Chart of the Week: Spready as She Goes
Despite modest spread softening, direct lending yields remain at record levels. Source: LSEG LPC(Past performance is no guarantee of future results.)
Chart of the Week
Chart of the Week: Vehicle Sales
New CLO formation so far in 2024 has been the second fastest start ever. Source: PitchBook LCD (Past performance is no guarantee of future results.)
Chart of the Week: Wait Expectations
Expectations for Fed rate cuts soften as the economy remains strong. Source: The Daily Shot(Past performance is no guarantee of future results.)
Chart of the Week: Larger for Longer
Echoing dynamics in the loan market, corporate debt maturities have lengthened. Source: Bloomberg, Goldman Sachs Global Investment Research(Past performance is no guarantee of future results.)
Chart of the Week: Four More Years
The bulk of private debt doesn’t start maturing until 2027, peaking in 2028. Source: KBRA DLD(Past performance is no guarantee of future results.)
Chart of the Week: Cliff Notes
Less than 20% of institutional leveraged loans come due in the next three years. Source: PitchBook LCD, Morningstar LSTA US Leveraged Loan Index(Past performance is no guarantee of future results.)
Chart of the Week: Primary in the Secondaries
The share of GP-led equity secondaries has peaked relative to LP-leds. Source: Jefferies(Past performance is no guarantee of future results.)
Chart of the Week: Buy and Cellar
With higher rates creating financing and valuation challenges, M&A has plummeted. Source: PitchBook(Past performance is no guarantee of future results.)
Chart of the Week: Stairway to Heaven
Investors benefit from – and issuers work through – higher-for-longer rates. Source: LSEG LPC(Past performance is no guarantee of future results.)
Chart of the Week: The New Old Normal
US interest rates have returned to their average levels of the past half century. Source: Board of Governors of the Federal Reserve System(Past performance is no guarantee of future results.)