Almost two decades of data show strong junior capital returns relative to other credit.

All-in yields of second-lien loans have risen to keep pace with first-lien upswings.

Consistent with senior debt trends, junior debt yields are up, leverage down.

2022 saw the second highest level of mezzanine fundraising of the past decade.

Investors go beyond traditional equities/fixed income models to include alternatives.

So far in 2023 payment defaults in direct lending portfolios.

Since Covid the direct to syndicated deal volume ratio has swung to privates.

Recent GDP growth in Switzerland has slowed considerably over the past five quarters.

Recent GDP growth in Switzerland has slowed considerably over the past five quarters.

A confluence of factors, including slumping China imports, are slowing South Korean growth.