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Covenant Trends - 1/20/2025

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Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 1/20/2025

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Fitch U.S. MM CLO Spotlight – December 2024 Click here to learn more. Join Fitch for the upcoming Outlook panel: Credit Outlook 2025 Private Credit At the end of 2024, 24 CLOs had exposure to at least one defaulted or deferring issuer…. Subscribe to Read MoreAlready a member? Log in here...

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Leveraged Loan Insight & Analysis - 1/20/2025

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Leveraged Loan Survey Results: What do you expect for M&A/LBO deal flow in 2025 New year, new administration and improving US economic outlook have combined to bring a much needed boost to market psyche when it comes to hopes for new money deal flow in 2025…. Subscribe to Read MoreAlready a member? Log in here...

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High Five – 2025 Outlook (Third of a Series)

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We now turn to the first of our five themes for the year ahead: “Still higher for longer: What slower rate cuts mean for private capital investors.”  Let’s stipulate the Fed has pulled off the trickiest of landings: cooling down inflation while keeping the economy chugging along. With reference rates sliced by 100 bps from…

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Debtwire Middle-Market – 1/20/2025

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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 10.7% as of 16 January) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market…

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PDI Picks – 1/20/2025

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LP caution, but secondaries is showing signs of life Our latest investor survey shows LPs reluctant to engage with credit secondaries – despite increasing signs of maturity in the market. On the face of it, the private credit secondaries market still has a long way to go. In the 2025 version of our Perspectives study,…

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Private Equity Now – The GP/LP Relationship

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It is a clear win-win. GPs can customize the deployment and portfolio construction of their funds — particularly crucial in a limited exit world – juggling concentration risk and extending the deployment of their existing vintage. Likewise, LPs get access to advantaged deal flow in a highly cost-effective structure with the potential for outperformance. LPs […]