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…
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q24 Download FitchRating’s Report here. In the charts above, Fitch presents aggregate data for MM companies, defined as in the area of $500 million of debt or $100 million of EBITDA or below, that it privately rates for asset managers…. Subscribe to Read MoreAlready a member? Log in
Global SLL issuance is down 5% year over year at less than US$190bn Having reached a high of over US$617bn globally in 2021, sustainable loan issuance has tapered off in the last two years…. Subscribe to Read MoreAlready a member? Log in here...
Europe’s hot topics This week, we reflect on a few of the talking points from PDI’s recent Europe Summit 2024 in London. Are favoured sectors still good value?One panellist said the gradual retreat of covid brought with it the end of the honeymoon period for technology and life sciences, two sectors that had previously exploded…
Daily Analytic: US downward price flexes continue in 2Q24 After a record first quarter, the number of downward price flexes on first-lien institutional loans continues to be strong through early May…. Subscribe to Read MoreAlready a member? Log in here...
Direct lending dominates first quarter fundraising Demand for direct lending strategies has increased consistently over the past 15 years, as private credit has evolved from niche products such as mezzanine and distressed debt to a mainstream source of finance for deals and companies…. Subscribe to Read MoreAlready a member? Log in here...
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q24 Download FitchRating’s Report here. In the chart above, Fitch presents aggregate data for MM companies, defined as in the area of $500 million of debt or $100 million of EBITDA or below, that it privately rates for asset managers…. Subscribe to Read MoreAlready a member? Log in
How Does the Default Outlook for the Middle Market Compare to BSL? Download FitchRating’s Report here. Fitch tracks defaults in our portfolio of about 300 middle market loans that we rate privately for asset managers. The default rate in this portfolio was about 3.7% in 2023, up from under 3% in 2022, also primarily due…