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…. Login to Read More...
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…. Login to Read More...
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…. Login to Read More...
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…. Login to Read More...
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…. Login to Read More...
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…. Login to Read More...
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…. Login to Read More...
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…