Daily Analytic: Direct lending comprised 59% of US LBO volume in 2023 Execution risk drove more LBO issuers towards the direct lending market last year. US direct lending LBO volume totaled US$57.8bn in 2023, 38% lower year-over-year. Last year’s total comprised 59% of overall US LBO loan volume, easily an all-time high, topping 2022’s 45%…
Daily Analytic: US unitranche issuance climbed sharply in 4Q23 across both the large corporate and middle markets Unitranche lending moved markedly higher in 4Q23, with volume totaling US$44.4bn, the third busiest quarter on record. The jump in unitranche volume was evident across both the large corporate and middle markets…. Subscribe to Read MoreAlready a member?
Daily Analytic: US BSL CLO issuance falls 23% in 2023, MM/PD CLO volume more than doubles US CLO issuance declined by 10% in 2023 to US$115.6bn, down from US$128.9bn in 2022. Notably, however, there was a marked difference in the direction of broadly syndicated loan (BSL) CLO activity compared to that of middle market/private debt…
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...
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...
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...
2023 US LBO purchase price multiples are the lowest since 2018 US LBO purchase price multiples have decreased two steps this year, to 11.2x on average, the lowest mark since 2018. At the same time, the average LBO purchase price has increased to US$4.86bn this year, the highest since the credit crunch year of 2007….
BDC credit quality continues to hold up BDC credit quality held up well across different metrics in the most recent quarter. The weighted average non-accrual rate for public and private BDCs combined slipped to… Subscribe to Read MoreAlready a member? Log in here...
BDC debt valuations increase in 3Q23 BDC debt valuations climbed across the board in 3Q23, with riskier debt outperforming as hopes of an economic soft landing increased…. Subscribe to Read MoreAlready a member? Log in here...
Equity multiples increased on 3Q23 US middle market LBO deals LBO activity remains challenged by buyer and seller valuation disconnects. US middle market syndicated plus direct lending LBO volume totaled… Subscribe to Read MoreAlready a member? Log in here...