PE take-private deal activity Download PitchBook’s Report here. Middle-market take-private activity dwindled in Q3, with PE buyers underwriting just four announced or completed deals under $1 billion across North America and Europe…. Subscribe to Read MoreAlready a member? Log in here...
US primary market loan yields tighten in December The average primary market yield, assuming a 3-year term to repayment on first-lien institutional term loan Bs, decreased 26bp to 6.73% so far in December, down from 6.99% in November…. Subscribe to Read MoreAlready a member? Log in here...
The pros and cons of evergreen funds Liquidity has become highly prized in private markets, but a traditionally illiquid asset class such as private credit cannot easily adapt to the demand. One of the clear trends of 2025 has been an increasing demand for liquidity, even within private markets where the illiquidity premium has long…
The private credit yield advantage over BSL widens as single-B spreads shrink. Source: KBRA DLD Research, PitchBook LCD
With last Thursday’s Fed rate cut, the benchmark is down 200 bps from its peak in 2023. That’s the simple story behind so-called “spread compression” in private credit. While overall yields are down, middle market direct lending spreads are pretty stable. What has shrunk are single-B spreads in the broadly syndicated loan (BSL) market. Those…
US Life Insurer Investment Risk Rising from Private Letter Ratings Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Signs of emerging bubbles have increased in 2025 amid robust investor risk appetite, high market valuations, a rush of capex in AI-related industries and continued growth in…
US Leveraged Loans Return 4.86% Through November The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.35% in November, bringing its year-to-date return to 4.86%. Average secondary market prices on US leveraged loans were 96.64 on November 28th after declining 11bps from the October 31st figure of 96.75…. Subscribe to Read MoreAlready a member? Log
KBRA DLD Default Indices(TTM 12/9/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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 funds larger than predecessor: top 10% of funds by size Download PitchBook’s Report here. For this analysis, we broke apart the largest 10% of funds raised each year from the remaining 90%…. Subscribe to Read MoreAlready a member? Log in here...