Chart of the Week: Home in the Range
The threat of tariff-triggered inflation should keep Fed Funds rates range-bound. Source: iCapital, Bloomberg, Federal Reserve.
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Private Credit in a Post-Rate World (First of a Series)
When you’re successful, everyone wants a piece of you. That’s the challenge private credit faces today. Its grown from a small, largely ignored corner of leveraged loans called the middle market two decades ago to an asset class rivaling both broadly syndicated loans and high-yield bonds. And now private credit is drawing attention from sophisticated…
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High Five – 2025 Outlook (Fourth of a Series)
Asset managers with deep-rooted PE relationships forged via a range of touchpoints beyond private debt, including through fund commitments and as co-investment partners and secondary deal investors, have unique insights into the likely capital needs of sponsors and their portfolio companies. Taking a whiteboard approach to capital structures, they can bring new ideas to sponsors […]
PDI Picks – 2/17/2025
Real estate’s dip and fightback The property sector suffered well-publicised difficulties in the wake of covid but investor interest is returning. The real estate debt market has faced a few tumultuous years. The end of the ‘lower-for-longer’ interest rate environment intensified the withdrawal of investors from this corner of the market, which was already wrestling…
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Bloomberg: Leveraged Lending Insights – 2/17/2025
US Leveraged Loan Launches Taper from January Highs Leveraged loan launches have slowed from the record-breaking pace set in January when approximately $204.8b was brought to market for an all-time high. Through February 19th, $72.7b worth of deals have been marketed to investors, marking a significant slowdown month-over month. While February launches have struggled to…
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The Pulse of Private Equity – 2/17/2025
US PE EV/EBITDA multiples Download PitchBook’s Report here. Going forward, as deal volumes expand—especially among PE owners selling to other PE firms—a recent uptrend in EBITDA multiples may be short-lived…. Subscribe to Read MoreAlready a member? Log in here...
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Debtwire Middle-Market – 2/17/2025
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 10.3% as of 14 February) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
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Private Debt Intelligence – 2/17/2025
Private exit volumes level out Read more in Preqin’s ‘Deal Flow Monitor: Outlook 2025’. Higher interest rates have hampered the private equity exit environment over the past two years…. Subscribe to Read MoreAlready a member? Log in here...
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Middle Market Deal Terms at a Glance – February 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
KBRA Direct Lending Deals: News & Analysis – 2/17/2025
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com