TheLeadLeft
Leveraged Loan Insight & Analysis – 2/21/2023
BDC non-accrual rates tick higher Despite increased concerns around credit quality in recent months, BDC non-accrual rates have remained low by historical standards. Looking at the universe of BDCs that have reported 4Q22 earnings, the weighted average non-accrual rate on debt investments ticked up to 2.17% in 4Q22 from 1.91% in the prior quarter…. Subscribe
Already a member? Log in here
Private Debt Intelligence – 2/21/2023
North America vastly outnumbers growth capital deals globally The number of private debt deals in North America have greatly outnumbered those in Europe and Asia combined over the past few years. The region saw 2,360 deals take place between the start of 2020 and 2023 YTD, in contrast to Europe’s 1,101 and Asia’s 94 (not…
Already a member? Log in here
Loan Stats at a Glance – 2/21/2023
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
PDI Picks – 2/21/2023
Moving into the middle Positioned in between senior debt and equity, subordinated debt providers are catching the attention of investors. As the world enters a new economic era, firms need new financing options to help them grow in a more challenging environment. Increasingly, hybrid debt/equity and subordinated debt are being used by corporates which want…
Already a member? Log in here
Warmer Waters
Our family winter break in Turks and Caicos last week was highlighted by two discoveries. First, neither of our daughters are particularly interested in water activities. And second, their all-inclusive meal mainstays, despite a world of delicacies, were chicken nuggets and cotton candy. We say this, not to disparage young girls’ dietary or athletic choices….
Already a member? Log in here
Chart of the Week: Shooting Close to Par
Leveraged loan prices during secondary trading are steadily improving.
Middle Market Deal Terms at a Glance – February 2023
Source: SPP Capital Partners Contact: Stefan Shaffer sshaffer@sppcapital.com
DL Deals: News & Analysis – 2/13/2023
Lofty yields — 12%— and little supply to pressure unitranche spreads Unitranche yields in the KBRA DLD Private Data portfolio averaged 12% for the 90-day period ended Jan. 31, up from 6.6% a year ago. The current reading is the highest in our two-year, $270 billion library and potentially the highest since the GCC. The…
Already a member? Log in here
The Pulse of Private Equity – 2/13/2023
A decent year in Europe Download PitchBook’s Report here. European PE activity was stalwart in 2022, at least judging by year-end numbers. PitchBook’s European PE Breakdown paints a resilient picture, estimating small jumps in both deal flow and overall value. Our analysts are estimating a 13% bump in transactions and a 1% bump in value over…
Already a member? Log in here