Institutional loan pricing tightens sharply in January Source: Debtwire Par Strong demand for loans has pushed pricing sharply tighter in January, with the first-lien institutional benchmark hitting its lowest level since 1Q20. So far this month, margins have averaged Libor+320 bps, down from L+ 413bps in 4Q20. Original issue discounts (OIDs) have also posted a…
Private Debt AUM Reached a New Peak The global economic slowdown in 2020 has pushed AUM across private debt to new record levels. As of June 2020, private debt AUM stands a $887bn. The market is now more than three times bigger than it was ten years ago, when managers held just $263bn in assets….
We continue our special series with the third of our “Five Biggest Private Capital Surprises of 2020:” Surprise #3: Where Are the Distressed Loans? Last April as the pandemic crisis unfolded, the CEO of a $20 billion asset manager cited $1 trillion as the volume of potential distressed credit investments. COVID has presented, he said,…
Most investors expect distressed loans to peak before the second half of 2021.
All roads lead to North America Private debt has a bias not just to fund managers based in the region but also to those investing in the funds. What was clear from our PDI 50 ranking towards the end of last year was that North America-based fund managers dominate the private debt asset class. Out…
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Because last year was so unique, to really capture its themes adequately we’re kick off our special series: “The Five Biggest Private Capital Surprises of 2020.” Surprise #1: The Market Snap-Back Hard to remember now, but by last March 23rd the Dow plunged almost 11,000 points in less than six weeks to 18,592. Today it […]
Secondary market levels at their highest levels post-Covid Prior to the pandemic, the average bid on the Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up around a 35% share. By March 24, the Overall-Market average had collapsed to the 82…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com