High-yield bonds find favor after market chaos – Debt Dynamics NorthAm New money high-yield (HY) bond issuance showed signs of a revival in May, following a sluggish period of lower volumes since the start of the year…. Subscribe to Read MoreAlready a member? Log in here...
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
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. How Does the Change in Rate Outlook Affect Middle-Market Borrowers? Despite concerning growth in the number of issuers with coverage at or below 1x, the median issuer’s metrics have remained relatively stable. Approximately 48% of all issuers are estimated to have 2024E…
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Alternative asset manager deal activity ($B) Download PitchBook’s Report here. Deals involving GPs as an acquiree or investment target saw record activity in 2024, with 141 deals worth an aggregate deal value of $47.9 billion…. Subscribe to Read MoreAlready a member? Log in here...
Bank loans, high-yield bonds provide boost to levfin origination in May US leveraged finance issuance reached nearly US$127bn in May, up more than 60% from April’s US$78bn pipeline…. Subscribe to Read MoreAlready a member? Log in here...
Families turn to private credit The asset class is moving beyond its traditional institutional investor base. Where insurance firms, pension schemes and other institutional investors have ventured en masse, family offices are increasingly dabbling in what, for many of them, is a new area. Their average allocation to private debt doubled from 2 percent to…
Through Covid and rate hikes, middle market loan issuance has tracked up. Source: LevFin Insights, a Fitch Solutions company
Those who talk about risks in private credit should also keep in mind that investors always look at relative risk. For example, Moody’s analysts observe that without a sustained downturn since the GFC, “private credit has not been truly tested, only quizzed.” Fair enough. But how did public credit fare over that period? As the…