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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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    Middle Market Deal Terms at a Glance - January 2024

    Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com

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    Daily Analytic: US BSL CLO issuance falls 23% in 2023, MM/PD CLO volume more than doubles

    US CLO issuance declined by 10% in 2023 to US$115.6bn, down from US$128.9bn in 2022. Notably, however, there was a…

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    Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (M&A-Related vs. All Deals)

    (Past performance is no guarantee of future results.)

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    Loan Stats at a Glance - 1/15/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    LPs want more private debt

    That’s the positive conclusion arising from our latest survey of investor attitudes toward the asset class. Every year, Private Debt…

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    Stairway to Heaven

    Investors benefit from – and issuers work through – higher-for-longer rates.   Source: LSEG LPC(Past performance is no guarantee of…

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    Four for ’24 (Third of a Series)

    The current brew of macro pressures and broader uncertainty have combined to fuel an intriguing effect across multiple dimensions. In…

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    The Pulse of Private Equity – 1/8/2024

    P.E Deal Activity Download PitchBook’s Report here. US PE dealmaking finished the year similar to how it started: still struggling to…

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    Four for ’24 (First of a Series)

    2023 was characterized by several key themes in the capital markets. The Fed’s battle against inflation, the resulting impact on…

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    Stat of the Week: 2023 Tech Layoffs

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    Fitch’s U.S. Middle Market Outlook

    Download Fitchratings’s Report here. The distribution of middle market (MM) issuers’ Outlooks within Fitch’s portfolio stayed relatively flat in 2023 compared…

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    Daily Analytic: 4Q23 syndicated middle market volume declines 16% in 4Q23

    US syndicated middle market loan volume totaled US$24.6bn in 4Q23, 16% lower than 3Q23’s total and the lowest quarterly level…

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    Allocations challenged, but sentiment is positive

    Last year saw limited partners rein back on their private credit commitments, but there’s no lack of confidence in prospects…

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    Average New-Issue Clearing Spreads (Single B) and Covenant Terms for All First-Lien Institutional Loans

    (Past performance is no guarantee of future results.)

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    Loan Stats at a Glance - 1/8/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    Four for ’24 (Second of a Series)

    The US economy continues to roll along. December’s labor report showed 261,000 new jobs, a vigorous uptick from the 173,000…

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