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
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA Contact: Steven Miller
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Discounts widen as volatility hits the primary loan market Loan market sentiment has shifted dramatically this quarter as broader market volatility sent waves into the leveraged loan market. Concerns about global growth, trade wars, Brexit worries, and uncertainty over future interest rate hikes have cast a shadow on confidence and investors are a lot more…
Source: LevFin Insights Source: LevFin Insights Source: Lipper Contact: Robert Polenberg robert.polenberg@levfininsights.com
“US credit markets are grinding to a halt.” So warned the front page of Monday’s Financial Times. Followers of this column will recognize the ensuing list of culprits – money pouring out of loan funds, falling secondary loan prices and resultant choppiness in the primary market, and stalled high-yield bond issuance. Credit markets may be…
Why private credit firms and their LPs should make ESG a priority Environmental, social and governance policies provide another avenue of differentiation when all debt managers claim to have proprietary dealflow and the best downside protection…. Subscribe to Read MoreAlready a member? Log in here...