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Covenant Trends - 7/10/2023

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Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M) (Past performance is no guarantee of future results.) Contact: Steven Miller

PDI Picks – 7/10/2023

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Firms look for new ways into technology The sector is continuing to grow in popularity, evidenced by recent strategic moves from the likes of SoftBank and BlackRock. The technology sector has proved to be one of the most popular and resilient for private credit lenders ever since the covid-19 pandemic, and the trend shows little…

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Private Debt Intelligence - 7/10/2023

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Growth capital dominates in North American PD deals Almost two thirds of private debt deals since 2020 involved North American portfolio companies, demonstrating the region’s dominance in the asset class. Of the deals involving North American portfolio companies, 33% are growth capital deals, 29% are buyouts and 19% add-ons, followed by recapitalisations (13%)…. Subscribe to

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Debtwire Middle-Market – 7/10/2023

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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…

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Leveraged Loan Insight & Analysis - 7/10/2023

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2Q23 US middle market syndicated lending dropped 53% year-over-year US middle market syndicated loan volume reached US$27.8bn in 2Q23, down 53% from 2Q22 and 7% quarter-over-quarter. Sponsored syndicated loan volume was on par with 1Q23, but was down 60% year-over-year, while non-sponsored issuance of US$20.9bn in 2Q23 was 50% lower year-over-year and 10% lower than…

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A Loan for All Seasons (Third of a Series)

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Everywhere you look these days industry rags are filled with talk about looming loan defaults. For anyone who’s been a practitioner or observer of the debt capital markets for more than a couple years, the above headlines are familiar ones. They could have been yesterday’s news… ▶︎ Read June 26 2023 newsletter: here ▶︎ Chart […]