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Covenant Trends - 7/15/2024

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Distribution of MFN Maturity Carveout Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 7/15/2024

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PMRs Stay Longer in ‘CCC’ Category Click here to learn more. PMR issuers within the ‘CCC’ category have a lower average annual upgrade rate, lower average annual default rate and a higher average annual stability rate than publicly rated peers. Different stakeholder dynamics within the direct lending segment play a role in the lower number…

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The Pulse of Private Equity – 7/15/2024

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PE take-private deal activity Download PitchBook’s Report here. In Q1, the number of middle-market take-private transactions saw a notable increase. We believe this reflects the cheaper valuations of public companies with small market caps relative to large caps, as well as reduced market volatility…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 7/15/2024

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Infrastructure in the spotlight It’s an area of alternative assets that has retained its popularity with LPs despite the challenges experienced by fundraisers lately. Last year was notoriously tough on the fundraising trail for alternative asset classes but infrastructure debt managed to buck the trend, with affiliate title Infrastructure Investor’s Debt 30 ranking recording a…

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CLO Awakening (Part One of Two)

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The first half of 2024 kept us busy tracking volume in the newly energized BSL market. Remarkable, but not unexpected, was its ability with fresh capital to refinance higher-cost existing deals away from the direct lenders. Left unexplained more fully was the driver of this activity. This special series explores how collateralized loan obligations (CLOs)…

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Chart of the Week: Security Issues

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The prospect of lower interest rates has boosted new CLO issuance at a record pace. Source: CreditFlux(Past performance is no guarantee of future results.)