Lenders Offer Deeper Discounts to Clear Primary Market Transactions Click here to access Bloomberg’s US Leveraged Finance Chartbook Amid subdued deal flow and continued volatility in the secondary market, lenders have increasingly relied on deeper original issue discounts (OIDs) to successfully syndicate new leveraged loan transactions. In March, the OID (original issue discount) on US…
Five key takeaways from the secondaries market The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of secondaries. With secondaries activity thriving across alternative asset classes, the latest Global Market Survey 2026 from Private Debt Investor’s affiliate title Secondaries Investor reveals the following insights:… Subscribe
LBO leverage multiples hold steady, show signs of normalization in 1Q26 Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt composition has shown signs of normalization…. Subscribe to Read MoreAlready a member? Log in here...
PE-backed company inventory by deal year Download PitchBook’s Report here. As of Q4 2025, the US PE inventory has grown to over 13,143 companies. At the pace of exits seen in 2025, this translates to over an 8.1-year inventory, which is a faster cycling of PE assets than when calculated with the annualized H1 2025 exit…
US Private Credit Transparency Improves Amid Interconnectedness Risks Click here to learn more. In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks. For life insurers, potential risks include meaningful investment exposure, capital adequacy for privately rated investments and potential conflicts of interest associated with growing…
Amount of PIK Loans Elevated w/ Near Term Maturities There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with PIK interest…. Subscribe to Read MoreAlready a member? Log in here...
US Leveraged Loans Post 0.48% Gain in March The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began in January and brings the year-to-date return to -0.56%…. Subscribe to Read MoreAlready a member? Log in here...
US Private Credit Transparency Improves Amid Interconnectedness Risks Click here to learn more. Transparency around private credit in North America is modestly increasing, according to Fitch Ratings. Stronger regulatory disclosure requirements, the rise of SEC-registered vehicles and individual issuer efforts to respond to market concerns are driving this change. However, most private credit information remains…
1Q26 US broadly syndicated loan volume totaled US$779bn, down 6% YoY The US broadly syndicated loan market closed the first quarter of 2026 with nearly US$779bn in issuance, down 10% from the prior quarter and 6% from the same period last year, while new-issue loan volume accounted for just over 32% of total activity (US$251bn),…
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here to learn more about private credit’s software exposure. Click here to request access to the full BDC market analysis…. Subscribe to Read MoreAlready a member? Log in here...