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 New Issue First Lien Loans that Cleared with a J. Crew Trapdoor (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Introducing LCD’s dual-track default rate: Sponsors drive distressed exchanges Download PitchBook’s Report here. In tandem with LCD’s legacy criteria capturing general defaults of missed payments and bankruptcy filings, LCD is now tracking a separate rate that includes distressed transactions stemming from out-of-court restructurings, exchanges, and subpar buybacks, or so-called “distressed exchanges.”… Subscribe to Read MoreAlready a
BDC assets under management reach a new high of US$315bn BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented a 4% increase during 4Q23 and a 15% gain over the course of the year…. Subscribe to Read MoreAlready a member? Log in here...
Private borrower covenant (not payment) default rates fell for third straight quarter. Source: Lincoln International Proprietary Private Market Database(Past performance is no guarantee of future results.)
While private credit is growing in popularity with both investors and issuers, banks are seen to be struggling with the new order. While arguing for more non-bank regulation to Congress and federal agencies, they are busy trying to start their own direct lending businesses or partnering with established firms. Given the challenges of holding leveraged…
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Volatile times, but no distressed boom Capital raising for distressed and special situations strategies has remained at modest levels since hitting a peak in 2019. Fundraising for distressed and special situations strategies has remained remarkably consistent, even as the long-term effects of the covid pandemic, rising inflation, war in eastern Europe and the continuing fear…
Median PE middle-market EV/EBITDA multiples Download PitchBook’s Report here. Both EV/EBITDA and EV/revenue multiples tell a similar story for middle markets: Valuations reached their apex in 2021 and have declined sharply ever since. Middle-market PE deal multiples are now down 25.0% to 40.6% from their peak, and unlike the overall M&A market, there are no signs…
In the same way, we think, private credit has grown from a back-water of middle market lending in the 1980’s to beachfront in the fastest growing element of the capital markets. We would suggest private credit is “The regulatory fix that became an asset class.” Over the next few weeks, we’ll examine these and other […]