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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
US Leveraged Loan Issuance Poised to Top $100b in May
Following three consecutive months of declining issuance, the US leveraged loan market has rebounded sharply in May, with approximately $99.3b…
Open for Business
When public credit markets close, private credit absorbs the shock. Source: FT, Hinze, Rintamaki, Mondini, Steffen.
Q1'26 Yield Walk: Reported to Cash
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26 BDCs reported annualized income yields of…
Specialist versus generalist PE capital raised ($B)
Fundraising consolidation is here to stay, and it will change the way managers go about raising new funds in the coming years.
Institutional loan repricings return in May, with issuers wielding most of the negotiating power
With more than 40% of secondary loans trading above par despite a 96-handled average bid, the repricing trade has come…
North America remains investor favourite
Despite talk of Europe becoming the new fundraising magnet, the data is not showing any significant change in LP appetite.…
Private Equity's Growing Role in European Lending
The Growing Footprint of Private Equity Activities in European Lending Sponsor-backed activity is reshaping European credit markets, with direct lending…
The OG of Private Credit: Conjuring a Crisis
According to Merriam-Webster, apophenia, or mistaken pattern recognition, is “the tendency to perceive a connection or meaningful pattern between unrelated or random things.”
Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at…
Retail Investors Return to Loan Funds Amid Shifting Rate Expectations
Retail investors have steadily returned to leveraged loan funds following two consecutive months of net redemptions. The Invesco Senior Loan…
Jumbo LBO deals steal spotlight in March amid macroeconomic uncertainty
Leveraged buyout (LBO) activity reached USD 17.9bn in March, the highest monthly total since USD 22.8bn in September 2021. The…

The OG of Private Credit: The Steadi-Cam of Capital Markets
“We are late in the credit cycle.” What is often a throw-away line preceding some dire market prediction, should be questioned.