The Pulse of Private Equity – 6/3/2024
Download PitchBook’s Report here. Who doesn’t like low-cost debt? For some borrowers, including many private equity-owned companies, the question is more complicated…. Login to Read More...
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KBRA Direct Lending Deals: News & Analysis – 6/3/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Chart of the Week: No Money Back Guarantee
Distributions to LPs are severely hampered by slower M&A activity since Covid. Source: Ares Management, Goldman Sachs(Past performance is no guarantee of future results.)
Where We Are (Third of a Series)
Our keynote opening remarks at the 3rd Annual Sahar Private Credit Conference last week highlighted themes this special series has been developing. In particular, we delineated the distinction between demand in liquid credit, as driven by CLO capacity, and that of private credit, determined by availability of dry powder from direct lenders. On the supply…
Leveraged Loan Insight & Analysis – 6/3/2024
Boosted by refinancing activity, 1H24 sponsored loan volume at highest level since 2H21 Nearly US$300bn, 1H24 sponsored loan volume to date represents the largest half year total since 2H21 and a 56% increase over the same period last year…. Login to Read More...
LevFin Insights: High-Yield Bond Statistics – 6/3/2024
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
Middle Market & Private Credit – 6/3/2024
Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. The default rate in Fitch’s PMR portfolio climbed marginally in 1Q24, reaching 4.1% from 3.7% in the previous quarter, following one additional net default…. Login to Read More...
Covenant Trends – 6/3/2024
Distribution of MFN Sunset Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
PDI Picks – 6/3/2024
The syndicated fightback As expected, the BSL market is retaking some of the ground lost to direct lending for larger deals. A recent research note from Alcentra contained some interesting reflections arising from the broadly syndicated loan fightback against direct lending in the larger loan arena…. Login to Read More...
Loan Stats at a Glance – 6/3/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com