Middle Market Investing: Surveying the Runway
|
|
- Angela Lindsey
- 6 years ago
- Views:
Transcription
1 Middle Market Investing: Surveying the Runway Thomson Reuters LPC Middle Market Conference April 27, 2017
2 Important Disclosures KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association ( KeyBank N.A. ), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A.. Banking products and services are offered by KeyBank N.A.. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity. 2
3 Middle Market Investing: Surveying the Runway Moderator: James Hussney Managing Director, Loan Syndicate, Sales and Research KeyBanc Capital Markets, Inc. Panelists: Spyro Alexopoulos Managing Director Golub Capital Carey Davidson Head of Capital Markets Monroe Capital Heath Fuller Capital Markets Head NXT Capital Christine Harrington Managing Director Apollo Global Management Contacts: Robyn Roof KeyBanc Capital Markets / rroof@key.com James Hussney KeyBanc Capital Markets / jhussney@key.com Juan Gomez KeyBanc Capital Markets / juan.gomez@key.com Steve Rasoletti KeyBanc Capital Markets / stephen.rasoletti@key.com 5
4 Agenda Agenda I. Pre-Flight / Fueling I. Pre-Flight / Fueling II. In-Flight / Flight Plan II. In-Flight / Flight Plan III. Flight Conditions & Duration III. Flight Conditions & Duration IV. Landing Approach IV. Landing Approach 6
5 Pre-Flight / Assessment 7
6 Pre-Flight / Assessment Middle Market Asset Manager Vehicles Banks CLO BDC Direct Lending Platforms * * * * Note: Each category organized top down, from newest to oldest Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites * Denotes inaugural MM CLO issuance Denotes merger or consolidation Denotes partnership 8
7 Pre-Flight / Fueling Are middle market sources of capital unlimited? 9
8 Pre-Flight / Fueling Are middle market sources of capital unlimited? $60.0 Annual Middle Market Loan Fundraising $50.0 $40.0 $30.0 $57.8 $20.0 $10.0 $17.0 $23.3 $18.2 $ YTD2017 Source: Thomson Reuters LPC Loan Connector 10
9 In-Flight / Flight Plan What are the parameters in which you operate: segment, structure, yield 11
10 In-Flight / Flight Plan What are the parameters in which you operate: segment, structure, yield COMPARATIVE RISK/RETURN OF PRIVATE CREDIT Illiquidity, 10 year lock-up Intermediate Liquidity, 5-to-7- year lock-up Senior Direct Lending 6-8% IRRD Unitranche 7-10% IRR Mezzanine 10-15% IRR Distressed Credit 20+% IRR Daily Liquidity Corporate Bonds 2-4% Broadly Syndicated Large Bank Loans 3-5% High Yield Bonds 5-7% 5% 10% 20% Less Liquid, Higher Return Private credit ranging from senior direct lending to distressed credit offers a higher potential return than publicly traded fixed income securities while requiring a longer lock-up period Source: Brown Advisory. The disclosure for alternative investments is available at: 12
11 Flight Conditions & Duration Is it smooth sailing or is there turbulence ahead? 13
12 Flight Conditions & Duration Is it smooth sailing or is there turbulence ahead? $60.0 Annual Middle Market Loan Fundraising $50.0 $40.0 $30.0 $57.8 $20.0 $10.0 $17.0 $23.3 $18.2 $ YTD2017 Source: Thomson Reuters LPC Loan Connector 14
13 Landing Approach How do economic conditions and investment performance look? 16
14 Landing Approach Middle market investing 4.0 what does it look like? 17
15 Appendix
16 Pre-Flight / Fueling - Banks Dec-16 Capital One Establishes Unitranche Loan Program Jul-16 BB&T completes national Penn conversion Jun-16 PrivateBank parent to be acquired in $3.8 billion deal Feb-16 Can Hudson Executive Capital activists remake Comerica? Jan-16 Huntington Bancshares to strengthen Midwest franchise with financially and strategically accretive merger with FirstMerit Corporation Oct-15 KeyCorp to acquire First Niagara Financial Group Mar-15 Cerberus PNC Senior Loan Fund, LP Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites 19
17 Pre-Flight / Fueling CLOs Feb-17 SoftBank Group to Acquire Fortress Investment Group for $3.3 Billion Jan-17 Marble Point Acquires ACCLOM Aug-16 CIFC to be acquired by F.A.B Partners for $333 million in cash Jun-16 Blackstone acquiers minority stake in Marathon Asset Management Apr-17 Antares Capital prices $2.1B debut middle market CLO L Nov-16 Brightwood Capital prices $750M middle-market LCO via Natixis Mar-17 WFC prices dual RR $511M Neuberger Berman CLO 24 L+123 Mar-17 WFC prices $406M MM CLO for NXT Capital L+170 Feb-17 DB prices $816M CIFC funding 2017 L+136 Feb-17 NewStar prices $397M middle-market deal via Natixis L+178 Dec-16 Citi prices $304M MM CLO for Maranon Capital L+210 Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites 20
18 Pre-Flight / Fueling CLOs Sep-16 Tennenbaum Capital closes $264.2M MM loan warehouse CLO L+225 Aug-16 WFS prices debut TIAA Churchill MM CLO: L+215 Aug-16 Alliance Bernstein debuts middle market CLO Jul-16 Monroe Capital prices $305M middle market CLO via BNP L+225 Apr-16 GC prices $354M middle market Golub 31 CLO L+220 Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites 21
19 Pre-Flight / Fueling BDCs Feb-17 Solar, Deerfield form loan venture Jan-17 New York Life Investments builds platform with purchase of Credit Value Partners May-16 Ares Capital grows even bigger with $3.4B American Capital Purchase Jul-16 Providence Equity Partners subsidiary agrees to buy BDCA Adviser Oct-16 Credit Suisse sells BDC to CION Investment Apr-17 Middle Market: Owl Rock Capital Mar-17 Middle market lender WhiteHorse files for security sale Mar-17 Golub Capital BDC offering common stock Jan-17 PennantPark files $500M shelf Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites 22
20 Direct Lending Platforms Mar-17 NXT manages $500M debt portfolio for Aflac Dec-16 PIMCO, Solar Capital form JV to expand private credit efforts Nov-16 Northleaf Capital Partner acquiers minority stake in Anatares Aug-16 Varagon, Ares Capital complete initial $3B funding for SDLP fund Feb-17 Hancock Capital Adds Leveraged Credit Leadership Team in Chicago Jan-17 Apr-16 Crescent Direct Lending Exceeds $1.7B of AUM and Builds Out Investment Team Onex launches lending platform, hires sponsor-finance veteran Sep-16 Capitala closes $500M private credit fund for middle market loans Oct-16 Oct-16 Jun-16 Audax closes $500M fund for middle market debt investments NXT Capital closes new fund for middle market direct lending Apollo BDC management rejig may signal subtle strategy shift Sources: SEC filings, Thomson Reuters LPC Loan Connector, Standard & Poor s Leveraged Commentary & Data ( LCD ), Bloomberg & individual investor websites 23
Thomson Reuters LPC Middle Market Loans Conference The Middle Market Evolution Continues: Once a mystery, now the place to be
Thomson Reuters LPC Middle Market Loans Conference The Middle Market Evolution Continues: Once a mystery, now the place to be May 6, 2015 Middle Market Capital Providers: The Evolution Continues Moderator
More informationState of the Middle Market M&A Private Equity Financing
State of the Middle Market M&A Private Equity Financing Webcast: May 10, 2011 DEBT ADVISORY GROUP The Capital Markets Desk for the Middle Market State of the Middle Market Agenda Agenda Update on Market
More informationLOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET
MARKET INSIGHTS 4Q 2017 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY In the middle market, bank loan capital is available at attractive levels. For leveraged middle market companies, non-bank lenders are driving
More informationKeyBanc Capital Markets Debt Capital Markets
KeyBanc Capital Markets Debt Capital Markets The KeyBanc Capital Markets Debt Capital Markets team represents one of the strongest full-service debt-side investment banking, sales, trading and distribution
More informationThe Corporate Loan Market in a Global Context
The Corporate Loan Market in a Global Context Moderator: Panelists: Bram Smith, LSTA Fred Haddad GoldenTree Paul Hatfield, Alcentra David Lerner, Shenkman Dan McMullen, GSO Hong Kong June 8, 2017 Agenda
More informationBlackstone Reports Second Quarter 2018 Results
Blackstone Reports Second Quarter 2018 Results New York, July 19, 2018: Blackstone (NYSE:BX) today reported its second quarter 2018 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationThe U.S. Secondary Loan Market Ted Basta, LSTA Americo Cascella, Ares Andrew Gordon, Octagon Chris Remington, Eaton Vance Gunther Stein, Symphony
The U.S. Secondary Loan Market Ted Basta, LSTA Americo Cascella, Ares Andrew Gordon, Octagon Chris Remington, Eaton Vance Gunther Stein, Symphony Hong Kong June 8, 2017 A Historical Overview In 1997, S&P
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 3Q 2018 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Middle market investors continue to compete on price and less restrictive documentation, prompted by a sentiment change in leveraged lending
More informationPrivate Debt: The opportunity for income and diversification with illiquid assets
Winter 2018 Private Debt: The opportunity for income and diversification with illiquid assets Heather Davis President and CIO Nuveen Private Markets Brian Roelke Head of Private Capital Jason Strife Head
More informationIn the current economic environment of low interest
The Investment Lawyer Covering Legal and Regulatory Issues of Asset Management VOL. 21, NO. 7 JULY 2014 Trends in BDC Formation Transactions By Jonathan H. Talcott and Janis F. Kerns In the current economic
More informationMadison Capital Funding Market Overview
Communicate. Commit. Deliver. Third Quarter 2014 Table of Contents Loan Volume 2 CLO Issuance, Investors 3 Madison Capital Funding Market Overview Yields, Debt and Equity Multiples 4 Madison Capital Overview
More informationSTATE OF THE MARKET TODAY AND WHAT TO EXPECT TOMORROW
STATE OF THE MARKET TODAY AND WHAT TO EXPECT TOMORROW Thomson Reuters LPC s Second Annual Middle Market Loan Conference Ioana Barza Director of Analysis ioana.barza@thomsonreuters.com OVERVIEW From 40,000
More informationBlackstone s 2Q 18 Supplemental Financial Data. July 19, 2018
Blackstone s 2Q 18 Supplemental Financial Data July 19, 2018 Total Segments Year-to-Date (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 2Q'17 2Q'18 Revenues Management
More informationThomson Reuters LPC Loan Conference Middle Market Panel Discussion September 22, 2011
Thomson Reuters LPC Loan Conference Middle Market Panel Discussion September 22, 2011 Middle Market Panel Regions Capital Markets Terry Katon Managing Director and Group Head 704.335.9618 terry.katon@regions.com
More informationFS Investment Corporation
FS Investment Corporation INVESTOR PRESENTATION AUGUST 26, 2016 1 Important Notice This presentation may contain certain forward-looking statements, including statements with regard to the future performance
More informationBlackstone Reports Third Quarter 2012 Results
Blackstone Reports Third Quarter 2012 Results New York, October 18, 2012: Blackstone (NYSE: BX) today reported its third quarter 2012 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationState of the Middle Market M&A Private Equity Financing
State of the Middle Market M&A Private Equity Financing January 2012 DEBT ADVISORY GROUP The Capital Markets Desk for the Middle Market Results From Lincoln s 2012 Financing Market Survey Do you believe
More informationMorgan Stanley Credit Partners L.P. Weekly Market Update September 10, 2012
L.P. Weekly Market Update September 10, 2012 High Yield: YTD Issuance: $234Bn, 3% above YTD 2011 Fund Flows: +$201MM Index Yield: 5.50% Leveraged Loans: YTD Issuance (1) :$257Bn, 12% below YTD 2011 Fund
More informationBlackstone Reports Third Quarter 2018 Results
Blackstone Reports Third Quarter 2018 Results New York, October 18, 2018: Blackstone (NYSE:BX) today reported its third quarter 2018 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationMorgan Stanley Credit Partners L.P. Weekly Market Update November 5, 2012
L.P. Weekly Market Update November 5, 2012 High Yield: YTD Issuance: $308.8Bn, 26% above YTD 2011 Index Yield: 6.35% Leveraged Loans: YTD Issuance (1) :$392.5Bn, 18% above YTD 2011 Leveraged Finance Market
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationPrivate Debt: The opportunity for diversification with illiquid assets.
September 2016 Private Debt: The opportunity for diversification with illiquid assets. Heather Davis President and CIO Nuveen Private Markets Brian Roelke Sector Head, Private Capital Jason Strife Head
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationInnovative Model, Differentiated Experience, New Alternative
Franklin Square Capital Partners builds a differentiated BDC Innovative Model, Differentiated Experience, New Alternative Alternative Thinking Series Franklin Square Capital Partners (Franklin Square)
More informationCLOs in the Heartland. April 26, 2016
CLOs in the Heartland April 26, 2016 Opening Remarks Jill Zelter, Managing Director, Fitch Ratings State of the Capital Markets: First Quarter 2016 Review and Second Quarter 2016 Outlook Randy Schwimmer
More informationEuropean Direct Lending
Presentation on: European Direct Lending May 204 Macro-Economic Context: Supply of Capital 2 Regulations Encourage Banks to Focus on Balance Sheet Size and Composition Billions 80 60 40 20 00 80 60 40
More informationMorgan Stanley Credit Partners L.P. Weekly Market Update August 13, 2012
L.P. Weekly Market Update August 13, 2012 High Yield: YTD Issuance: $213Bn Fund Flows: +$809MM Index Yield: 6.75% Leveraged Loans: YTD Issuance (1) :$245Bn Fund Flows: +$159MM Index Yield: 6.60% Leveraged
More informationBlackstone Reports Fourth Quarter and Full Year 2018 Results
Blackstone Reports Fourth Quarter and Full Year 2018 Results New York, January 31, 2019: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2018 results. Stephen A. Schwarzman, Chairman
More informationPrivate Equity. Panel Detail: Monday, May 2, :30 AM - 10:45 AM
Private Equity Panel Detail: Monday, May 2, 211 9:3 AM - 1:45 AM Speakers: Leon Black, Founding Partner, Apollo Management, LP David Bonderman, Founding Partner, TPG Capital Jonathan Nelson, CEO and Founder,
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationBIZD VanEck Vectors BDC Income ETF
VanEck Vectors BDC Income ETF ETF.com segment: Equity: U.S. Private Equity Competing ETFs: BDCS, BDCZ, BUY Related ETF Channels: North America, Private Equity, U.S., Vanilla, Equity, Financials, Sectors
More informationFS Investment Corporation
FS Investment Corporation INVESTOR PRESENTATION DECEMBER 7, 2016 1 Important Notice This presentation may contain certain forward-looking statements, including statements with regard to the future performance
More informationPrivate Equity Investing in the Current Credit Environment. The Blackstone Group. January Vik Sawhney
Credit Environment January 2009 Vik Sawhney Introduction The unprecedented credit-related turmoil that began in the summer of 2007 continues: Collapse in residential mortgage market Unwinding of structured
More informationTHOMSON REUTERS LPC S FIFTH ANNUAL MIDDLE MARKET LOANS CONFERENCE
REUTERS / Jean-Paul Pelissier REUTERS / Firstname Lastname THOMSON REUTERS LPC S FIFTH ANNUAL MIDDLE MARKET LOANS CONFERENCE Ioana Barza Director of Analysis 646-223-6822 ioana.barza@tr.com REUTERS / Samrang
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationBIZD VanEck Vectors BDC Income ETF
VanEck Vectors BDC Income ETF ETF.com segment: Equity: U.S. Private Equity Competing ETFs: BDCS, BDCZ, BUY Related ETF Channels: Financials, Vanilla, Equity, Sectors, North America, U.S., Private Equity
More informationJunior Debt Market Overview
KeyBanc Capital Markets conducts a quarterly survey of junior debt participants to measure market conditions and transaction terms. In this newsletter, we share with you the results of the survey and provide
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationCurrent State of the Leveraged Loan Market
Current State of the Leveraged Loan Market Ted Basta, LSTA William Lemberg, Alcentra Michael Schechter, CITI Gil Tollinchi, Crescent Capital Brian Yorke, Halcyon May 3, 2016 Presentation Overview 1. Macro
More informationKey Regulatory Issues Affecting Leveraged Loan Market. Meredith Coffey, LSTA
Key Regulatory Issues Affecting Leveraged Loan Market Meredith Coffey, LSTA mcoffey@lsta.org 212-880-3019 1 On The Agenda Today. Key Leveraged Loan Market Segments and How They re Affected by Regulation
More informationOaktree Announces First Quarter 2018 Financial Results
Oaktree Announces First Quarter 2018 Financial Results As of March 31, 2018 or for the quarter then ended, and where applicable, per Class A unit: GAAP net income attributable to Oaktree Capital Group,
More informationGeneral Electric Company Financial Services Funding Policy
General Electric Company Financial Services Funding Policy How we minimize interest rate and currency risk "This document contains "forward-looking statements" within the meaning of the Private Securities
More informationNot created equal: Surveying investments in non-investment grade
Winter 2018 Not created equal: Surveying investments in non-investment grade U.S. corporate debt Institutional investors searching for yield and current income opportunities have increased their allocations
More informationFS Investment Corporation
FS Investment Corporation INVESTOR PRESENTATION MARCH 17, 2016 Franklin Square Capital Partners is not affiliated with Franklin Resources/Franklin Templeton Investments or the Franklin Funds. 1 Important
More informationFEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report Feb 1 th Median inflation expectations decreased over the two week period for both inflation tenors. The probability
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationPEX ProShares Global Listed Private Equity ETF
ProShares Global Listed Private Equity ETF ETF.com segment: Equity: Global Private Equity Competing ETFs: PSP Related ETF Channels: Private Equity, Vanilla, Global, Equity, Financials, Sectors Find more
More informationMortgage Trends Update
Mortgage Trends Update UK Finance: Mortgage Trends Update December 218 of first-time reaches 12-year high in 218 Key data highlights: There were 37, new first-time buyer mortgages completed in 218, some
More informationFinancing ESOP Transactions- Lenders Perspective
Financing ESOP Transactions- Lenders Perspective 2015 California/Western States Chapter Conference Denver, Colorado September 24, 2015 Kurt Mair SVP and Western Regional ESOP Director Wells Fargo & Co.
More informationLEVERAGED LOAN MONTHLY
LEVERAGED LOAN MONTHLY THOMSON REUTERS LPC AUGUST 2013 Colm Doherty Director of Analytics colm.doherty@thomsonreuters.com 646-223-6821 Hugo Pereira Senior Market Analyst hugo.pereira@thomsonreuters.com
More informationPresentation to KCAP Investors
Presentation to KCAP Investors January 2, 2019 BCP Important Information Forward-Looking Statements Statements contained in this Presentation (including those relating to the proposed transaction, the
More informationOklahoma Independent Petroleum Association 2007 Capital and Technology Conference. October 30, 2005
Oklahoma Independent Petroleum Association 2007 Capital and Technology Conference October 30, 2005 Market Backdrop Bulge bracket investment banks have been poor performers in 2007 STOCK PRICE PERFORMANCE
More informationCLOs Today. Moderator: Meredith Coffey, LSTA
CLOs Today Moderator: Meredith Coffey, LSTA Panelists: Wynne Comer, Bank of America Merrill Lynch Mary Katherine DuBose, Wells Fargo Tricia Hazelwood, Mitsubishi UFJ Jane Lee, Blackstone GSO Josh Terry,
More informationTD Securities 2011 Calgary Unconventional Energy Conference July 7, Dawn Farrell Chief Operating Officer
TD Securities 2011 Calgary Unconventional Energy Conference July 7, 2011 Dawn Farrell Chief Operating Officer 1 Forward looking statements This presentation may contain forward looking statements, including
More informationThe BDC Discussion Thomson Reuters 3 rd Annual Middle Market Loan Conference
The BDC Discussion Thomson Reuters 3 rd Annual Middle Market Loan Conference Jonathan Bock, Senior Analyst jonathan.bock@wellsfargo.com (704) 410-1874 All estimates/forecasts are as of April 27, 2015 unless
More informationOhlone Community College District
Ohlone Community College District General Obligation Bond Refinancing Overview June 8, 2016 Outstanding General Obligation Bonds Issue Date Issue Amount Description Call Date Maturity Outstanding 6/19/2002
More informationPrivate Equity: Where Risk Meets Opportunity
Private Equity: Where Risk Meets Opportunity Panel Detail: Tuesday, April 28, 2009 11:00 AM - 12:15 PM Speakers: Leon Black, Founding Partner, Apollo Management LP Jim Davidson, Co-Founder and Chairman,
More informationSecond Quarter Strategic Update & Financial Results AUGUST 08, 2017
Second Quarter Strategic Update & Financial Results AUGUST 08, Q2 FINANCIAL RESULTS Certain information in this presentation is forward-looking and related to anticipated financial performance, events
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationAlgo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
More informationTRADING THROUGH THE VOLATILITY
Connect to WiFi WiFi: Hilton Meeting Room Password: LSTAOPS19 Open Your Web Browser TRADING THROUGH THE VOLATILITY # LSTAOPS19 Go to slido.com Ted Basta, Executive Vice President Market Analytics & Investor
More informationJunior Debt Market Analysis
Junior Debt Market Analysis Q2 2011 Q2 2013 KeyBanc Capital Market s Private Capital Group The Private Capital Group at KeyBanc Capital Markets ( KBCM ) is a dedicated private capital effort responsible
More informationFEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report October 3 rd Risk neutral expectations for inflation continue to fall. Bank and Insurance company share prices
More informationWater and Power Employees' Retirement, Disability and Death Benefit Insurance Plan Market Value Reports as of December 31, 2016.
Retirement Fund EQUITY Domestic Large Value T Rowe Price Separate Oct-04 400,019,344 517,196,722 Large Value MFS Separate Feb-04 352,541,491 512,699,767 Large Growth Fred Alger Separate Feb-04 426,644,964
More informationLeverage Lending, Dividend Recaps, and Solvency Opinions. Jeff K. Davis, CFA September 17, 2013
Leverage Lending, Dividend Recaps, and Solvency Opinions Jeff K. Davis, CFA September 17, 2013 1 The pricing of credit is forever cyclical. Jim Grant Grant s Interest Rate Observer 2 SECTION ONE Leveraged
More informationFinancial Industry Solutions. Second Quarter Financial Results AUGUST 9, 2018
Financial Industry Solutions Second Quarter Financial Results AUGUST 9, Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationBUSINESS DEVELOPMENT COMPANIES
BUSINESS DEVELOPMENT COMPANIES Financing Growth through Permanent Capital Vehicles A business development company ( BDC ) is a closedend investment company specifically designed to provide capital to,
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
More informationQUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 COMPLIANCE CERTIFICATION
QUARTERLY REPORT AND CERTIFICATION OF THE COUNTY TREASURER For Quarter Ending June 30, 2009 The Government Code requires the County Treasurer to render a Quarterly Report to the County Administrator, the
More informationMarket Impact of TLAC Requirements. FIG DCM Bank Capital Solutions
Market Impact of TLAC Requirements FIG DCM Bank Capital Solutions December 1, 15 RWA vs. SLR Driven TLAC Requirements Fed's SLR driven TLAC requirement is more stringent than FSB TLAC framework 5%.5% The
More informationBusiness Cycle Index July 2010
Business Cycle Index July 2010 Bureau of Trade and Economic Indices, Ministry of Commerce, Tel. 0 2507 5805, Fax. 0 2507 5806, www.price.moc.go.th Thailand economic still expansion. Medium-run Leading
More information2013 Citi US Financial Services Conference
2013 Citi US Financial Services Conference Adena Friedman, Chief Financial Officer March 2013 0 Important Information Statements contained in this presentation that are not historical facts are based on
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationSeeking Alpha: Opportunities vs. Risk in the US Loan Market Today
Seeking Alpha: Opportunities vs. Risk in the US Loan Market Today Moderator: Bram Smith. LSTA Speakers: Americo Cascella, Ares Stephen Casey, Neuberger Kevin Petrovcik, Invesco Mark Senkpiel, Babson THE
More informationBlackstone / GSO Loan Financing Limited Q Report
Dear Investor, We are pleased to provide you with the inaugural quarterly update letter for the Blackstone / GSO Loan Financing Limited ( BGLF or the Fund ), for the quarter ended 30 June 2017. We intend
More informationFIRST EAGLE INVESTMENT MANAGEMENT AGREES TO ACQUIRE NEWSTAR FINANCIAL
FIRST EAGLE INVESTMENT MANAGEMENT AGREES TO ACQUIRE NEWSTAR FINANCIAL First Eagle to pay $11.44 per NewStar share in cash plus contingent value rights worth up to an estimated additional $0.88-1.00 per
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationPIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1. New Leveraged Loans In the Market
Issue Issue No. No. 276: 276: September September 16, 16, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1 The Piper Jaffray Debt Capital Markets Update is published weekly and provides a summary and analysis
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 1Q 2019 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Last year was a strong year for the corporate loan markets, including middle market and ABL, leveraged loans, and investment grade. Strong
More informationIntroduction to JMP Group LLC. November 2017
Introduction to JMP Group LLC November 2017 Disclosures Forward-Looking Statements This presentation, as well as any accompanying comments by JMP Group representatives, contains forward-looking statements
More informationBusiness & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
More informationThe Blackstone Group L.P. (Exact name of Registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationSaratoga Investment Corp.
Saratoga Investment Corp. Fiscal Third Quarter 2018 Shareholder Presentation January 11, 2018 Continued Progress to Core Objectives in Q3 2018 Fiscal Third Quarter 2018 Highlights: Continued strengthening
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More informationInvestment Opportunities in Private Markets
Investment Opportunities in Private Markets 2017 NCPERS Annual Conference and Exhibition May 22, 2017 For institutional investor use only. Not for use with or distribution to the public. The mighty middle
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
More informationCDO Market Overview & Outlook. CDOs in the Heartland. Lang Gibson Director of Structured Credit Research March 25, 2004
CDO Market Overview & Outlook CDOs in the Heartland Lang Gibson Director of Structured Credit Research March 25, 24 23 featured record volumes despite diminishing arbitrage Global CDO Growth: 1995-23 $
More informationPiper Jaffray M&A Monitor Analyzing M&A Activity October 18, 2007
Analyzing M&A Activity October 18, 27 Sections: Feature Transaction Domestic M&A Transactions LTM Transaction Multiples Public Company Premiums Deal Financing Buyout Fund Market M&A Group Contacts Visit
More informationRegional overview Gisborne
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area District 1 2 3 4+ TOTAL 3 35 5 7 total 3 35 5 7 7 8 9 1 11 Purchasing intentions - change within the
More informationSaratoga Investment Corp.
Saratoga Investment Corp. Fiscal Third Quarter 2019 Shareholder Presentation January 10, 2019 Continued Growth and Outperformance in Q3 2019 Fiscal Third Quarter 2019 Highlights: Continued strengthening
More informationMembership Report September 2018
Membership Report September 2018 Agenda Financial Commentary 2018 Budget/Actual Net Income Actual/Budget Variance Total Managed Assets On- & Off-Balance Sheet Liquidity Commentary Historical Member Overnight
More informationWESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
More informationRelease date: 16 May 2018
Release date: 16 May 218 UK Finance: Mortgage Trends Update March 218 Remortgaging market softens in March after busy start to year Key data highlights: There was 51bn of new lending to first-time in the
More informationCSCK 12. Credit Suisse Mexico Credit Opportunities Trust January Overview. Investment Performance
CSCK 12 Credit Suisse Mexico Credit Opportunities Trust January 2019 This document is for information purposes only. The information contained herein is public, comes from public sources or is informative
More informationFOR RELEASE: MONDAY, MARCH 21 AT 4 PM
Interviews with 1,012 adult Americans conducted by telephone by Opinion Research Corporation on March 18-20, 2011. The margin of sampling error for results based on the total sample is plus or minus 3
More informationMembership Report November 2018
Membership Report November 2018 Agenda Financial Commentary 2018 Budget/Actual Net Income Actual/Budget Variance Total Managed Assets On- & Off-Balance Sheet Liquidity Commentary Historical Member Overnight
More information