How Does the Default Outlook for the Middle Market Compare to BSL? Download FitchRating’s Report here. The default rate for loans in Fitch’s U.S. Leveraged Loan Universe was 3.3% at the end of 2023, in line with our forecast of 3.0%-3.5% and up from just 1.6% the previous year…. Login to Read More...
Refinancings redefine the direct lending market, claim 36% share in 1Q24 TTM Default Volume, Count Refinancings claimed 36% of 1Q24 direct lending volume in the US, the largest share of all proceeds, and the second-largest quarterly share for refinancings, behind the 41% in third quarter last year as tracked by KBRA DLD. Prior to 3Q23,…
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
LPs keen to address under-allocations The latest version of PDI’s Investor Report shows many investors have a long way to go to reach target exposures in private debt – but the intent is there. Private debt, along with other alternative asset classes, found last year to be a tough one on the fundraising trail –…
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually a good and natural thing. For those companies willing to go through the ratings and syndication processes in the bank market, terms can be competitive. Financing choices now include leading private credit managers who offer […]
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Carveout activity rebounds: Why corporate owners are selling Download PitchBook’s Report here. At the same time interest rates inflected upward for PE borrowers, earnings growth inflected downward for business owners and corporations…. Login to Read More...
1Q24 ABL loan volume down 76% year over year at US$15bn US lenders completed US$15bn of asset based loan volume in 1Q24, marking the lowest quarterly total since 3Q20 during the height of the Covid pandemic and a 76% drop in issuance year over year…. Login to Read More...
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com