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…
In recent months, thanks to market volatility caused by higher interest rates, toppy inflation, and the perceived higher probability of a recession, large cap loan prices have traded down sharply. S&P/LCD’s leveraged loan index has dropped from 98.5 in February to 92 last week… ▶︎ Read July 11 2022 newsletter: here ▶︎ Chart of the […]
A tricky fundraising trail Download PitchBook’s Report here. PE fundraising is slowing, according to PitchBook’s latest US PE Breakdown, as a whole and in the middle market. For the past three years, the middle market has raised at least $150 billion, but that might not stretch to a fourth consecutive year. $71.3 billion has been raised…
Distribution of Synergies & Cost Savings EBITDA Addback Time Horizons (for Actions Resulting in Addbacks) (Past performance is no guarantee of future results.) Contact: Steven Miller
Unitranche minimum spread threshold shifts up One of the main themes of the loan market in 2Q22 was the disconnect between the broadly syndicated loan market and the direct lending market. Increased volatility and recession fears hit the institutional loan market and investors pushed back, resulting in much higher pricing. In the direct lending market,…
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
