Loan Stats at a Glance – 3/4/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
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Chart of the Week: Vehicle Sales
New CLO formation so far in 2024 has been the second fastest start ever. Source: PitchBook LCD (Past performance is no guarantee of future results.)
The New Order: Leverage Finance in an Asset Management World (Second of a Series)
To understand the dynamics of buyout finance today, you need to appreciate the difference in what drives the public credit markets versus private credit. The biggest change since the GFC has been the shift away from the investment banking model. For both corporates and private equity-backed deals, borrowers often relied on investment banks to advise…
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LevFin Insights: High-Yield Bond Statistics – 2/26/2024
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
How to Stop Worrying About the Maturity Wall (First of a Series)
As rates climbed, repricings slowed. 2023’s volume jumped to $81.3 billion from only $10 billion the year before – a far cry from 2021’s $240 billion, per PitchBook. Today less than 10% of all leveraged loans represent net new issuance, the lowest level since the GFC. Overall refinancings – amendments, extensions, acquisitions – were the […]
KBRA Direct Lending Deals: News & Analysis – 2/26/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Private Debt Intelligence – 2/26/2024
Fundraising concentration remains stable amid 2023’s challenging market conditions Despite a difficult 2023, fundraising concentration in private capital markets has remained level for funds and managers in the four years since 2019. Using a Gini co-efficient to demonstrate the distribution of capital across funds shows that fundraising concentration is increasing long-term…. Subscribe to Read MoreAlready
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Leveraged Loan Insight & Analysis – 2/26/2024
US repricing volume totals US$73bn so far this quarter So far this quarter, US repricing volume totals US$76bn, the most since 1Q21, as dozens of issuers have returned to market to cut the spread on their institutional loans. There has been 59 completed repriced tranches this quarter, also the highest since 1Q21…. Subscribe to Read
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Middle Market & Private Credit – 2/26/2024
Fitch’s Private Middle Market Portfolio, Rating Activity Defaults in Fitch’s PMM portfolio persisted at a low level in 4Q23 with two issuers defaulting, bringing the year’s total to 15 defaults across 10 issuers on a portfolio of around 275 companies…. Subscribe to Read MoreAlready a member? Log in here...
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The Pulse of Private Equity – 2/26/2024
Gross private credit returns/appreciation by manager* Download PitchBook’s Report here. The top seven US-listed alt managers with credit strategies—including TPG, as its acquisition of Angelo Gordon (AG) closed on November 2, 2023—posted median Q4 and 2023 returns of 4.0% and 16.4%, respectively, which compares favorably to the 9.8% PE gross returns referenced above. Not all of…
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