KBRA Direct Lending Deals: News & Analysis – 4/15/2024
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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The Pulse of Private Equity – 4/15/2024
Carveout activity rebounds: Why corporate owners are selling Download PitchBook’s Report here. At the same time interest rates inflected upward for PE borrowers, earnings growth inflected downward for business owners and corporations…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 4/15/2024
1Q24 ABL loan volume down 76% year over year at US$15bn US lenders completed US$15bn of asset based loan volume in 1Q24, marking the lowest quarterly total since 3Q20 during the height of the Covid pandemic and a 76% drop in issuance year over year…. Subscribe to Read MoreAlready a member? Log in here...
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Covenant Trends – 4/15/2024
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
LevFin Insights: High-Yield Bond Statistics – 4/15/2024
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
PDI Picks – 4/15/2024
The investor view from Asia The need for income and the attractive risk/return profile of senior strategies are among the reasons why private debt is popular among LPs based in APAC. Private Debt Investor’s recent APAC Forum in Singapore featured many views and insights from leading investors in the region. As our chart shows, appetite…
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Middle Market & Private Credit – 4/15/2024
How Do Covenants for Private Credit Loans Compare to Broadly Syndicated Loans? Download FitchRating’s Report here. While liability management exercises (LMEs) are not necessarily prohibited in direct lending documents, they are considerably less common than in the BSL market. We have yet to observe LMEs in the private credit portfolio rated for asset managers…. Subscribe
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Loan Stats at a Glance – 4/15/2024
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Best Practices in Private Credit (Third of a Series)
Why is portfolio construction such an important concept for analyzing private credit managers? The answer seems obvious, but it’s more than ensuring defaults and loses are minimized. As the asset class has grown to dominate the debt capital markets, questions persist around its durability. How will the asset class perform in a real downturn? Will…
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Debtwire Middle-Market – 4/15/2024
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 10.9% as of 11 April, down from the highest level in last 12 months of 12.1% in May 2023) that tracks the overall performance…
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