June’s CPI report showed inflation running at 9.1%, dashing hopes that consumer prices had peaked. Data came from across the economy, challenging the Fed’s rate hike pace. Will 75 bps be enough, or will the Fed kick it up to 1%? Equity markets seem to be buying the notion that longer-term inflation is still headed […]
Pushing aside senior debt When is senior debt really senior debt? A new report into so-called ‘priming’ brings this into question. Last year saw senior debt shoot up in popularity, accounting for a record 45 percent of total private debt fundraising (see chart). But is senior debt really senior? It may sound like an odd…
One of the enduring mysteries of human behavior is our perpetual discomfort with the present. Why can’t today be more like yesterday? Yet when tomorrow brings the hoped-for change, we are invariably chagrined. Oscar Wilde captured this tendency when he wrote, “When the gods want to punish you, they answer your prayers.” Lenders like to…
The Conference Board index of ten leading indicators points to only a modestly slowing economy.
Rapid growth in fundraising of Asian private debt funds There has been a rapid uptake in fundraising by private debt funds in Asia over the past year. The aggregate capital raised by private debt funds in Asia was $6.3bn in Q2 of 2022, growing over 6x from the $1bn raised in the same quarter last…
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Private lending volume posts strong quarter, but a slowdown lies ahead Direct Lending Deals’ Private Data set picked up $56.9 billion in sponsored U.S. loan volume during the second quarter, to rebound from a weak first quarter of $20 billion, and beat the $40.4 billion recorded during the private lending binge that drove the final…
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…