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…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Argentina and Turkey are firmly established as miscreants in emerging market credit. Both sovereigns have pollical and economic frailties that place them in the highly vulnerable bracket…. Subscribe to Read MoreAlready a member? Log in here...
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The shift from syndicated to direct executions continues for MM LBOs Since LPC began tracking the direct lending market in 2013/2014, there has been a continued shift for middle market LBO credits to be financed via “direct lending” executions as opposed to in the syndicated loan market…. Subscribe to Read MoreAlready a member? Log in
Beginning in February 2019 The Lead Left published a series of articles on leveraged loans and systemic risk. This report consolidates those articles.
Click here to download full report Though covenant-lite has become standard for even leveraged loans that sit at the high end of the middle market spectrum—those between $250 million and $500 million—covenant protections in this segment are generally tighter than those for broadly syndicated deals. The $260 million loan that backs Reverence Capital Partners’s LBO […]
Wanted: European private credit co-investors While private equity co-investments are broadly popular, such positions in private debt remain relatively rare, though they show room for growth. Co-investments are not quite the norm in private credit, but they represent a possible area… Subscribe to Read MoreAlready a member? Log in here...