Posts by pwsadmin
Late May Market Update [5/24/24]
Quick post on debt markets ahead of Memorial Day weekend. Our market note on 5/6/24 spoke to overall tone being firm in the credit markets. This has only become more true over the last three weeks. There has been a notable deluge of liquid markets issuance from industrials issuers. Arclin, Sensata, Gates Corp., Michael Baker,…
Read MoreEarly May Market Post / FGA YTD April 2024 Activity Update [5/6/24]
Here at the beginning of May, overall tone is firm in the credit markets. Healthy competition and light supply have resulted in tight credit spreads across institutional, private credit, and pro rata (commercial bank) markets. Absolute cost of debt remains elevated with persistence of SOFR rates over 5.00% and 10yr UST ~4.50%. Some of…
Read MoreEarly March Financing Market Update
Our late January call for a lot of forthcoming press about broadly syndicated TLB markets fighting back/retaking share from private credit was very much on target in the large cap space. Private credit spreads have come in to try to close the gap to BSL. Lots of ‘what me worry?’ kind of commentary about this dynamic from…
Read MoreLate January Financing Market Update [SENT 1/29/24]
There has been strong risk-on lender sentiment for ‘known quantity’ credit across multiple debt markets in early 2024. Broadly syndicated TLB market – healthy demand for repricings, refinancings, and recapitalizations for larger tranche existing issuers that are performing. Think up to ~75 bps in loan spread reduction Pro rata – top of league table arrangers getting…
Read MoreYear End Market Update / Early 2024 Outlook
The ~10 year leveraged finance banker in me wanted to write a long form end of year market wrap packed with charts, quantitative detail, and predications headed into 2024. I’m not convinced it would matter for most Fountain Gate Advisors clients. The first calendar year of FGA has made clear to me that for founder…
Read MoreLate October Financing Market Update
Happy late October everyone! See below for Fountain Gate Advisors’ latest pulse on the credit markets across the various pockets of debt capital available to middle market borrowers. Banks Lots on inward focus at the regulated banks. The ‘held to maturity’ portfolios (think, underwater long duration bond investments), CRE concerns, and expense scrutiny that are…
Read MorePost Labor Day Market Update
Welcome back to the desk post-Labor Day. Hope everyone had a great holiday weekend. See below for the Fountain Gate Advisors’ latest pulse on the credit markets across the various pockets of debt capital available to middle market borrowers. Fountain Gate Advisors is extremely plugged in to the various factors driving the current state of…
Read MoreFountain Gate Advisors 2Q23 Quarterly Newsletter
It has been a blast getting the firm off the ground this quarter. I appreciate all of the people that have made time for conversations, been generous with connections and intros, and very much appreciate the initial clients that have mandated the firm on projects. Fountain Gate’s value proposition of independent advice, unrivalled focus, and…
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