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Business of Private Credit: Coming Home

Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.

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    Relative Value in the Loan Market (Part Two of Two)

    Last week’s June CPI report showed inflation running at 9.1%, higher than May’s number, dashing hopes that consumer prices had…

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    Off the SOFR

    Forward expectations for loan benchmark rates are peaking in early 2023.

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    Loan Stats at a Glance - 7/18/2022

    Contact: Marina Lukatskymarina.lukatsky@pitchbook.com

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    Portfolio Construction: BSL and MM

    Broadly syndicated loans are liquid, one investor told us, so they high volatility that exaggerates credit deterioration. The middle market,…

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    Stat of the Week: U.S. Manufacturing Orders* ($Bn)

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    Second quarter numbers

    Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown is now live and available for free. Q2 2022 was another decline,…

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    Relative Value in the Loan Market (Part One of Two)

    In our series on portfolio construction [link] we looked at how liquid and illiquid loan managers assemble quality all-weather assets.…

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    Spreads Move, Premium Persists

    The illiquidity premium for middle market loans is a staple regardless of how spreads change.

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    Select Deals in the Market - 7/11/2022

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    Syndicated middle market loan volume climbs in 2Q22 but lags year-ago period

    Syndicated middle market issuance picked up in 2Q22 despite increased market volatility in May and June. Middle market lending climbed…

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    First lien loan pricing spikes in June in tandem with secondary market collapse

    Source: Markit, BofA US HY Index To open the year, loans were bid at an average price of 97.78, with…

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    Private Debt Intelligence - 7/11/2022

    Private debt dry powder at record levels [wpdm_package id=’56946′] Private debt dry powder has climbed to record highs in recent…

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    Fear recedes over fund facilities

    Initial wariness over subscription finance has given way to acceptance – at least when it comes to brand-name GPs. “Leverage…

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    Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-)

    (Past performance is no guarantee of future results.) Contact: Steven Miller

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    Loan Stats at a Glance - 7/11/2022

    Contact: Marina Lukatskymarina.lukatsky@pitchbook.com

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    The spike in growth funds

    Download PitchBook’s Report here. One of the many consequences of COVID was a shift in strategies among investors. The chart above…

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