We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers and investors, we heard senior ratings analysts and leading CLO market participants discuss trends and outlooks for global leveraged finance, CLOs and other securitized strategies. Our panel was entitled, “Private Credit, Middle Market CLOs and…
Last month our travels took us to Malaysia’s capital, Kuala Lumpur, a city of about 2 million. There we met with clients and friends who are participating in the country’s move towards private credit. One indicator is the recent decision by Malaysia’s sovereign wealth fund, Khazanah Nasional (KN), to dedicate investment ringgits to medium-term enterprises […]
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25 Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating (PMR) portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
Proportion of US loans trading north of par edges up modestly following headline volatility In the wake of headline making talk of tariffs – and implicitly fears of a trade war – in April US loan investors pulled back in the secondary causing average bids to come off highs before showing signs of a modest…
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 11.7% as of 9 May) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s because it’s never been tested by a real recession.” The point is valid for most direct lenders. According to one study, only 5% of those managers were around before 2009. But during the past 16…
Since the early 1800’s, tariff’s share of US government revenues has shrunk dramatically. Source: The Cato Institute
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Global private debt dry powder ($B) Download PitchBook’s Report here. Halfway through 2024, private debt dry powder sat at $566.8 billion—a new high—and is on track for its second consecutive year of growth…. Subscribe to Read MoreAlready a member? Log in here...