Covenant Trends – 7/22/2024
Synergies & Cost Savings EBITDA Addbacks (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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Middle Market & Private Credit – 7/22/2024
Fewer PMR ‘CCC’s Reach the ‘B’ Category Click here to learn more. Once in the ‘CCC’ category, fewer issuers in the PMR portfolio ascend to the ‘B’ category than public peers. The AAT% of ‘CCC’ category issuers that reach the ‘B’ category is just 11% in the PMR portfolio compared to 18% for Fitch’s public…
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Loan Stats at a Glance – 7/22/2024
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
KBRA Direct Lending Deals: News & Analysis – 7/22/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
The Pulse of Private Equity – 7/22/2024
PE exit/investment ratio Download PitchBook’s Report here. GPs need to address the oncoming maturity wall of their existing investments, and many are turning to continuation funds to extend exit timelines or secure liquidity without forced selling…. Subscribe to Read MoreAlready a member? Log in here...
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Debtwire Middle-Market – 7/22/2024
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 10.9% as of 19 July, flat YoY and down 80bps from the highest level in last 12 months of 11.7% in October 2023) that…
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Leveraged Loan Insight & Analysis – 7/22/2024
Premium for MM direct lending loan yields over large corporate credits averaged 265bp in 2Q24 Pricing tightened across all market segments in 2Q23 as demand for assets outpaced supply. This enabled borrowers to obtain more attractive pricing on new credits and refinance existing debt…. Subscribe to Read MoreAlready a member? Log in here...
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PDI Picks – 7/22/2024
Fundraising revival on hold There were some signs of improvement in the second quarter, but raising new private debt capital was still a struggle in the first six months of 2024. The first half of 2024 did not offer much consolation to those awaiting clear signs of a private debt fundraising revival. Private Debt Investor’s…
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Chart of the Week: Euro Stars
New CLO issuance in Europe this year is outpacing 2023 by a wide margin. Source: Pitchbook | LCD(Past performance is no guarantee of future results.)
CLO Awakening (Second of Two Parts)
As the leveraged loan market woke up this past January, as confidence in the economy and rate expectations grew, so the CLO market has rebounded. Not just in the US, as we detailed last week, but in Europe as well. Our friends at Creditflux highlighted this phenomenon, quoting one leading manager as saying: “Given the…
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