Download PitchBook’s Report here. The share of carveouts in the deal landscape surged in Q1, representing 15.5% of the overall deal mix—the highest level since Q2 2013…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged borrowers continue to tap lenders for refinancings: BMC Software among largest credits to return In the absence of meaningful new money loans calendar, a steady stream of refinancings have kept arrangers of leveraged loans busy in the first 6 months of 2024…. Subscribe to Read MoreAlready a member? Log in here...
Consumers gloomy, but keep pushing stock prices higher. Source: Bloomberg, The Conference Board(Past performance is no guarantee of future results.)
This week we attended the 40th annual conference of the Florida Public Pension Trustees Association in Orlando. Attendees included municipal pension board members, plan sponsors and administrators. In Monday’s keynote presentation we highlighted various macroeconomic factors investors face today. While researching for our talk, we came across this interesting fact (tip of the hat to…
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 10.5% as of 21 June, down from the highest level in last 12 months of 11.7% in October 2023) that tracks the overall performance…
The return of the mid-market With the focus having been on larger deals last year, 2024 has seen more typical private debt activity make a comeback. After a rocky two years, mid-market M&A activity looks set to finally rebound and lenders are reporting a bullish first half of the year. With interest rates hopefully on…
Source: PitchBook LCDContact: Ryan Brownryan.brown@pitchbook.com
How challenging has it been to predict the next recession? An inverted Treasury yield curve, a reliable forecaster of the past eight consecutive downturns, has been signaling recession for almost two years. So far, the economy has failed to cooperate. While growth is slowing, and inflation along with it, expectations are broad of a solid […]
Private capital fundraising for the first quarter was predominantly for direct lending. Source: Preqin Pro(Past performance is no guarantee of future results.)
Back in October 2020 we introduced the concept of how supply and demand imbalances in private markets affects credit quality and performance. Too much capital chasing too few deals leads to overly aggressive terms – great for issuers, but for investors not so much. In the immediate aftermath of Covid, conditions were quite different than…