Chart of the Week: Wide Dispersion
BSL defaults at 3Q 2024 were more than six times those in private credit. Source: Proskauer (Private Credit), Fitch Ratings (BSL), as of September 30, 2024.
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High Five – 2025 Outlook (First of a Series)
Increased competition between banks and private credit leading to weaker terms? Not in the middle market, where terms remained investor-friendly. Yes, all-in spreads contracted, but more pronounced at the upper end of the market and for large cap financings. And despite warnings that banks would erode private credit market share, leading direct lenders reported anywhere […]
Bloomberg: Leveraged Lending Insights – 1/27/2025
2025 Kicks off with Record Wave of Leveraged Loan Launches At approximately $199.4b through January 29th, the new year has picked up right where 2024 left off in terms of record levels of US institutional leveraged loan launches. That amounts to a new record after surpassing December 2024’s $187.9b, as issuers have continued to pile…
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KBRA Direct Lending Deals: News & Analysis – 1/27/2025
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
LevFin Insights: High-Yield Bond Statistics – 1/27/2025
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
Covenant Trends – 1/27/2025
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Middle Market & Private Credit – 1/27/2025
Fitch U.S. MM CLO Spotlight – December 2024 Click here to learn more. Exposure to assets with Fitch IDRs or credit opinions of ‘CCC+’ or below, excluding non-rated assets, has slightly decreased since last quarter and the same period last year, now standing at 18.5%, down from 19.3% last quarter and 18.9% last year…. Subscribe
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The Pulse of Private Equity – 1/27/2025
US industrials PE deal activity Download PitchBook’s Report here. Industrials PE activity was relatively strong in 2024, with industrials seeing an estimated 1,799 deals and $135.8 billion in deal value—accounting for 21.2% of total deal activity by deal count during the period, compared with an average of 24.5% of total deal activity over the past five years…. Subscribe to Read
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Leveraged Loan Insight & Analysis – 1/27/2025
Total leverage on sponsored MM deals inched down in 4Q24, driven by lower junior leverage Total leverage on sponsored middle market deals inched down to 4.70x on average in 4Q24, driven by lower junior leverage. First-lien leverage came in at 4.48x in 4Q24, up from 4.46x in 3Q24, while junior leverage declined to 0.22x from…
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PDI Picks – 1/27/2025
Allocations on the up As a relatively young asset class, private debt still has plenty of room for bigger LP commitments. Insurers are leading the way. You don’t have to look too hard in the financial press to find commentary suggesting that insurance and private credit are a match made in heaven given the way…
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