KBRA Direct Lending Deals: News & Analysis – 12/2/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthal eric.rosenthal@kbra.com
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LevFin Insights: High-Yield Bond Statistics – 12/2/2024
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 – 12/2/2024
Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Middle Market & Private Credit – 12/2/2024
Business Development Companies Outlook 2025 Click here to download report. Join Fitch for the upcoming Outlook panel: Private Corporate Credit, What to Expect in 2025. What to Watch The impact of heightened competition on middle-market deal terms and structures…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 12/2/2024
Healthcare, general manufacturing and services sectors see most loans added to non-accrual status in 3Q24 A total of US$980m of BDC loans were added to non-accrual status in 3Q24, down from US$2.1bn in the prior quarter…. Subscribe to Read MoreAlready a member? Log in here...
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Chart of the Week: Bigger Brothers
Since 2020 the share of GPs raising larger funds has been growing. Source: Pitchbook(Past performance is no guarantee of future results.)
Private Equity Now – Impact on Fundraising (LP Perspective)
We resume our discussion of the private equity liquidity crunch and its impact on fundraising, this time from the LP’s perspective. The supply/demand imbalance in the fundraising environment has shifted to favor LPs. This gives them greater GP access, longer diligence windows, and more negotiating power with LPA terms. But many LPs, their investment programs…
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Debtwire Middle-Market – 12/2/2024
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 11% as of 22 November) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
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PDI Picks – 12/2/2024
Fundraising gathers momentum By the end of the third quarter of this year, capital raising was proving to be somewhat less challenging for private credit GPs. After a tough first quarter, private debt fundraising picked up the pace through the rest of 2024 to end Q3 just slightly behind the equivalent period in 2023. Q3…
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Private Equity Now: The Distribution Dilemma
What remains to be seen are the longer-term, structural impacts of the distribution dilemma. We expect that investors who pull back from the asset class will miss out – as we have seen play out in other market disruptions. Out of current market complexity will emerge clear winners and losers. For LPs in particular, those […]