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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 the history and experience they bring to working these problems out.

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    Loan Stats at a Glance - 3/18/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    Refi Madness

    The reversal of refinancings between direct lenders and the liquid market is dramatic. Source: PitchBook LCD(Past performance is no guarantee of…

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    The New Order: Leverage Finance in an Asset Management World (Fourth of a Series)

    Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually…

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    How to Stop Worrying About the Maturity Wall (Last of a Series)

    We saw that confidence further underlined as the economy emerged intact from the global pandemic. And supported as well by…

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    Nearly US$15bn of US LBO loan volume completed as BSL market strengthens

    The US BSL market has completed nearly US$15bn of loan volume backing sponsor buyout activity so far this year, up…

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    Private Debt Intelligence - 3/11/2024

    LPs target private debt for reliable income streams [wpdm_package id=’68982′] Private debt investments provide LPs with reliable income streams through…

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    Private equity

    Download PitchBook’s Report here. With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well…

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    Percentage of Loans with Uncapped Synergies & Cost Savings EBITDA Addbacks

    (Past performance is no guarantee of future results.)

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    Middle Market CLO Manager Assessment Criteria

    What Investors Want to Know: Middle Market CLO Manager Assessment Considerations Download Fitchratings’ Report here. Given the increased interest and…

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    Signs of hope in Asia-Pacific

    As the Middle East grows in significance as a source of capital and travel resumes post-covid, Asia-based GPs are hoping…

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    Spready as She Goes

    Despite modest spread softening, direct lending yields remain at record levels. Source: LSEG LPC(Past performance is no guarantee of future results.)

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    The New Order: Leverage Finance in an Asset Management World (Third of a Series)

    Readers of The Lead Left will be familiar with our impatience for the “sky-is-falling” brand of financial industry reporting (“risky…

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    Loan Stats at a Glance - 3/11/2024

    Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com

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    How to Stop Worrying About the Maturity Wall (Second of a Series)

    As we discussed last week, the maturity walls don’t sit still either. They act like sand waves marching towards the…

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    Average Minimum Day-One Capped Basket Capacity , YoY

    (Past performance is no guarantee of future results.)

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    Median Leverage and Coverage

    Fitch’s privately covered MM portfolio is comprised of generally smaller issuers (with average EBITDA of $55 million, average revenue of…

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