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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
More middle market lenders expect to meet lending goals in 2017
More middle market lenders expect to meet lending goals in 2017
Middle market lenders’ outlook has changed a bit after coming off of a year where competition intensified and the majority of banks surveyed along with half of nonn-banks reported falling below lending goals. But, according to Thomson Reuters LPC’s most recent survey, the share of those who expect to fall short again in 2017 is much lower. Only one third of banks and one fifth of non-banks don’t expect success, stating that continued competition and aggressive structures will hold them back…
Lead Left Interview - Stephen Nesbitt
This week we chat with Stephen Nesbitt, Chief Executive Officer of Cliffwater LLC. Cliffwater is one of the largest alternatives…
Shock Absorbers
Last year’s downturn-related worries caused bond price and yield swings, while private credit remained relatively insulated from market moves.
Demand for PE exposure to slacken eventually?
Demand for PE exposure to slacken eventually?
In 2016, 87.6% of private equity funds that closed in North America and Europe hit or exceeded their targets. Even compared to the heights of 2014 and 2015, that figure represents a clear high of the decade, and, moreover, the extent to which limited partners of multiple types are eager for exposure to the PE asset class. Given that 356 funds closed in 2016—a lower tally than observed in any of the three preceding years—but the average fund size soared to nearly $765 million…
Private Debt Intelligence - 3/6/2017
Investor Views on the Key Macroeconomic Factors Affecting the Private Debt Industry
Institutional investors currently hold the private debt industry in extremely high regard, with 93% of respondents surveyed by Preqin at the end of 2016 stating that their investments had either met or exceeded their expectations in 2016. However, investors will be keeping an eye on the macroeconomic factors that affected their portfolio in 2016 and are likely to make an impact in 2017…
Loan Stats at a Glance - 3/6/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 2/27/2017
It is no secret that a divide – maybe a chasm – has opened up between the US and Europe. Donald Trump’s mercantilist views put his presidency at loggerheads with the globalist EU, though a post-Brexit UK may yet turn out to be an ideological bedfellow.
But this week we saw signs that a division is manifesting itself in the credit markets. The Markit CDX.NA.IG has rallied steadily in recent months – since Trump’s election victory on November 8 2016, the index has tightened from 75bps to 60bps. Over the same period the Markit iTraxx Europe was just 2bps tighter at 71bps. The 11bps basis between the two on-the-run indices is the largest for more than three years…
Leveraged Loan Insight & Analysis - 2/27/2017
Unitranche loses favor in 1Q17 as sponsors gravitate toward second-lien
A recent middle market lender survey revealed that sponsors are favoring the first/second lien structure according to 42% of respondents. Meanwhile, in the survey carried out by Thomson Reuters LPC, 27% said the unitranche is the most favored structure by sponsors today. This is a meaningful departure from this time last year when half of the buyside and sellside survey respondents said sponsors preferred the unitranche structure. More onerous call protection, higher pricing and the need for covenants are typical of the unitranche…
Covenant Trends - Average Total Leverage for M&A Loans
Contact: Steven Miller smiller@covenantreview
Private Credit vs. Public Debt (First of a Series)
One of the more discussed charts we’ve run in this newsletter recently compared direct lending yields with that of high-yield…
Lead Left Interview - Stephanie Link (Part 2)
This week we continue our conversation with Stephanie Link. Stephanie is a managing director and equity portfolio manager for TIAA…
Private Credit vs. Public Debt (Second of a Series)
In this series we are examining the characteristics of public debt, such as high yield bonds, compared with those of…