Returns on US leveraged loans and HY bonds positive for second consecutive month Returns for US leveraged loans and high-yield bonds were positive for a second consecutive month in November, with loan returns higher MoM to 1.24% and high-yield bonds returning 1.87%. Year-to-date returns stand at -9.85% for high-yield bonds, with loans outperforming at -0.9%….
Big names jumping into private debt Download PitchBook’s Report here. Globally, private debt fundraising is poised for a down year, according to PitchBook’s Global Private Market Fundraising Report. Through September, 105 private debt funds have closed, amassing $130 billion altogether. 105 is a strikingly low number, considering at least 300 private debt funds have closed every…
US private debt deal activity slumps in 2022 The number and value of private debt deals in the US has fallen sharply this year. The number dropped from 149 in Q1 to 51 by Q4 YTD, with most of the drop in H2 2022. Aggregate deal value for US private debt deals witnessed an 81%…
The funds keep flowing There may be challenges around the corner, but the PDO 100 ranking of top capital raisers shows LPs have lost none of their appetite for private debt so far. There are those who predict tougher times in 2023 for those private debt managers on the fundraising trail. But our latest version…
BDC recommendations shift towards “hold” since March BDC research analyst recommendations have been marked by a shift in recent months towards “hold” recommendations, a move away from the “strong buy” and “buy” recommendations observed since the first quarter of this year. Despite this shift, “strong buy” and “buy” still account for over half of all…
Venture debt fundraising gains momentum Venture capital fundraising fell after the public equities sell off in Q1 2022, which saw aggregate capital raised plummet from $72.5 in Q1 2022 to $11.1bn by Q3. However, more established early-stage companies may be able to access capital from the growing venture debt market…. Subscribe to Read MoreAlready a
Investors fix gaze on Asia-Pacific As private debt matures, under-developed markets in Asia and Europe are expected to come into their own. In a newly published report on the state of private credit, the Alternative Credit Council foresees the growth of private credit beyond the favoured markets of the US and UK. Many of the…
A good year for carveouts Download PitchBook’s Report here. PE-led carveouts are having a good year, according to PitchBook’s Q3 US PE Breakdown. A healthy fourth quarter will bring 2022 in line with prior years, despite the sluggish market overall. Corporate America continues to struggle in this inflationary environment, creating opportunities to shed noncore assets to…
Direct lenders grab a larger share of large corporate volume As the US leveraged loan market continued to slow amidst wider market volatility in 3Q22, direct lenders stepped in, taking a greater share of large corporate leveraged loans. Private credit to US large corporate borrowers, those with revenues or loan sizes US$500m or higher, amassed…
APAC investors pile into private debt Private debt is fast emerging as an asset class for APAC investors, as evidenced by an average annual 30% growth in the number of investors in the asset class over the past five years. The largest investors in the asset class are from Australia, led by superannuation fund AustralianSuper,…