What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.

1. Capital Markets Insights
L a t e F a l l 2 0 1 8 R e v i e w

2. 2
Capital Markets Insights | Late Fall 2018
Highlights
The Fed hiked rates another quarter-
point in September, as widely
anticipated, and dropped the
longstanding “accommodative”
language from its formal statement.
Private debt and equity dry powder
continued to build, supporting higher
LBO purchase multiples and
contributing to lower credit spreads.
Rising borrowing costs have resulted
in a significant decline in refinancing
activity YTD particularly in the third
quarter.
In conjunction with the 25bps interest rate hike in September, the Fed, taking a
hawkish stance on monetary policy, raised its economic outlook and dropped
the “accommodative” language that has long been a component of its formal
statement.
In August, the Bank of England (BOE) raised interest rates, citing a strong
labor market and credit growth. UK economic growth rebounded in the second
quarter following a slowdown in the first quarter, which the BOE attributes
largely to weather. One of the most significant risk to economic growth remains
Brexit negotiations between the UK and European Union.
Private debt and equity dry powder continued to build, supporting higher
leveraged buyout (LBO) purchase multiples and lower credit spreads. This
trend may continue to result in private credit funds and direct lenders gaining
market share from banks - despite loosening regulations.
Lending standards have remained more rigorous in the lower middle-market
(<$25M EBITDA), where total leverage is largely holding below 6x and
financial covenants remain intact (i.e., a limited number of covenant-lite or
covenant-loose transactions). At the same time, we note diminishing
underwriting standards at the upper end of the middle-market (>$25M
EBITDA), which we attribute to the abundance of available capital (a result of
collateralized loan obligations (CLOs) and other non-direct origination
sources).
Rising borrowing costs have resulted in a significant decline in refinancing
activity year-to-date (YTD), particularly in the third quarter. There has been a
significant shift toward opportunistic financings for growth-related purposes
and leveraged recapitalizations. As economic conditions continue to stoke
M&A related activities and a hawkish Fed focuses on raising rates, we
anticipate that the trend away from refinancings will likely continue. 2
Capital Markets Insights | Late Fall 2018

3. 3
Capital Markets Insights | Late Fall 2018
Executive Summary
In the U.S., the Fed provided yet more hawkish guidance in conjunction with
its announcing a third quarter-point rate hike in September 2018, signaling a
likely fourth 25bps rate hike in 2018 and four additional quarter-point hikes
through 2020. The BOE, continuing on its path to tighter monetary policy,
raised interest rates in August and indicated that if its macroeconomic
forecasts prove out, it will likely increase rates further, albeit gradually.
In light of the rising rate environment, we noted that refinancing activity is
down significantly YTD. Replacing refinancing issuance, that dominated new
issuance for the last several years, has been an increase in acquisition-
related financings and recapitalization transactions. To support growth, we
have noted anecdotally for middle-market issuances that delayed draw term
loans have become a key component of many financings, and are likely being
used to fund growth capital expenditures and acquisitions. In these cases,
draws typically are subject solely to pro forma covenant compliance.
We note that underwriting standards have become less rigorous at the upper
end of the middle-market (>$25M EBITDA) due to the abundance of available
capital (a result of the proliferation of CLOs and other non-direct origination
sources). At the same time, as Rich Jander, managing director at Maranon
Capital, noted, “Lending standards have remained more fastidious in the
lower middle-market (<$25M EBITDA), where leverage is largely holding
below 6x and financial covenants remain intact (i.e., not seeing covenant-lite
or covenant-loose transactions).”
Jander continued that “with interest rates rising, lenders, in recent weeks, are
becoming more selective around businesses viewed as cyclical, and are
favoring businesses with strong underlying demographic trends.”
Loan spreads continue to tighten, particularly with institutional lending
sources, as lenders compete with each other on rate and as default risk
remains very low. In addition, the recent increase in the LIBOR rate has
allowed lenders to reduce spread and maintain all-in yields. Ted Koenig,
president and CEO at Monroe Capital, said “We believe that private credit
funds and direct lenders will continue to gain market share against banks,
despite loosening leveraged lending regulatory guidelines. We are starting to
see larger unitranche products (some instances of covenant-lite), as well as
direct lenders taking significantly larger bite-sizes than they have traditionally
done in the past.”
Koenig further noted that “private equity and private debt dry powder levels
continue to build, pushing LBO purchase price multiples higher and spreads
tighter. Credit quality will potentially suffer as more companies are coming for
sale sooner than they should in order to take advantage of the current supply
and demand imbalance.” Tighter spreads have largely offset rising base rates
to date; but with overall rates rising, refinancing issuance has abated, and
new issuance has shifted significantly toward more opportunistic financings
for growth-related and leveraged recapitalization transactions. We anticipate
this trend will likely continue so long as the credit markets and economic
conditions warrant.

4. 4
Capital Markets Insights | Late Fall 2018
U.S. LEVERAGE MULTIPLES
SENIOR
EBITDA OF $10M–$20M
4.00x–5.00x
3.75x–4.75x
EBITDA OF $20M–$50M
4.50x–5.50x
4.25x–5.25x
TOTAL DEBT
EBITDA OF $10M–$20M
5.00x–6.00x
4.50x–5.50x
EBITDA OF $20M–$50M
5.50x–6.50x
5.00x–6.00x
Indicative Middle-Market
Credit Parameters
4
UK/EUROPE LEVERAGE
MULTIPLES
SENIOR
EBITDA OF €10M–€20M
4.00x–5.00x
3.50x–4.50x
EBITDA OF €20M–€50M
4.50x–5.50x
4.00x–5.00x
TOTAL DEBT
EBITDA OF €10M–€20M
4.50x–5.50x
4.00x–5.00x
EBITDA OF €20M–€50M
4.75x–5.75x
4.50x–5.50x
INFORMATION IN RED REPRESENTS PRIOR QUARTER
VIEW (WHEN DIFFERENT THAN CURRENT QUARTER)

5. 5
Capital Markets Insights | Late Fall 2018
SECOND LIEN LIBOR + 6.00%–9.00% LIBOR + 5.50%–8.50%
SUBORDINATED
DEBT
10.50%–12.50% 9.50%–11.50%
UNITRANCHE LIBOR + 5.50%–8.00% LIBOR + 5.00%–7.50%
U.S. Indicative Middle-
Market Credit Parameters
FIRST LIEN LIBOR + 2.25%–3.00% (bank)
LIBOR + 3.50%–5.50% (nonbank)
LIBOR + 2.00%–2.75% (bank)
LIBOR + 3.50%–5.50% (nonbank)
FIRST LIEN
PRICING EBITDA OF $10M–$20M EBITDA OF $20M–$50M

6. 6
Capital Markets Insights | Late Fall 2018
SECOND LIEN LIBOR/EURIBOR + 8.00%–10.00% LIBOR/EURIBOR + 7.50%–9.50%
SUBORDINATED
DEBT
10.50%–12.50% 9.50%–11.50%
UNITRANCHE LIBOR/EURIBOR + 5.75%–8.00%
LIBOR/EURIBOR + 5.25%–7.50%
LIBOR/EURIBOR + 5.25%–8.00%
UK/Europe Indicative
Middle-Market Credit
Parameters
FIRST LIEN
LIBOR/EURIBOR + 3.00%–4.00% (bank)
LIBOR/EURIBOR + 3.50%–4.00% (bank)
LIBOR/EURIBOR + 4.50%–6.00% (nonbank)
LIBOR/EURIBOR + 2.75%–3.25% (bank)
LIBOR/EURIBOR + 3.25%–3.75% (bank)
LIBOR/EURIBOR + 4.00%–6.00% (nonbank)
FIRST LIEN
PRICING EBITDA OF €10M–€20M EBITDA OF €20M–€50M
INFORMATION IN RED REPRESENTS PRIOR QUARTER
VIEW (WHEN DIFFERENT THAN CURRENT QUARTER)

7. 7
Capital Markets Insights | Late Fall 2018
Third-quarter U.S. high-yield issuance volume of $43B and the number of new
issuances (67) declined from the previous quarter by 7% and 25%, respectively. High-
yield issuance continued to decelerate, with September posting its lowest issuance
volume since 2011, and YTD issuance volume down 29% versus the prior YTD period.
In light of an increasingly hawkish Fed and rising rates, investors and issuers alike
seemed to favor the leverage loan market.
Source: LCD Comps
64.5
91.3 94.1
39.8
36.3 36.1
83.4
62.7
47.1
81.7
61.1
64.8 67.6
64.2
46.4
43.3
112
129
163
61
53 55
112 107
89
143
118 116
130
110
89
67
0
50
100
150
200
250
300
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$0
$25
$50
$75
$100
$125
THOUSANDS
Total Bond Volume ($B) Number of Tranches
New
Issuance
Total U.S. High-Yield Bond Issuance

8. 8
Capital Markets Insights | Late Fall 2018
Second-quarter high-yield issuance volume of €12B and number of new issuances (32)
were lower versus the prior quarter by 46% and 40%, respectively. This is a trend that
has been repeated in each of the past five years apart from the third quarter of 2016.
While, on the whole, conditions in the market remain attractive for both lenders and
borrowers, it is clear that high-yield is taking a back seat to the loan market-with lack of
supply being of particular concern.
Total European High-Yield Bond Issuance
Source: LCD Comps
4.0
27.1
18.7
10.4
8.1
7.1
16.9
18.8
10.2
24.4
21.2
19.0
29.0
19.6
22.4
12.0
16
60
47
28
21
15 42 46
30
61
55
47
61
51 53
32
0
50
100
150
200
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
€0
€20
€40
Total Bond Volume (€B) Number of Tranches
New
Issuance

9. 9
Capital Markets Insights | Late Fall 2018
673.8
436.7
648.6
606.4 608.5
399.7
696.8
500.3
728.0
642.8
743.5
603.6
752.2
680.4
963.8
375.0
1,114 851
1,172
956
1,071
801
1,082
951
1,064 1,054
1,170
1,054
1,203
1,036
1,206
809
500
1,000
1,500
2,000
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$0
$200
$400
$600
$800
$1,000
THOUSANDS
Total Loan Volume ($B) Number of Deals
Third-quarter U.S. loan issuance was $375B on 809 deals, representing significant
declines of 61% and 33%, respectively. Loan volume declined in line, with a pullback in
refinancing activity, as new money issues represented 77% of issuance in the third
quarter versus 35% in the first half of 2018.
U.S. Total Loan Issuance
New
Issuance
Source: Thomson Reuters; SDC Platinum
Volume data includes deals reported as of Oct. 8, 2018.

10. 10
Capital Markets Insights | Late Fall 2018
278.0
250.5
285.8
250.7
371.2
191.0
229.1
217.2
288.6 288.6
264.6
192.8
272.8
249.6 252.9
114.2
557
479
663
608
624
502
604
561 557 527
581
448
538
411 436
343
0
500
1,000
1,500
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
€0
€100
€200
€300
€400
THOUSANDS
Total Loan Volume (€B) Number of Deals
Third-quarter European loan issuance volume totaled €114B, decreasing 55% over the
second quarter. The relatively smaller 21% decrease in the number of third-quarter
issuances versus the second quarter is largely the result of sizable deals completed in
Q1 and Q2 (five of the largest 10 issuances since 2008 were completed in Q1 and Q2
2018).
European Total Loan Issuance
New
Issuance
Source: SDC Platinum
Volume data includes deals reported as of Oct. 8, 2018.

11. 11
Capital Markets Insights | Late Fall 2018
U.S. middle-market loan volume and number of issuances fell dramatically to $182B
and 626, respectively, representing a steep decline of 62% and 34%, respectively.
Middle-market loan issuance experienced a similar pullback in refinancings to that of
overall leveraged loans.
U.S. Total Loan Issuance (EBITDA <$50M)
254.3
174.4
304.2
243.1
269.8
170.6
323.6
259.9
346.6
377.1
400.6
325.2
364.8 363.5
478.4
182.4
832
649
880
748
824
620
844
768
842 826
934
850
946
836
948
626
500
750
1,000
1,250
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$0
$100
$200
$300
$400
$500
THOUSANDS
Total Loan Volume ($B) Number of Deals
New
Issuance
Source: SDC Platinum
Volume data includes deals reported as of Oct. 8, 2018.

12. 12
Capital Markets Insights | Late Fall 2018
Both bond funds and leveraged loan funds saw modest inflows. In particular, bond
funds experienced a net inflow of nearly $2B in the third quarter after an inflow of almost
$4B in the second quarter. Leveraged loan fund flows had another quarter of inflow
following a strong gain of more than $5B in the second quarter.
Mutual Fund Flows
Sources: Investment Company Institute;
Lipper FMI; LCD Comps
Fund
Flows
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
($20)
($15)
($10)
($5)
$0
$5
$10
$15
MILLIONS
High-Yield Bond Fund Flows Leveraged Loan Fund Flows
Total Net Fund Flows ($B)

13. 13
Capital Markets Insights | Late Fall 2018
Leverage U.S. middle-market first-lien leverage has increased to approximately 5.0x, presumably
a result of the strong unitranche bid, while second-lien/subordinated leverage
experienced a resurgence and increased a half-turn of EBITDA, pushing total leverage
close to 6.0x.
Source: LCD Comps
3.4x
4.4x
4.5x
4.2x 4.2x
3.9x
4.2x 4.4x
4.0x 4.0x
4.3x
4.1x 4.1x
4.9x 4.8x 4.8x 4.8x 4.8x
5.0x
1.2x
0.7x 0.7x
0.6x 0.6x
0.5x
1.4x 1.4x
0.9x 1.0x
0.7x
0.8x 0.7x
1.0x
0.7x 0.7x 0.7x
0.3x
0.8x
4.7x
5.1x 5.2x
4.8x 4.8x
4.4x
5.6x 5.7x
4.9x 5.0x 5.0x
4.8x 4.7x
5.9x
5.5x 5.5x 5.6x
5.1x
5.9x
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
First Lien Second Lien/SubordinatedDebt/EBITDA Multiple
U.S. Leverage Multiple (EBITDA <$50M)

14. 14
Capital Markets Insights | Late Fall 2018
Leverage European middle-market leverage levels continued to increase in the third quarter, with
first-lien and total leverage at 5.0x and 5.2x, respectively. Total leverage of 5.2x
represents the highest level for the European market since Q1 2008 and, on a year-to-
date basis, the highest level since 2007. The swell in M&A activity and the excess
supply of capital is largely driving the surge in leverage.
European Leverage Multiple (Enterprise Value <€350M)
Source: LCD Comps
3.8x
4.0x
4.4x
3.8x
3.2x
3.6x 3.7x 3.7x
4.0x
3.6x
4.4x 4.3x
4.5x 4.6x
4.9x 5.0x
1.0x
1.1x
1.4x
1.0x
0.5x
0.4x
0.5x 0.3x
0.3x
0.6x
0.1x 0.3x
0.2x 0.2x
0.2x 0.2x4.8x
5.1x
5.8x
4.8x
3.7x
4.0x
4.2x
4.0x
4.3x 4.2x
4.5x 4.6x 4.7x 4.7x
5.1x 5.2x
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18 2Q18 3Q18
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
First Lien Second Lien/SubordinatedDebt/EBITDA Multiple

15. 15
Capital Markets Insights | Late Fall 2018
Third-quarter middle-market M&A volume declined 8% over the second quarter, while
deal count increased 9% over the same period. Middle-market M&A somewhat bucked
the global decline in M&A volume, which dropped 35% in the third quarter, as the
escalating trade dispute between the U.S. and China and rising interest rates impacted
the prospects of some deals.
169.2
192.9
160.7
262.1
174.6
140.6
193.6
212.1
230.5
172.2 168.7
210.5
181.6 186.4
221.2
203.3
2.7 2.8
2.9
2.7 2.5 2.7
2.9 2.8
3.1
3.7 3.5
3.4
3.0
3.5
2.6
2.9
1.0
1.8
2.6
3.4
4.2
5.0
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$0
$50
$100
$150
$200
$250
$300
THOUSANDS
THOUSANDS
Total M&A Volume ($B) Number of Deals
(Thousands)
Transaction
Volume
Source: SDC Platinum
Volume data includes deals reported as of Oct. 12, 2018.
U.S. Middle-Market M&A Volume (Target EBITDA <$50M)

16. 16
Capital Markets Insights | Late Fall 2018
European middle-market M&A deal-making fell in the second quarter, with transaction
volume declining 20% and the number of deals declining 8% from the prior quarter. While
M&A volume was lower in Q3, year-to-date M&A volume is broadly in line with the past
three years. The drop in third-quarter European volume largely reflects the wider
geopolitical uncertainty overshadowing the financial and regulatory prospects of some
deals.
European Middle-Market M&A Volume (Target EBITDA <€50M)
165.0
116.2
122.5 121.8 117.5
101.9
124.4
114.8
149.0
88.1
139.7 141.3
124.4
158.3
109.6
87.8
4.2
3.8
4.3 4.3 4.3 4.3
4.6
4.0
4.4
4.0
4.3
3.8
4.2
3.8
3.0
2.8
2.0
3.0
4.0
5.0
6.0
7.0
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
€0
€20
€40
€60
€80
€100
€120
€140
€160
€180
THOUSANDS
THOUSANDS
Total M&A Volume (€B) Number of Deals
(Thousands)
Transaction
Volume
Source: SDC Platinum
Volume data includes deals reported as of Oct. 12, 2018

17. 17
Capital Markets Insights | Late Fall 2018
$3.9
$6.3
$14.0
$8.8
$2.2
$0.2
$14.2
$11.9
$21.8
$18.7
$6.8
$14.9
$13.1
$12.4
$9.4
$2.2
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$0
$5
$10
$15
$20
$25
$30
Total Loan Volume ($B)
Loan volume for syndicated leveraged recapitalizations declined 77% in the third quarter
from the second quarter. Despite this decline, Duff & Phelps received many requests from
middle-market issuers for leveraged dividend recap transactions, and an abundance of
lenders interested in financing such transactions. We believe the overall decline in
dividend recap volume is likely transitory, as most loan issuance in the third quarter related
to M&A and LBO activities - perhaps a sign that sponsors and issuers may have shifted
focus to growth opportunities to remain relevant.
Source: LCD Comps
Transaction
Volume
U.S. Loan Issuance for Dividend Recapitalizations

18. 18
Capital Markets Insights | Late Fall 2018
Yields U.S. non-investment-grade bond yields decreased 27bps this quarter, due to a decline in
Treasury yields, as well as lower default rates, resulting in lower risk premia. Yields on
widely traded leveraged loans decreased just 4bps from the previous quarter, as LIBOR
rose 6bps, offsetting much of the benefit of lower default expectations.
U.S. Corporate High-Yield Bonds and Leveraged Loans
Sources: Bloomberg; LCD Comps
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
4.5%
5.5%
6.5%
7.5%
8.5%
9.5%
10.5%
HUNDREDS
Barclays U.S. Corporate High Yield S&P/LSDA U.S. Leveraged Loan 100 All LoansYields (%)

19. 19
Capital Markets Insights | Late Fall 2018
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
0
200
400
600
800
1,000
Spreads between 10-year Treasuries and high-yield bonds narrowed from 337bps in the
second quarter to 322bps in the third quarter due to another quarter of low default
activity, reducing the default rate to 2.2%.
Source: Bloomberg
U.S. Corporate High-Yield Bond Versus 10-Year Treasury Spread
Spread (bps)
Yields

20. 20
Capital Markets Insights | Late Fall 2018
In September 2018, Treasury yields reached their highest level since 2011 - due in large
part to macroeconomic strength, including positive job market news and rising inflation
data. In the Fed’s September statement, language characterizing monetary policy as
“accommodative” was removed, likely signaling a new phase of Fed tightening in light of
strong economic growth.
Source: Bloomberg
2-, 5- and 10-Year Treasury Yields
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
0.0%
1.0%
2.0%
3.0%
4.0%
2-Year 5-Year 10-YearYield (%)
Yields

21. 21
Capital Markets Insights | Late Fall 2018
The spread between 2- and 10-year Treasury yields decreased by approximately 9bps
over the quarter, ending at a spread of just 24bps as the yield curve continued to flatten.
The effects of the trade war and monetary policy tightening seem to be constraining
long-term growth expectations and keeping long-term rates from moving significantly
higher, with the difference between short- and long-term Treasury rates at the lowest
level since 2007.
Source: Bloomberg
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
0
50
100
150
200
250
300
2-Year Versus 10-Year Treasury Spread
Spread (bps)
Yields

22. 22
Capital Markets Insights | Late Fall 2018
Macroeconomic
Update
The 3.5% third quarter real GDP advance estimate indicates slightly lower
year-over-year growth than the 4.2% GDP growth seen in the second
quarter. The job market continued to tighten, with unemployment falling to
3.7% and wages growing to 2.8% in September.
Real GDP Growth
Source: Federal Reserve
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18
(2.0%)
(1.0%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
GDP Growth Rate

23. About Duff & Phelps
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and regulatory matters, and other governance-related issues.
We work with clients across diverse sectors, mitigating risk to assets, operations and people.
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countries around the world.
For more information, visit www.duffandphelps.com. © 2018 Duff & Phelps, LLC.
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services in the United Kingdom are provided by
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Securities and Exchange Board of India.
Bob Bartell, CFA
Global Head of Corporate Finance
+1 312 697 4654
bob.bartell@duffandphelps.com
Joshua Osher
Director
U.S. Private Capital Markets
+1 212 871 0669
josh.osher@duffandphelps.com
Steve Burt
Global Head of M&A
+1 312 697 4620
steve.burt@duffandphelps.com
Greg Forde
Vice President
European Debt Advisory
+44 (0)20 7089 4940
gregory.forde@duffandphelps.com
Josh Benn
Head of New York M&A Advisory
+1 212 450 2840
joshua.benn@duffandphelps.com
C O N T A C T