1H24 Sponsored loan volume tops US$400bn, exceeding full year 2023 results PE sponsors tapped the loan market for a record US$227bn in 2Q24, pushing sponsored issuance for the first six months of the year to over US$400bn…. Login to Read More...
PMR Portfolio Concentrated in Lower Rating Categories Click here to learn more. The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in the portfolio generally tend to be the product of leveraging transactions such as sponsor-driven LBOs or dividend recaps…. Login to Read More...
Direct lending still the preferred choice In a much-changed world, investors are inclined to support well-established strategies and geographies. As the saying goes: the more things change, the more they stay the same. While the volatile inflationary and interest rate environment has created very different conditions for private debt firms to navigate, provisional data from…
India overtakes China in private debt AUM Read more in Preqin’s Insights+ Report: Alternatives in APAC 2024 Private debt in APAC has nearly doubled in the five years leading to September 2023. growing from $62.5bn in AUM to $123.5bn…. Login to Read More...
Fitch U.S. MM CLO Spotlight – May 2024 Click here to learn more. ‘CCC’ Exposure Marginally Up Exposure to assets with Fitch IDRs or credit opinions of ‘CCC+’ or below, excluding nonrated assets, increased by 20 bps to 18.6%, compared to last month and 3.5% higher than a year ago…. Login to Read More...
The rise of the periphery Specialty finance is grabbing the limelight by offering strong returns, downside protection and diversification. With many investors having reached a level of exposure to direct lending that they are comfortable with, it’s natural that they should then begin casting around for more esoteric opportunities. One area claiming attention is specialty…
Leveraged loan and HY bond volume surge in 2Q24 amid refinancing activity Leveraged issuers raised over US$484bn via the loan and high yield bond markets in 2Q24, the strongest quarterly results since 1Q21…. Login to Read More...
Fitch U.S. MM CLO Spotlight – May 2024 Click here to learn more. Defaults and Deferring Exposure Flat Twenty-five CLOs had exposure to at least one defaulted or deferring issuer at the end of May 2024. Average defaulted and deferring exposure across middle market (MM) CLOs remained at 0.7%…. Login to Read More...
Leveraged borrowers continue to tap lenders for refinancings: BMC Software among largest credits to return In the absence of meaningful new money loans calendar, a steady stream of refinancings have kept arrangers of leveraged loans busy in the first 6 months of 2024…. Login to Read More...
The return of the mid-market With the focus having been on larger deals last year, 2024 has seen more typical private debt activity make a comeback. After a rocky two years, mid-market M&A activity looks set to finally rebound and lenders are reporting a bullish first half of the year. With interest rates hopefully on…