Covenant Trends – 8/4/2025
Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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Risk On/Risk On (Part One)
What’s the state of the US leveraged loan market, and what’s the outlook for the rest of the year? Those were the among the questions posed to your correspondent and three other panelists at Octus Webinar: H1 2025: “How Private Credit and Banks Traversed the Tariff Storm to a Brighter Second Half.” We’ve discussed here…
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Chart of the Week: Loans Unleashed
July set record monthly leveraged loan volume; eight of top ten highest in last two years. Source: PitchBook, Bloomberg
PDI Picks – 8/4/2025
A fundraising half of ups and downs Those raising capital for private debt still face challenging conditions despite Q1 have raised hopes of a revival. Private debt asset class professionals could be forgiven for scratching their heads when examining the first-half 2025 global private debt fundraising data published by Private Debt Investor…. Subscribe to Read
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Debtwire Middle-Market – 8/4/2025
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 11.1% as of 1 August) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market…
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Bloomberg: Leveraged Lending Insights – 7/28/2025
July Sets Record for US Leveraged Loan Launches The US leveraged loan market has set a record in terms of monthly launch volume, with July deal flow exceeding $218.8b. It was the busiest month for launches by both volume and deal count (153) since Bloomberg began tracking the data in 2013, shattering the previous record…
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Reflections on Wimbledon
As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed grounds of Wimbledon. It also reminds us how capital markets, like the stately British stadium, evolve beyond decades of tradition into more sophisticated and timely versions. There’s the stark contrast between players, accustomed to hard […]
Middle Market & Private Credit – 7/28/2025
Private Asset 401(k) Offerings Increase US Alt IMs’ Growth, Complexity Click here to learn more. A potential presidential executive order to facilitate investment in private assets for U.S. retirement plans, including 401(k)s, would provide alternative investment managers (Alt IMs) an additional avenue of growth from the $12.2 trillion defined-contribution market…. Subscribe to Read MoreAlready a
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KBRA Direct Lending Deals: News & Analysis – 7/28/2025
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Debtwire Middle-Market – 7/28/2025
Sponsor-driven demand led private credit volumes through early 2025 In 1Q25, direct loans reached a total deal volume of USD 66bn, lower than the USD 363bn recorded in the institutional leveraged loan market but closely matching high-yield bond volumes of USD 65.8bn. Despite lagging leveraged loan volumes overall, direct lending activity was heavily driven by…
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