“Manager performance is the beta of private credit. The alpha is client support. Transparency and timeliness of information is critical, especially at the outset.” – Australian investor. As the Australian market has matured, it has geared a variety of private credit products to different investor types. These embrace institutions, family offices, high-net-worth, and ultra-high-net-worth individuals….
The proponents and beneficiaries of private capital have long recognized its virtue of being less correlated with headline risk than fixed income and public equities. But one of Covid’s most enduring financial legacies was the higher interest rate regime imposed by the Fed in 2022. While it appears their long-sought soft landing was achieved, more […]
New-issue spread and yield to maturity of loans backing LBOs by quarter Download PitchBook’s Report here. Borrowers and sponsors, in turn, increasingly appreciated private credit’s certainty of execution, flexibility, willingness to offer PIK options and delayed-draw term loans, and bespoke terms that facilitated navigating downturns…. Subscribe to Read MoreAlready a member? Log in here...
Loan prices plummet in secondary market amid tariff-fueled volatility Secondary market bids on US leveraged loans have tumble 329 bps from their January high to an average bid of 94.41 on April 9th, the lowest level seen since July 2023, according to the Morningstar LSTA US Leveraged Loan Index…. Subscribe to Read MoreAlready a member?
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
Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Growth at Perpetual BDCs Drives an Increase in Competition Click here to learn more. U.S. perpetual non-traded business development companies (BDCs) have grown rapidly since the launch of Blackstone Private Credit Fund in January 2021…. Subscribe to Read MoreAlready a member? Log in here...
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Institutional loan repricings decline alongside secondary loans in 1Q25 The secondary loan market had a deceivingly challenged quarter. Par-plus loans accounted for more than 53% of the market at the start of the year, peaked above 56% in mid-January, then ended 1Q25 at a three-month low of 12%…. Subscribe to Read MoreAlready a member? Log
Fundraising bounces back The early signs in 2025 are positive as capital raisers enjoyed a prolific three months and distressed strategies increased market share. The first quarter of the year was the strongest Q1 on record for private credit fundraising with a huge $74.1 billion raised according to PDI data…. Subscribe to Read MoreAlready a