Fitch Ratings Completes Peer Review of 12 US BDCs Click here to learn more. Fitch Ratings has completed a peer review of U.S. business development companies (BDCs). We have affirmed the Long-Term Issuer Default Ratings (IDRs) on 11 issuers and completed one Review – No Action. The Rating Outlooks for Ares Capital Corporation and Sixth…
Private debt fund versus leveraged loan returns by quarter Download PitchBook’s Report here. Private credit spreads are expected to tighten further, even after new-issue spreads already declined significantly in 2024…. Subscribe to Read MoreAlready a member? Log in here...
1Q25 Syndicated ABL volume up 29% year-over-year at US$22bn US lenders syndicated just over US$22bn of asset-based loan issuance in 1Q25, marking a 29% year-over-year increase and remaining flat compared to the prior quarter…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Market Dries Up Amid Economic Uncertainty Click here to access Bloomberg’s US Leveraged Finance Chartbook The reduction in US institutional leveraged loan issuance has been drastic – with just $3.1b priced through April 22nd, it amounts to the worst month of loan issuance since July 2022’s $3.5b, which followed the Federal Reserve’s historic…
Real estate debt spies comeback Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market where borrowing needs are not being met. Since interest rates began to rise in 2022, putting significant pressure on borrowers facing looming loan maturities and soaring debt costs, the opportunity…
Private debt rolling one-year horizon IRR by type Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy fell to third…. Subscribe to Read MoreAlready a member? Log in here...
Launch Drought Extends to 14 Days, Setting Bleak New Record Click here to access Bloomberg’s US Leveraged Finance Chartbook Wednesday, April 16th was the 14th business day running without a leveraged loan launch, marking the longest such primary issuance draught since Bloomberg began tracking the data in 2013…. Subscribe to Read MoreAlready a member? Log
Inflows, Competition to Pressure Perpetual BDC Earnings, Asset Quality Click here to learn more. The elevated competitive underwriting environment for business development companies (BDCs) will persist in 2025 due to significant capital being raised, especially in perpetual, non-traded BDCs amid sluggish M&A activity. The difficult environment will negatively affect earnings and asset-quality metrics, while also…
US institutional loans pipeline grinds down to US$5.1bn amid tariff whiplash Early in the second quarter, the institutional loan calendar stands at just over US$5bn, the lowest level in 5 years…. Subscribe to Read MoreAlready a member? Log in here...
Distress takes the fundraising limelight Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year. In recent years it’s almost felt as if direct lending has been the only game in town. Whenever Private Debt Investor collects global fundraising data, we always break it down by target strategy….