Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. The default rate in Fitch’s PMR portfolio climbed marginally in 1Q24, reaching 4.1% from 3.7% in the previous quarter, following one additional net default…. Subscribe to Read MoreAlready a member? Log in here...
Distribution of MFN Sunset Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
The syndicated fightback As expected, the BSL market is retaking some of the ground lost to direct lending for larger deals. A recent research note from Alcentra contained some interesting reflections arising from the broadly syndicated loan fightback against direct lending in the larger loan arena…. Subscribe to Read MoreAlready a member? Log in here...
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Our underwriting teams start by analyzing financials from portfolio company CFOs, comparing them to prior year, budget, and downside cases. This is helpful to evaluate management: are they doing what they are saying? PMs get color on material deviations from plan, looking at items such as margin performance due to price increases and cost cuts. […]
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 10.6% as of 23 May, down from the highest level in last 12 months of 12.1% in May 2023) that tracks the overall…
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
Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. Downgrades greatly outweighed upgrades in 1Q24 as high interest rates affected the FCF and financial flexibility of issuers in lower rating categories…. Subscribe to Read MoreAlready a member? Log in here...
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com