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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is how they bring history and experience to working those problems out.
BSL lenders support over US$405bn in new lending activity YTD; Several M&A opportunities bypass BSL market
US lenders have been tapped for nearly US$406bn in new loan assets so far this year via the broadly syndicated…
Headwinds have not blown Europe off course
Fundraising has been challenging for the region but deals soared last year and hopes are high for the remainder of…
Down Decade
Malaysia’s investment growth lags other ASEAN countries but shows signs of recovery. Source: Department of Statistics, Malaysia. Haver and respective…
Letter from the Persian Gulf
It had been a while since our last MENA visit, so on a recent trip there with our teams, clients…
High-yield bond default wave swells as distressed debt exchanges stack up
The trailing 12-month (TTM) US high-yield (HY) bond default rate has spiked in recent months following a steady decline through…
Accordion Inside Maturity
(Past performance is no guarantee of future results.)
Private debt fund versus leveraged loan returns by quarter
Download PitchBook’s Report here. Private credit spreads are expected to tighten further, even after new-issue spreads already declined significantly in 2024.
1Q25 Syndicated ABL volume up 29% year-over-year at US$22bn
US lenders syndicated just over US$22bn of asset-based loan issuance in 1Q25, marking a 29% year-over-year increase and remaining flat…
Leveraged Loan Market Dries Up Amid Economic Uncertainty
Click here to access Bloomberg’s US Leveraged Finance Chartbook The reduction in US institutional leveraged loan issuance has been drastic…
Real estate debt spies comeback
Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market…
Ringgit in the New Year
Malaysia’s economy grew 5.1% last year, ahead of 2023; 2025 is tariff-dependent. Source: Department of Economics, Malaysia
Letter from Kuala Lumpur (First of Two Parts)
“Micro, small, and medium-sized enterprises contribute almost 40% of Malaysia’s GDP and almost 50% of its national work force, yet…
Private Credit in a Post-Rate World (Last of a Series)
The notion of a post-rate world is arguable, as anyone in the capital markets over the past two decades would…
Private debt rolling one-year horizon IRR by type
Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy…

Letter from Kuala Lumpur (Second of Two Parts)
APAC countries each have their own path to investing in alternatives and private capital. Most key Malaysian institutions began with…