KBRA Direct Lending Deals: News & Analysis – 1/15/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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Leveraged Loan Insight & Analysis – 1/15/2024
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 marked difference in the direction of broadly syndicated loan (BSL) CLO activity compared to that of middle market/private debt…
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Covenant Trends – 1/15/2024
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.) Contact: Steven Miller smiller@covenantreview.com
LevFin Insights: High-Yield Bond Statistics – 1/15/2024
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
Loan Stats at a Glance – 1/15/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
PDI Picks – 1/15/2024
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 Investor conducts its LP Perspectives survey, in which we canvass limited partners around the world for their views on the asset class. What this year’s version tells us is that…
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Chart of the Week: Stairway to Heaven
Investors benefit from – and issuers work through – higher-for-longer rates. Source: LSEG LPC(Past performance is no guarantee of future results.)
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 2024, we expect to see continued dispersion across three key market participants: private capital asset managers, private equity firms and portfolio companies. As we navigate slowing economic growth, volatility, and geopolitical shocks, it is even…
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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 find a bottom. Q4 2023 deal value declined 22.6% YoY, although deal count appears to be firming. For the full year, deal value declined by 29.5% to $645.3 billion, its lowest point since 2017 outside…
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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 issuers of higher for-longer interest rates, a much slower M&A pace as buyers and sellers deal with mounting borrowing costs and compressed equity returns, and the steady disintermediation of buyout financings from public to private […]