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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.
Off the SOFR
Forward expectations for loan benchmark rates are peaking in early 2023.
Loan Stats at a Glance - 7/18/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
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,…
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,…
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.…
Spreads Move, Premium Persists
The illiquidity premium for middle market loans is a staple regardless of how spreads change.
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…
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…
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…
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…
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
Loan Stats at a Glance - 7/11/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
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…







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…