Chart of the Week: Auto Correct
The value of First Brand loans was close to par – until it wasn’t. Source: Bloomberg, S&P Capital IQ, iCapital Investment Strategy
TheLeadLeft
First Brands and Private Credit
We were in the 4th grade when a food fight erupted in the cafeteria at the table next to us. The lunch monitor came over, looked at the offenders, then turned to us. “This behavior is unacceptable,” she said. “Report to detention in my class after school.” “What? But Mrs. Diaz,” we protested, “they were the…
Already a member? Log in here
Bloomberg: Leveraged Lending Insights – 10/13/2025
US Leveraged Loans Return 4.38% Through September Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.37% in September, bringing its year-to-date return to 4.38% through the third quarter. Average secondary market prices on US leveraged loans were 96.84 on September 30th after declining…
Already a member? Log in here
The Pulse of Private Equity – 10/13/2025
PE-backed company inventory by age of investment Download PitchBook’s Report here. Smaller companies, less reliant on global exposure, remain attractive to strategic buyers seeking bolt-ons and niche capabilities…. Subscribe to Read MoreAlready a member? Log in here...
Already a member? Log in here
Chart of the Week: MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
Letter From Kuwait
When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors around private capital. That trend continues. As with Oman, Kuwait has a sovereign wealth fund, though significantly larger at $1 trillion, making it the fifth largest in the world. Like the OIA, the Kuwait Investment…
Already a member? Log in here
KBRA Direct Lending Deals: News & Analysis – 10/13/2025
KBRA DLD Default Indices(TTM 10/14/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Debtwire Middle-Market – 10/13/2025
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 12.6% as of 9 October, close to its five-year peak of 12.8% on 8 April) that tracks the overall performance of publicly traded business…
Already a member? Log in here
LevFin Insights: High-Yield Bond Statistics – 10/13/2025
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Covenant Trends – 10/13/2025
Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com