Leveraged Lending So Cold S&P Can’t Even Analyze It

If you’re a loan originator, you probably spent the first quarter of this year bored to tears or worried about your job. Quarterly league tables from Standard & Poor’s Leveraged Commentary & Data only confirmed what our numerous reports on lender layoffs foreshadowed: New issuances are down, down down. In fact, in the latest issue of Buyouts, Ari Nathanson reported that new debt issuance was so low S&P couldn’t even release quarterly averages on purchase price multiples and LBO leverage. Let me repeat: There were not enough deals in the first quarter to even average deal or leverage multiples.

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