1523 หลายเดือนก่อน
Best Practices in Private Credit (Second of a Series)
Private Capital Call Episode 6: Jack Ablin, CIO And Founding Partner of Cresset Capital
มุมมอง 903 หลายเดือนก่อน
Private Capital Call Episode 6: Jack Ablin, CIO And Founding Partner of Cresset Capital
Best Practices in Private Credit (First of a Series)
มุมมอง 1913 หลายเดือนก่อน
Best Practices in Private Credit (First of a Series)
The New Order: Leverage Finance in an Asset Management World (Last of a Series)
มุมมอง 1484 หลายเดือนก่อน
The New Order: Leverage Finance in an Asset Management World (Last of a Series)
The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)
มุมมอง 1334 หลายเดือนก่อน
The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)
Private Capital Call Episode 5: Ron Kahn, Managing Director of Lincoln International
มุมมอง 1104 หลายเดือนก่อน
Private Capital Call Episode 5: Ron Kahn, Managing Director of Lincoln International
The New Order: Leverage Finance in an Asset Management World (Third of a Series)
มุมมอง 1414 หลายเดือนก่อน
The New Order: Leverage Finance in an Asset Management World (Third of a Series)
The New Order: Leverage Finance in an Asset Management World (Second of a Series)
มุมมอง 1394 หลายเดือนก่อน
The New Order: Leverage Finance in an Asset Management World (Second of a Series)
The New Order: Leverage Finance in an Asset Management World (First of a Series)
มุมมอง 1824 หลายเดือนก่อน
The New Order: Leverage Finance in an Asset Management World (First of a Series)
How to Stop Worrying About the Maturity Wall (Last of a Series)
มุมมอง 1045 หลายเดือนก่อน
How to Stop Worrying About the Maturity Wall (Last of a Series)
How to Stop Worrying About the Maturity Wall (Second of a Series)
มุมมอง 1145 หลายเดือนก่อน
How to Stop Worrying About the Maturity Wall (Second of a Series)
Private Capital Call Episode 4: Edward Goldstein, Partner and CIO of Coller Credit Secondaries
มุมมอง 1555 หลายเดือนก่อน
Private Capital Call Episode 4: Edward Goldstein, Partner and CIO of Coller Credit Secondaries
How to Stop Worrying About the Maturity Wall (First of a Series)
มุมมอง 1145 หลายเดือนก่อน
How to Stop Worrying About the Maturity Wall (First of a Series)