Covenant Trends – 7/8/2024
Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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Leveraged Loan Insight & Analysis – 7/8/2024
1H24 Sponsored loan volume tops US$400bn, exceeding full year 2023 results PE sponsors tapped the loan market for a record US$227bn in 2Q24, pushing sponsored issuance for the first six months of the year to over US$400bn…. Login to Read More...
Middle Market & Private Credit – 7/8/2024
PMR Portfolio Concentrated in Lower Rating Categories Click here to learn more. The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in the portfolio generally tend to be the product of leveraging transactions such as sponsor-driven LBOs or dividend recaps…. Login to Read More...
Chart of the Week: The Pendulum Always Swings
Refinancings by direct lenders returned last quarter to outweigh BSL takeouts. Source: PitchBook LCD, data through June 30, 2024(Past performance is no guarantee of future results.)
“A Slow Sort of Country”
“Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!” In Through the Looking Glass, the Red Queen’s response to Alice’s frustration in running hard yet not getting anywhere mirrors…
PDI Picks – 7/8/2024
Direct lending still the preferred choice In a much-changed world, investors are inclined to support well-established strategies and geographies. As the saying goes: the more things change, the more they stay the same. While the volatile inflationary and interest rate environment has created very different conditions for private debt firms to navigate, provisional data from…
Loan Stats at a Glance – 7/8/2024
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
The Pulse of Private Equity – 7/1/2024
Download PitchBook’s Report here. Worldwide, PE-backed exits remain sluggish midway through 2024. Pacing is difficult to assess with any exactitude, but should the first-half tallies of the year repeat, essentially 2024 would see the fewest exits since 2015, and the lowest exit value since 2013…. Login to Read More...
Where We Are (Last of a Series)
For investors, then, conditions remain propitious for private credit. The delivery of yield premiums to liquids, lower risk, and predictable income should continue. With rates still high, leverage should remain in a range. And the more growth-oriented sectors will likely continue to offer the best opportunities for investing and financing… ▶︎ Read June 10th 2024 […]
LevFin Insights: High-Yield Bond Statistics – 7/1/2024
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com