1H24 New-issue CLO volume sets new record for first six months at over US$99.5bn Over US$99.5bn of new US CLO issuance has been completed through the end of June 2024, an increase of over 77% compared to the same time last year and a 23% gain compared to the prior record half year total of…
Family office investors favor private debt Read more in Preqin’s Insights+ Research Note: Private wealth’s path into US private debt Family offices, which make up over a third of the private wealth entities, are showing a clear appetite for private debt strategies…. Subscribe to Read MoreAlready a member? Log in here...
PMRs Stay Longer in ‘CCC’ Category Click here to learn more. PMR issuers within the ‘CCC’ category have a lower average annual upgrade rate, lower average annual default rate and a higher average annual stability rate than publicly rated peers. Different stakeholder dynamics within the direct lending segment play a role in the lower number…
Infrastructure in the spotlight It’s an area of alternative assets that has retained its popularity with LPs despite the challenges experienced by fundraisers lately. Last year was notoriously tough on the fundraising trail for alternative asset classes but infrastructure debt managed to buck the trend, with affiliate title Infrastructure Investor’s Debt 30 ranking recording a…
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…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a member? Log in here...
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…. Subscribe to Read MoreAlready a
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…