Fitch’s U.S. Middle Market Outlook Download Fitchratings’s Report here. The distribution of middle market (MM) issuers’ Outlooks within Fitch’s portfolio stayed relatively flat in 2023 compared with 2022. Approximately 11% of MM issuers have a Negative Outlook or Watch, relatively unchanged from 2022, and a large decline from 30% in 2020. Net upgrades have hovered around…
Daily Analytic: 4Q23 syndicated middle market volume declines 16% in 4Q23 US syndicated middle market loan volume totaled US$24.6bn in 4Q23, 16% lower than 3Q23’s total and the lowest quarterly level since 3Q20…. Subscribe to Read MoreAlready a member? Log in here...
Allocations challenged, but sentiment is positive Last year saw limited partners rein back on their private credit commitments, but there’s no lack of confidence in prospects for the asset class. In 2023, limited partners were cautious about allocations to alternative assets in general – private credit may have suffered a little less than some other…
Middle-market activity: A 6-year low Download PitchBook’s Report here. Middle market buyouts are down to a six-year low, according to PitchBook’s Q3 US PE Middle Market Report. The third quarter dipped to an estimated $87.7 billion, a 13% decline from Q2 2023 and a 48% decline from the peak in Q4 2021…. Subscribe to Read MoreAlready
Fitch’s Privately Monitored Rating (PMR) Portfolio Analysis The default data is derived from Fitch’s portfolio of PMRs in the U.S…. Subscribe to Read MoreAlready a member? Log in here...
US CLO share of the institutional loan market tops 70% The US CLO market has grown by 6.8% this year, pushing assets under management (AUM) to US$1.03trn…. Subscribe to Read MoreAlready a member? Log in here...
Median Leverage and Coverage Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million, average revenue of $286 million and average debt of $314 million)…. Subscribe to Read MoreAlready a member? Log in here...
With only a few weeks left to 2023, US leveraged volume lags year ago results Despite a steadier second half to the 2H23 debt capital markets, at US$856bn, leveraged issuance for 2023 lags year ago results which totalled over US$951bn…. Subscribe to Read MoreAlready a member? Log in here...
Special situations funds close over target in North America The average percentage of target size at final close for North American special situations funds has reached over 100% in 2023 year to date (YTD)…. Subscribe to Read MoreAlready a member? Log in here...
Room for improvement on ESG A group of investors noted the progress made by private debt in ESG and DEI, but there is still some way to go, they believe. Private Debt Investor’s December/January issue approached European investors to get their thoughts on how ESG is dealt with by managers. Here’s a selection of their…