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Private Credit Myth #2: Private credit is the next market bubble
We continue our special series this week with: Myth #2: “Private credit is the next market bubble.” It’s a myth that’s applied regularly to leverage loans. The universe of broadly syndicated loans is as large as that of high-yield bonds, so that must be a bad thing. But growth in loans is a classic result […]
Covenant Trends – 2/10/2020
Average Minimum Day-One Capped Basket Capacity, Quarterly Contact: Steven Miller
LevFin Insights: High-Yield Bond Statistics – 2/10/2020
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
Debtwire Middle-Market – 2/10/2020
Margin tightening drives institutional loan spreads lower Source: Debtwire Par So far in 2020, issuers have taken advantage of welcoming market conditions to gain attractive pricing on their loans. In the syndication phase, 28 deals totaling USD 33.4bn have seen margins tighten from initial talk, versus only three deals worth USD 4.7bn being forced to…
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Top Ten Myths About Private Credit (Fourth of a Series)
This week in our continuing special series on the private credit myths, we come to: Myth #3: “We’re late in the cycle, so loans now are risky.” Let’s first take the issuer side of the equation. One of the virtues of private credit is being available when public markets are shut or expensive. Invariably those…
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Chart of the Week: Home in the Range
Over the decade, middle market and liquid loan yields have maintained their relative values within a band.
Loan Stats at a Glance – 2/10/2020
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
PDI Picks – 2/10/2020
Private debt secondaries: On the cusp? Now a well-established part of the private equity universe, secondaries remain very much on the periphery of the private debt world. This seemed to be confirmed by Private Debt Investor’s recent LP Perspectives 2020 survey, which found that only 11 percent of investors who took part were planning to…
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Debtwire Middle-Market – 2/3/2020
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…
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