Our friends at William Blair ended their 3Q survey [link] with a summary of issues most expected to impact leveraged loans through year-end. Here’s a sampling: Supply/demand equilibrium. Which comes first, supply or demand? Retail cash inflows and CLO capacity largely drive liquid loan demand. Once issuers see there’s investor appetite, they hit the market…
The Fed has signaled rate hikes could begin in 2023, but markets are forecasting sooner.
New ways of accessing private debt for hungry LPs Permanent capital is the holy grail for fund managers looking to expand their fundraising potential even further. In the previous edition of PDI Picks, we provided a glimpse of our Global Investor 30 ranking of the largest LPs in private debt and included a table of…
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…
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
Private debt sees leap in impact funds Private debt has seen a rise in the number of impact funds, defined as funds with the intention of generating a measurable, beneficial environmental or social impact alongside financial returns, being raised over the year, reaching a new high in 2021 with 12 funds either raising or already…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
BDC visible loans benchmark shifts higher in 2021 BDC earnings season is underway with 22 funds having released their 3Q21 reports so far through November 3. This cohort of BDCs has seen their NAV per share increase by an average of 5.6% in the first three quarters of 2021. The appreciation in asset valuations this…
We reported (in person!) this week from the SuperReturn Private Credit conference in Chicago, an event that always attracts top-shelf credit investors and managers. In a keynote interview with economist and former Federal Reserve governor, Randall Kroszner, we explored the contrast between two US economies: Covid-challenged, like restaurants, that are still in a recession, and […]
