Will take-privates move to the middle market? Download PitchBook’s Report here. Take-private transactions tend to be of the cannonball variety. Big, splashy, destined for headline coverage—terms that aren’t really associated with the middle market. But one of our predictions for the year ahead is that take-privates will move downstream in 2023…. Subscribe to Read MoreAlready a
Syndicated middle market loan volume falls 10% in 2022 In 4Q22, syndicated middle market lending posted its lowest quarter since 1Q21 amid bouts of market volatility and economic uncertainty. Issuance declined to US$35.5bn in the most recent quarter from US$40.1bn in 3Q22 and was also far below the US$52bn posted in 4Q21. On a full-year…
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller
The beauty of good vacations, aside from their restorative powers, is the opportunity to reflect on the big picture. On the work front, that meant we moved beyond 2022 rates and recessions to a thoughtful consideration of what comes next. Part of that appraisal is how dealmakers will find ways, as they always do, to…
As prices edge down from mid-2022 highs, shelter and services remain under pressure.
Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Private Funds Finance: Big cushions offer protection against defaults The private credit market is about to face its biggest stress test yet: Borrowing costs have more than doubled in the past 12 months for portfolio companies, and the Fed signaled last week that additional rate hikes were in the works for 2023. KBRA DLD’s parent,…
US institutional discounts widen, but remain at wide levels After reaching levels not seen since the credit crisis in 3Q22, discounts on US first-lien institutional term loans have tightened this quarter. The average original issue discount (OID) is 96.07 so far in 4Q22, tighter than 3Q22’s average of 94.15, but still at historically wide levels….