Chart of the Week: Private Practice
Since March the Fed has increased its rate target by 4.25%, the fastest climb ever.
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Loan Stats at a Glance – 12/19/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Why Private Credit Now? A Summary
A Lead Left reader, and leveraged finance veteran, disagreed with our statement last week that private credit terms have never been more investor-friendly. He compared them to more conservative loan structures and legal protections in the 1990’s… ▶︎ Read Dec 5 2022 newsletter: here ▶︎ Chart of the Week: here (by Refinitiv LPC) (Any “forward-looking” […]
The Pulse of Private Equity – 12/12/2022
Will middle-market fund performance remain more resilient? Download PitchBook’s Report here. Private market funds are due for a downturn, but there may be nuances. Shielded thus far from public markets’ volatility by sheer dint of their at-minimum quarterly markings, private pools of capital are likely going to begin seeing markdowns in performance let alone portfolio value…
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Debtwire Middle-Market – 12/12/2022
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…
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Covenant Trends – 12/12/2022
Percentage of Loans that Allow Uncapped Synergies & Cost Savings EBITDA Adjustments, Sponsored v Non-Sponsored (LTM) (Past performance is no guarantee of future results.) Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 12/12/2022
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Leveraged Loan Insight & Analysis – 12/12/2022
BDC portfolio marks expected to move moderately lower BDCs navigated the most recent 3Q22 earnings season successfully, benefiting from the higher interest rate environment as rising base rates on their floating rate loans boosted interest income. At the same time, BDC net asset values declined modestly due to unrealized losses stemming from lower portfolio marks,…
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Soft Landings, Hard Choices
This week the Federal Reserve raised interest rates by 50 bps at its December meeting, following four consecutive increases of 75 bps. That brings 2022’s number of hikes to seven. The Fed funds rate target now stands at 4.25% – 4.50%. It had begun the year at zero. Critics worried the Fed took too long…
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