U.S. Business Development Companies Outlook 2026 Click here to download report. Fitch Ratings has a ‘deteriorating’ sector outlook for U.S. business development companies (BDCs) in 2026, due to pressure on earnings and dividend coverage from declining interest rates and elevated payment-in-kind (PIK) income…. Subscribe to Read MoreAlready a member? Log in here...
US repricings slow in early 3Q25 as new loan assets re-emerge US leveraged lenders completed just under US$18bn of repriced institutional loan volume during the month of October, down from over US$23bn in September and less than half of August totals (US$43bn) and one fifth of July results (US$94.2bn)…. Subscribe to Read MoreAlready a member?
An investor vote of confidence Amid some mixed headlines, private markets appear to be as popular as ever with those who provide them with their capital. In last week’s column, we reflected on some of the outcomes from our latest LP Perspectives study. Continuing our examination of some of the key findings this week reveals…
Larger LBO financings in direct lending are sporting increasingly higher leverage. Source: KBRA DLD Research, 3-month rolling averages
In his 1985 best-selling “A Passion for Excellence,” Tom Peters tells the story of General Bill Creech, who led a reorganization of the US military’s airplane maintenance crews. His NCO’s process improvement plan involved assigning personnel to the same planes over extended periods of time, rather than switching them out more quickly. When the general…
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 12.1% as of 7 November, versus its five-year peak of 12.8% on 8 April) that tracks the overall performance of publicly traded business development…
US Leveraged Loans Return 4.5% Through October Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.11% in October, bringing its year-to-date return to 4.50%. Average secondary market prices on US leveraged loans were 96.75 on October 31st, down from a monthly high of…
U.S. Private Credit and Middle Market Performance Monitor: 3Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio Overview, 3Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot
The Fed’s rate cut last week of 25 bps brings the funds benchmark down to 3.75-4.00%. That’s roughly 150 bps lower than its peak back in July 2023. Buried in this news were two interesting developments. Chair Powell remarked that “there were strongly differing views on how to proceed in December.” Of the twelve FOMC…