TheLeadLeft
Private Debt Intelligence – 8/7/2023
Private debt deal making low in H1 2023 It’s been a tough start to the year for private debt, as the number of private debt transactions dropped to its lowest level in a decade. In the first half of 2023, there were 259 deals and aggregate deal value was $38bn, allowing for a delay in…
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DL Deals: News & Analysis – 8/7/2023
Year-to-Date Default Volume, Count Contact: Eric Rosenthaleric.rosenthal@kbra.com
Debtwire Middle-Market – 8/7/2023
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 10.6%) that tracks the overall performance of publicly traded business development companies (BDCs, lenders to privately held middle-market businesses that tend to be below…
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The Market Now
Our last Market Now series came in March 2022 [link] after Covid had peaked and begun to fade, when Russia invaded Ukraine. This week we think another pause to review conditions is appropriate given a number of dynamics at play. First, the Fed has paused in its rate hikes as their gravity seems to have…
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Chart of the Week: Steady as She Grows
The Fed’s hawkish rate regime has tamed the higher pace of US economic growth.
Leveraged Loan Insight & Analysis – 8/7/2023
Sponsored large corporate direct lending volume dropped 28% in 2Q23 US sponsored large corporate direct lending loan volume totaled US$12.5bn in 2Q23, 28% lower than 1Q23’s level. The US$12.5bn total represented a 17% share of overall US large corporate sponsored loan volume, its lowest share since 3Q21…. Subscribe to Read MoreAlready a member? Log in
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Middle Market & Private Credit – 8/7/2023
How Might MM CLO Note Ratings Fare Amid High Rates and EBITDA Pressures? To assess the effect of higher interest rates, Fitch applied a rate of 5.5%, and 6.5% to represent a longer rate hike cycle. These rate stresses were combined with EBITDA haircuts to represent cost pressures on loan issuers as a result of…
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Loan Stats at a Glance – 8/7/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
The Case for Junior Capital (Part Three)
This space has covered at length the investor-friendly changes in senior debt terms since the Fed began its rate hiking regime in March 2022. We recently spent time speaking with junior capital providers about the state of mezz terms today… ▶︎ Read July 24 2023 newsletter: here ▶︎ Chart of the Week: here (by Refinitiv) […]