US Software Credit Opinions Vulnerable to EBITDA Stress; US MM CLOs Resilient Click here to learn more. U.S. technology software sector issuers in Fitch Ratings’ model-based, point-in-time credit opinion (MCO) portfolio are more vulnerable to credit deterioration under a severe earnings stress scenario compared with the portfolio excluding the technology software sector…. Subscribe to Read
HALO versus software as a share of PE deal value ($B) Download PitchBook’s Report here. The hottest debate in public markets right now is not whether AI will disrupt software but how much, how fast, and who is left standing…. Subscribe to Read MoreAlready a member? Log in here...
Unitranche deal flow falls sharply in 1Q26 Amid fears around the potential impact of AI disintermediation on software and other sectors plus a challenging geopolitical backdrop, unitranche deal flow fell sharply in both the large corporate and middle market segments in 1Q26…. Subscribe to Read MoreAlready a member? Log in here...
Lenders Offer Deeper Discounts to Clear Primary Market Transactions Click here to access Bloomberg’s US Leveraged Finance Chartbook Amid subdued deal flow and continued volatility in the secondary market, lenders have increasingly relied on deeper original issue discounts (OIDs) to successfully syndicate new leveraged loan transactions. In March, the OID (original issue discount) on US…
Five key takeaways from the secondaries market The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of secondaries. With secondaries activity thriving across alternative asset classes, the latest Global Market Survey 2026 from Private Debt Investor’s affiliate title Secondaries Investor reveals the following insights:… Subscribe
LBO leverage multiples hold steady, show signs of normalization in 1Q26 Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt composition has shown signs of normalization…. Subscribe to Read MoreAlready a member? Log in here...
PE-backed company inventory by deal year Download PitchBook’s Report here. As of Q4 2025, the US PE inventory has grown to over 13,143 companies. At the pace of exits seen in 2025, this translates to over an 8.1-year inventory, which is a faster cycling of PE assets than when calculated with the annualized H1 2025 exit…
US Private Credit Transparency Improves Amid Interconnectedness Risks Click here to learn more. In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks. For life insurers, potential risks include meaningful investment exposure, capital adequacy for privately rated investments and potential conflicts of interest associated with growing…
Amount of PIK Loans Elevated w/ Near Term Maturities There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with PIK interest…. Subscribe to Read MoreAlready a member? Log in here...
US Leveraged Loans Post 0.48% Gain in March The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began in January and brings the year-to-date return to -0.56%…. Subscribe to Read MoreAlready a member? Log in here...