Chart of the Week: Euro Stars
New CLO issuance in Europe this year is outpacing 2023 by a wide margin. Source: Pitchbook | LCD(Past performance is no guarantee of future results.)
TheLeadLeft
CLO Awakening (Second of Two Parts)
As the leveraged loan market woke up this past January, as confidence in the economy and rate expectations grew, so the CLO market has rebounded. Not just in the US, as we detailed last week, but in Europe as well. Our friends at Creditflux highlighted this phenomenon, quoting one leading manager as saying: “Given the…
Fast and Furious (Part One of Two)
The Magnificent Seven, representing 40% of the Nasdaq 100, is an extreme example of industry concentration. The market cap of Nvidia alone was $3 trillion at one point, vying with Apple and Microsoft as the world’s most valuable company. So much for diversification. Great when tailwinds are supporting that sector, but when they’re not you […]
Leveraged Loan Insight & Analysis – 7/15/2024
1H24 New-issue CLO volume sets new record for first six months at over US$99.5bn Over US$99.5bn of new US CLO issuance has been completed through the end of June 2024, an increase of over 77% compared to the same time last year and a 23% gain compared to the prior record half year total of…
Private Debt Intelligence – 7/15/2024
Family office investors favor private debt Read more in Preqin’s Insights+ Research Note: Private wealth’s path into US private debt Family offices, which make up over a third of the private wealth entities, are showing a clear appetite for private debt strategies…. Login to Read More...
KBRA Direct Lending Deals: News & Analysis – 7/15/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Middle Market Deal Terms at a Glance – July 2024
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
LevFin Insights: High-Yield Bond Statistics – 7/15/2024
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
Covenant Trends – 7/15/2024
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Middle Market & Private Credit – 7/15/2024
PMRs Stay Longer in ‘CCC’ Category Click here to learn more. PMR issuers within the ‘CCC’ category have a lower average annual upgrade rate, lower average annual default rate and a higher average annual stability rate than publicly rated peers. Different stakeholder dynamics within the direct lending segment play a role in the lower number…