US unitranche volume tallies under US$10bn in 2Q23 as jumbo deals become scarcer US unitranche volume sank further in 2Q23, totaling US$9.4bn, the first time it tallied less than US$10bn since 2Q20. Large corporate unitranche volume totaled only US$5.4bn, the lowest since 4Q20…. Subscribe to Read MoreAlready a member? Log in here...
Rolling Tallies of MFN Sunsets (Past performance is no guarantee of future results.) Contact: Steven Miller
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Private debt fundraising in North America holds up amid macroeconomic uncertainty The number of private debt funds closing in North America has remained steady with a slight increase during Q2 2023, as numbers increased from 18 to 20 compared to Q1 this year. Nevertheless, aggregate capital raised fell to $20.91bn in Q2 from $31.98bn in…
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 that tracks the overall performance of publicly traded business development companies (BDCs, lenders to privately held middle-market businesses that tend to be below investment grade…
How Have BDCs Performed Due to Rapidly Rising Interest Rates? BDCs were well positioned to benefit from rising rates, given largely floating rate portfolios and the increase in fixed-rate funding following meaningful unsecured debt issuance in 2H20 through 1H22…. Subscribe to Read MoreAlready a member? Log in here...
Fundraising: Down but not out Capital raising has proved a tough task so far this year, but investor support may be about to return. On the face of it, the fundraising market for private debt looks rather gloomy. In common with similar findings across the alternative asset universe, the private debt market saw a marked…
KBRA DLD Default Forecasts for Liquid Credit: 3.25% ($45B) for HY, 4.5% ($65B) for BSL KBRA DLD is forecasting a 3.25% default rate by volume (4% by number) for high yield by year end, and a 4.5% rate for syndicated loans (5.5% by number). That equates to nearly $45 billion of HY volume and puts…
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com