North American private debt AUM growth vs. Europe Up until the Global Financial Crisis, the majority of Europe-focused financing came from banks. After 2008, borrowers were forced to turn to other sources of debt finance as banks tightened the purse strings. Since then, the private debt industry in Europe has grown a lot, with AUM…
Private Market Steals Contact: Kelly Thompsonkelly.thompson@dldeals.com
German buyouts set new records As mid-market activity soars, debt funds continue their relentless advance and the banks have revived too. One quick conclusion that can be drawn from the latest version of MidCap Monitor, published by investment bank GCA Altium, is that the German leveraged buyout market is in fine shape. The 102 successfully…
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…
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Our friends at William Blair ended their 3Q survey with issues most impacting leveraged loans through year-end. Here are a few: Supply/demand equilibrium. Which comes first, supply or demand? Retail cash inflows and CLO capacity largely drive liquid loan demand. With private credit, it’s all about manager dry powder. There’s plenty of that. But as […]
Source: SPP Capital Partners Contact: Stefan Shaffer stefan@sppcapital.com
BDC portfolio loan coupons tighten significantly in 2021 The huge growth of fundraising in the direct lending market and the resulting need to put money to work has pressured loan coupons across market segments this year. The robust lender appetite has enabled borrowers to refinance more expensive debt while allowing sponsors to tap the market…