The VIX index of volatility hit a post-recession high in the 40’s this week amid coronavirus concerns.

Senior direct loans in BDCs have maintained a steady 10% yield, better than high-yield bonds.

Middle market mezzanine activity slumped last year, but has maintained a steady pace since 2013.

Middle market mezzanine activity slumped last year, but has maintained a steady pace since 2013.

Over the decade, middle market and liquid loan yields have maintained their relative values within a band.

Overall loan valuations have a natural ceiling, with secondary prices more susceptible to downward moves from par.

Of the $6.7 trillion of private capital assets under management in the US, only $800 billion is private credit.

Middle market syndicated loans are increasingly led by direct lenders, taking share from banks.

2019 leveraged loan volume was off 35%; the second straight decline since the 2017 peak.

Last year was a strong one for junk bond funds, as $19 billion entered mutual funds.