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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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August 5, 2026 
Defaults: Roughly 40% of restructured HY issuers were in trouble again within 24 months
Click here to learn more. Distressed debt exchanges (DDEs), the alternative medicine to bankruptcy when it comes to treating problem…
Refinancings redefine the direct lending market, claim 36% share in 1Q24
TTM Default Volume, Count Refinancings claimed 36% of 1Q24 direct lending volume in the US, the largest share of all…
KBRA DLD Default Forecasts for Liquid Credit: 3.25% ($45B) for HY, 4.5% ($65B) for BSL
Chart I Chart II KBRA DLD is forecasting a 3.25% default rate by volume (4% by number) for high yield…
KBRA DLD Default Index: 2023 forecast is 2.5% for sponsored deals
Table 1 Chart 1 KBRA DLD’s 2023 default forecast is 2.5% for sponsor-backed direct lending loans, equating to roughly 30…
KBRA DLD tracks 214 deals in 1Q23 across U.S., Europe
KBRA DLD tracked 214 direct lending deals in the first quarter across the U.S. and Europe. Even though Europe’s direct…
Jumbo outstandings climb to $118B with Cotiviti’s new record deal
Chart 1 Table 1 Cotiviti’s $5.5 billion credit raises outstanding jumbo loan volume to $118 billion, as tracked by KBRA…
Lofty yields — 12%— and little supply to pressure unitranche spreads
Unitranche yields in the KBRA DLD Private Data portfolio averaged 12% for the 90-day period ended Jan. 31, up from…
Benign decline: Volume eases 14% YoY in DLD’s Private Data set
KBRA DLD tracked $3.8 billion in new-issue volume last month across sponsored, U.S. borrowers. Managers said new business felt slower…
Private Funds Finance: Big cushions offer protection against defaults
The private credit market is about to face its biggest stress test yet: Borrowing costs have more than doubled in…
YTD volume up 77%; October falls just 15.3% YoY
U.S. direct lending is thriving in 2022, with year-to-date volume up 77%, according to KBRA DLD. Volume recorded through October…
Managers could face 16% increase in cash-flow challenged issuers next year
Portfolio managers are potentially facing a 16% rise in the number of borrowers that cannot generate enough cash flow to…
KBRA DLD records $39B for 3Q22 volume, tops BSL & HY combined
Direct lending volume topped output for liquid credit in the third quarter for the first time since KBRA DLD started…
Dry July: Jumbo volume deflates
Private jumbo financings (>=$1B) have the advantage under current market conditions, but deals going forward are expected to trend smaller…
Private lending volume posts strong quarter, but a slowdown lies ahead
Direct Lending Deals’ Private Data set picked up $56.9 billion in sponsored U.S. loan volume during the second quarter, to…
Jumbo volume in 1H 2022 reaches $30.8 billion to bring total tally to $86.5B
Volume in the first half of 2022 for private loans sized at $1 billion or more has reached $30.8 billion,…