January 2019
Intermediate to advanced
256 pages
7h 13m
English
Content preview from Private Debt
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List of Exhibits
Exhibit 1.1 Breakdown of the $10 trillion US corporate debt market.
Exhibit 1.2 Capital structure of a $40 million EBITDA company.
Exhibit 2.1 Cliffwater Direct Lending Index performance.
Exhibit 2.2 Components of direct lending returns, September 2004 to December 2017.
Exhibit 2.3 Direct loan income as percent of loan asset value, rolling four quarters.
Exhibit 3.1 Asset class return and risk, September 2004 to December 2017.
Exhibit 3.2 Asset class cumulative returns (growth of $1.00), September 2004 to December 2017.
Exhibit 4.1 Direct loan fair value versus par (principal) value.
Exhibit 4.2 Current yield and yield‐to‐three‐year‐takeout for the Cliffwater Direct Lending Index.
Exhibit 4.3 Yields and yield spreads for direct loans and high‐yield bonds.
Exhibit 4.4 Yields and yield spreads for direct loans, high‐yield bonds, and leveraged loans.
Exhibit 5.1 Credit losses from high‐yield bonds, bank loans, and middle market loans, 2005–2017.
Exhibit 6.1 Liquidity measurement for US middle market direct ...
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