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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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    Safety first

    Amid a volatile macro-economic and geopolitical backdrop, private credit funds are doubling down their investments in trusted sectors. US tariff…

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    Premium Yields

    Spreads for middle market CLOs are distributed higher than their BSL counterparts. Source: S&P Global Ratings

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    Letter from Tokyo (Second of a Series)

    Last week we came to Tokyo for meetings with our investors and friends in the region, as well as participating…

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    Letter from Kuala Lumpur (Second of Two Parts)

    APAC countries each have their own path to investing in alternatives and private capital. Most key Malaysian institutions began with…

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    Leveraged loans claw back tariff-driven losses in secondary market

    It has been a wild ride in the secondary market this year to date, driven by bouts of volatility due…

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    US$1.4bn of BDC loans were added to non-accrual status in 1Q25

    A total of US$1.4bn of BDC loans were added to non-accrual status in 1Q25, up from roughly US$1.2bn in the…

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    PE AUM ($T) forecast*

    Download PitchBook’s Report here. Within PE subcategories, we expect buyout funds to continue to garner the bulk of fundraising in the…

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    Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25

    Click here to learn more. As audits for privately monitored rating (PMR) issuers continue to roll in, Fitch forecasts revenue…

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    Distribution of MFN Sunset Horizons

    (Past performance is no guarantee of future results.)

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    Loan bid-price collapse halts record-breaking refinancing volumes

    The wave of repricing deals seen at the start of the year is not expected to return until the percentage…

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    Can the asset class again prove its resilience?

    Delegates at the recent Europe Summit heard views on how different parts of the market will weather the challenges. Our…

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    Collateralized Loan Observations

    Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook

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    Letter from Tokyo (First of a Series)

    We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers…

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    Letter from Kuala Lumpur (First of Two Parts)

    Last month our travels took us to Malaysia’s capital, Kuala Lumpur, a city of about 2 million. There we met…

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    Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25

    Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating…

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    Proportion of US loans trading north of par edges up modestly following headline volatility

    In the wake of headline making talk of tariffs – and implicitly fears of a trade war – in April…

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