Boosted by refinancing activity, 1H24 sponsored loan volume at highest level since 2H21 Nearly US$300bn, 1H24 sponsored loan volume to date represents the largest half year total since 2H21 and a 56% increase over the same period last year…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. The default rate in Fitch’s PMR portfolio climbed marginally in 1Q24, reaching 4.1% from 3.7% in the previous quarter, following one additional net default…. Subscribe to Read MoreAlready a member? Log in here...
The syndicated fightback As expected, the BSL market is retaking some of the ground lost to direct lending for larger deals. A recent research note from Alcentra contained some interesting reflections arising from the broadly syndicated loan fightback against direct lending in the larger loan arena…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Private Middle Market Portfolio, Rating Activity Download FitchRating’s Report here. Downgrades greatly outweighed upgrades in 1Q24 as high interest rates affected the FCF and financial flexibility of issuers in lower rating categories…. Subscribe to Read MoreAlready a member? Log in here...
Daily Analytic: Services and healthcare sectors see most loans added to non-accrual status in 1Q24 The weighted average non-accrual rate for public and private BDCs combined ticked down to 1.39% in 1Q24 from 1.50% in the prior quarter…. Subscribe to Read MoreAlready a member? Log in here...
Arguments for the middle way A new report examines themes in the mid-market and finds optimism growing as investors seek to diversify. It has undeniably been a challenging few years for small and medium-sized businesses. But are the tides starting to turn? Recent data suggests earnings of mid-market firms are consistent with a consensus that…
Is an IPO revival in the pipeline? The IPO market ran cold in 2023 as high global interest rates, continued volatility, and poor after-market performance led companies to hold off, and wait for a more stable macroeconomic climate…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Business Development Companies – Peer Review 2024 Download FitchRating’s Report here. The chart above shows trends in reported yields on business development companies’ (BDCs) income-producing investments…. Subscribe to Read MoreAlready a member? Log in here...
New institutional loan volume remains limited in May Refinancings continue to dominate the US institutional loan calendar in 2Q24 as issuers including Golden Entertainment, 84 Lumber, Filtration Group, USI, PCI Pharma, Vertiv and Standard Building Solutions announced that they are readying repricings…. Subscribe to Read MoreAlready a member? Log in here...
The challenges of technology Private debt firms may need to make cutting-edge processes a higher priority. When talking about what makes their business tick, private markets managers are usually keen to emphasise their focus on building relationships, on skilled teams of staff and expertise in chosen verticals. While these are no doubt crucial to building…