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Debtwire Middle-Market – 6/10/2024

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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 10.3% as of 7 June, down from the highest level in last 12 months of 11.7% in October 2023) that tracks the overall performance…

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Covenant Trends - 6/10/2024

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Average Total Deleveraging Required To Meet RP Ratio Test (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 6/10/2024

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U.S. BDC Earnings, Credit Headwinds to Persist in 2024 Fitch-rated U.S. business development companies (BDCs) face persistent headwinds in 2024, with rising paid-in-kind (PIK) income and continued markdowns of investments during 1Q24 signaling additional credit issues and resultant net investment income (NII) pressure…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 6/10/2024

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‘Grace period’ on road to net zero Private debt has new guidelines as it seeks credibility in its response to climate change. The Institutional Investors Group on Climate Change – formed in 2001 as a forum for collaboration between pension funds and asset managers on climate change issues – has published the first net-zero guidelines…

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Where We Are (Last of a Series)

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In this series we’ve reviewed market conditions for issuers as we wrap up 2Q and head into the second half of the year. Let’s conclude by looking at how investors view this environment and what questions and conclusions are arising.   As we’ve highlighted, there are headwinds and tailwinds in deal flow. Demand from managers who…

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