Dry July: Jumbo volume deflates Private jumbo financings (>=$1B) have the advantage under current market conditions, but deals going forward are expected to trend smaller for the first time since DLD started tracking these credits in September 2019. There are several issues affecting capacity: 1) managers invested much of last year’s record capital in the…
Last week we called the economy a “precession.” But July’s “blowout” labor report – 528,000 jobs added – hardly seems like the prelude to a recession. But a hot job market means higher wages for the Fed to consider before September’s meeting. Offsetting that, though, was July’s lower CPI numbers (8.5%, down from June’s 9.1%)… […]
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Blackstone Private Credit Fund continues to grow Perpetual-life BDCs continue to pull in money, with these funds accounting for the majority of recent growth in the BDC space. In addition to enticing investors with attractive yields like all BDCs, perpetual-life BDCs continually offer new shares monthly and provide investors with quarterly liquidity through a share…
“The easy money has been made; the harder money is left.” We noted this recently from an experienced asset manager reflecting on the current investing market. It’s fairly typical of a public trading approach emerging from a period of low prices. Eventually the worry discount goes away as fear fades. Finding the next bargain then…
The 30-Year US Treasury index has been on a down slide for over three decades…so far.
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…
Percentage of Deals with 75+ bps MFN (Past performance is no guarantee of future results.) Contact: Steven Miller