We continue our discussion this week on why private mezzanine is going from strength to strength amid current economic and market conditions. “We did zero mezzanine deals last year,” one junior capital provider told us. “This year we’ve already done half-a-dozen… ▶︎ Read July 17 2023 newsletter: here ▶︎ Chart of the Week: here (by […]
Back in December 2015 the senior debt market was in full swing recovery from the Great Recession. Interest rates were at rock-bottom lows, and senior spreads were near their post-GFC tights. Unitranche financings were growing in popularity and size… ▶︎ Read July 10 2023 newsletter: here ▶︎ Chart of the Week: here (by PitchBook) (Any […]
Both veterans and newcomers to the asset class are familiar with the basics of private debt benefits. Thanks to its premium yield over liquid credit and consistent returns across economic, rate, and market cycles, investors have moved briskly into non-traded credit since the GFC… ▶︎ Read July 3 2023 newsletter: here ▶︎ Chart of the […]
Everywhere you look these days industry rags are filled with talk about looming loan defaults. For anyone who’s been a practitioner or observer of the debt capital markets for more than a couple years, the above headlines are familiar ones. They could have been yesterday’s news… ▶︎ Read June 26 2023 newsletter: here ▶︎ Chart […]
A frequent question from investors and others is, “When is a good time to invest in private credit?” What they mean is, “Is now a good time to invest in private credit?” Readers of this column know one of our consistent themes is private credit is not a timing thing… ▶︎ Read June 19 2023 […]
When we began our career in the middle market four decades ago, we could not have anticipated its transformation to private debt, the hottest asset class in capital markets. Back then being a lowly vice-president dedicated to smaller… ▶︎ Read June 12 2023 newsletter: here ▶︎ Chart of the Week: here (by Bloomberg L.P., 31 […]
We conclude our current private debt world tour with stops last week in Geneva and Zurich.As was the case with our previous visits in various overseas capitals, investors shared similar concerns about the world of volatile… ▶︎ Read June 5 2023 newsletter: here ▶︎ Chart of the Week: here (by Trading Economics) (Any “forward-looking” information […]
“Private credit is the only bright spot in asset allocation right now.” The themes around private credit of consistent returns, valuation stability and low-risk portfolios were repeatedly underlined in the twenty or so meetings we had with investors in our weeklong trip around Seoul, South Korea… ▶︎ Read May 29 2023 newsletter: here ▶︎ Chart […]
Our APAC tour continued last week with a stop in Seoul, South Korea. There our investors, partners, associates, and friends were eager to hear our message on markets and how private credit fits into the current climate… ▶︎ Read May 22 2023 newsletter: here ▶︎ Chart of the Week: here (by Bloomberg, The Daily Shot) […]
In our various overseas meetings over the past six months with institutional investors in the Middle East, Japan, UK, Germany, Belgium, Switzerland, Singapore and, most recently, Australia, consistent themes arise… ▶︎ Read May 15 2023 newsletter: here ▶︎ Chart of the Week: here (by Investment Magazine) (Any “forward-looking” information may include, among other things, projections, […]