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Middle Market & Private Credit – 7/3/2023

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Latest Performance Trends for U.S. MM CLOs Defaulted and deferring exposure across MM CLOs remained low at 0.7% in 1Q23, while deferrables stood at 6.4%. Exposure to assets rated ‘CCC+’ or below by Fitch Issuer Default Rate Equivalency Rating, as described in Appendix 5 of Fitch’s CLOs and Corporate CDO Rating Criteria, registered at 15.8%….

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The Pulse of Private Equity – 7/3/2023

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PE’s impending maturity wall Download PitchBook’s Report here. Private equity’s stunted exit market is now several quarters old, and it comes on the heels of a historic run of deal activity. A new PitchBook analyst note looks ahead to an “impending maturity wall” and the ripple effects it could have on the industry…. Subscribe to Read

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Leveraged Loan Insight & Analysis - 7/3/2023

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1H23 U.S. loan volume down 18% y-o-y; 2Q23 totals down 32% y-o-y Bruising market volatility marked by higher interest rates, increased regulatory scrutiny of large corporate M&A deals and lender expectations of greater regulatory oversight among reigonal banks contributed to a significant slow down in the 1H23 US BSL market. Roughly US$571bn of issuance was…

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Private Debt Intelligence - 7/3/2023

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Artificial Intelligence in private debt Although there is a tendency to tag anything as ‘AI’ when possible, it can’t be denied that the technology is making waves. Globally this year, over a third of aggregate deal value raised in private debt went to deals with an artificial intelligence tag, despite just 11 deals taking place…

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Covenant Trends - 7/3/2023

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Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision by Quarter, PE-Backed vs. All (Past performance is no guarantee of future results.) Contact: Steven Miller

PDI Picks – 7/3/2023

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Filling the void in venture lending Lending to growth and venture-backed firms has been challenging in early 2023, but there are signs of change. The regional banking crisis precipitated by the turmoil that started with Silicon Valley Bank in March must be seen in a larger context – as an accelerant of a mega-trend towards…

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