Chart of the Week: Value Shopping
Recent concerns about rising rates and a possible recession has weighed on public equity multiples.
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Loan Stats at a Glance – 6/27/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
Leveraged Loan Insight & Analysis – 6/20/2022
BDC portfolio company earnings outlook for 2022 weakens The outlook for BDC portfolio company earnings has weakened in recent months, according to the Refinitiv LPC BDC Outlook June Survey. With companies facing higher costs in the current inflationary environment and heightened fears around slowing economic growth, survey respondents say that the biggest challenge facing BDCs…
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Why Portfolio Construction Matters: Introduction
What makes for successful portfolio construction in private credit? The issue carries more urgency amid current public market turmoil. Leveraged loans will always be in a non-investment grade risk bucket. Middle market loans, being less leveraged and covenanted, are a more conservative play, but recessions will always test borrowers no matter how creditworthy… ▶︎ Read […]
LevFin Insights: High-Yield Bond Statistics – 6/20/2022
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Covenant Trends – 6/20/2022
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for PE-Backed First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller
The Pulse of Private Equity – 6/20/2022
A very slow start for exits Download PitchBook’s Report here. PitchBook’s latest US PE Middle Market Report shows a big drop-off in middle-market exit activity. Only 175 exits were completed in the first quarter, many of which probably started in late 2021. That’s a low number even by pre-COVID standards. When you take out the second…
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Debtwire Middle-Market – 6/20/2022
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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Why Portfolio Construction Matters (Second of a Series)
“What’s the key portfolio strategy managers should employ for success?” “Diversify!” That’s how one top PM answered our question. There are many levels and measures of diversity. You don’t want to be stuck with large exposures in any one industry, no matter how resilient it may seem. Healthcare, 20% of the US economy, is a…
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